A Nation Burdened With Debt… – Otunba Babatunde Olushola Senbanjo

By Otunba Babatunde Olushola Senbanjo (BOS)

Nigeria is drifting dangerously under a borrowing culture that shows little regard for results, transparency, or future consequences. Since mid-2023, the administration of President Bola Ahmed Tinubu has relied heavily on massive borrowing to fund capital projects, yet the outcomes on the ground tell a deeply troubling story.

In 2023, the Federal Government borrowed ₦2.17 trillion to fund supplemental capital projects. Despite this enormous debt burden placed on Nigerians, reports indicate that only about 70% of the intended targets were met. Even that figure raises serious questions about value for money, project quality, and long-term impact.

The situation deteriorated further in 2024. The Tinubu administration reportedly borrowed $21.5 billion, €2.2 billion, and ¥15 billion to fund capital projects. Yet, by the government’s own budget performance indicators, only about 30% of the capital objectives were achieved. This is not merely underperformance; it is a glaring failure of planning, execution, and accountability.

More alarming is the story of 2025. The Federal Government again turned to borrowing $2.347 billion, $347 million, €4 billion, ₦1.15 trillion, and an additional $500 million Sukuk bond to finance capital projects. As of December 11, 2025, available performance data suggests that virtually none of these capital projects have been delivered. Zero meaningful achievement, yet billions in fresh debt have been added to Nigeria’s already suffocating obligations.

Now, despite this poor track record, the President is pressing for an additional ₦17.89 trillion loan to fund the proposed 2026 budget, a projection budget that has not even been properly presented or debated. Even more disturbing is the growing assumption that the National Assembly will approve this request without rigorous scrutiny, without demanding a full account of how previous loans since 2023 have been utilised, and without insisting on measurable outcomes.

This pattern exposes a systemic failure. Borrowing has become routine, while performance has become optional. Nigerians are being mortgaged into the future without roads, without power, without hospitals, without schools, and without industries to justify the debts incurred in their name.

Debt, when wisely used, can be a tool for development. But reckless borrowing without delivery is economic sabotage. It weakens the naira, fuels inflation, destroys purchasing power, and condemns future generations to pay for projects they may never see.

If this trajectory continues unchecked, this administration risks leaving Nigeria economically hollowed out a nation burdened with debt, stripped of productive assets, and reduced to what can only be described as a carcass of missed opportunities.

Nigeria does not need more loans. Nigeria needs discipline, transparency, competent execution, and leadership that understands that borrowing without results is not governance it is betrayal.

History will be unforgiving, and Nigerians are watching.