{"id":1006,"date":"2025-10-24T12:22:51","date_gmt":"2025-10-24T12:22:51","guid":{"rendered":"http:\/\/axilthemes.com\/themes\/axilnews\/?p=1006"},"modified":"2025-12-07T09:52:58","modified_gmt":"2025-12-07T09:52:58","slug":"nigerias-new-loans-a-chance-to-build-a-better-nation-by-ugo-inyama","status":"publish","type":"post","link":"https:\/\/grcfincrimetoday.org\/index.php\/2025\/10\/24\/nigerias-new-loans-a-chance-to-build-a-better-nation-by-ugo-inyama\/","title":{"rendered":"Nigeria\u2019s New Loans: A Chance to Build a Better .."},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]<\/p>\r\n

Nigeria\u2019s New Loans: A Chance to Build a Better Nation By Ugo Inyama<\/strong><\/h3>\r\n

By Ugo Inyama<\/p>\r\n

Another day, another billion-dollar loan. The Nigerian Senate has approved a staggering $21.8 billion in new borrowing for the Tinubu administration (Premium Times, July 2025). The headlines are routine. The reactions are tired. But the consequences? They are dangerously real.<\/p>\r\n

Behind this latest approval lies a critical choice: continue a debt culture that delivers little, or pivot towards a development model that delivers real value to everyday Nigerians.<\/p>\r\n

We\u2019ve been here before\u2014billions borrowed, grand speeches delivered, contracts signed. Yet electricity remains unreliable. Roads are still epileptic\u2014deadly in some areas. Hospitals are bare and ill-equipped. Industries lie idle. Nigeria\u2019s problem has never truly been a lack of money. From the Federal Government to the States and down to Local Councils, it\u2019s what we do\u2014or fail to do\u2014with it.<\/p>\r\n

As of March 2024, Nigeria\u2019s public debt stood at \u20a6121.67 trillion ($91.46 billion), including $42.1 billion in external borrowing (Debt Management Office, 2024). Now, we\u2019re piling on even more\u2014with no clear audit of what previous loans achieved.<\/p>\r\n

Tangible Projects, Not Paper Promises<\/strong><\/p>\r\n

This borrowing cycle must not repeat the failures of the past. Every dollar must be tied to visible outcomes\u2014projects that power homes, roads that move goods, broadband that connects communities, and hospitals that heal.<\/p>\r\n

No more empty workshops. No more \u201ccapacity-building\u201d seminars. No more white elephant projects. Nigerians deserve results, not ribbon cuttings.<\/p>\r\n

Radical Transparency, Not Tokenism<\/strong><\/p>\r\n

We must shine a light on how these funds are spent. Nigeria needs a Loan Oversight Committee\u2014independent, credible, and free from political interference. It should include civil society, financial experts, and community representatives.<\/p>\r\n

We need regular public reports, open-access dashboards, and whistleblower protections. Transparency isn\u2019t idealism\u2014it\u2019s how governance earns trust. BudgIT has shown this time and again (BudgIT, 2023). If we must repay these debts, we must be able to track them.<\/p>\r\n

Borrow to Employ Nigerians<\/strong><\/p>\r\n

Loan-funded projects must create jobs for Nigerians. Too many contracts go to foreign firms that import both labour and materials, sidelining local industries.<\/p>\r\n

That must change. All major contracts should mandate local content, skills transfer, and small business participation. A successful project should build both infrastructure and people.<\/p>\r\n

Every Loan Needs a Payback Plan<\/strong><\/p>\r\n

Borrowing without a repayment strategy is reckless.<\/p>\r\n

Every project must have a business case. If it\u2019s a power plant\u2014what\u2019s the cost-recovery model? If it\u2019s a road\u2014where\u2019s the economic multiplier? A loan without a return isn\u2019t development. It\u2019s a debt trap.<\/p>\r\n

No More Prestige Projects<\/strong><\/p>\r\n

The era of borrowing for ego projects must end. No more towers without tenants. Airports without flights. Mega-projects with minimal public use.<\/p>\r\n

Let\u2019s build what truly matters: rural roads to support agriculture, working hospitals, digital hubs, and vocational centres. Nigeria loses $29 billion annually to infrastructure gaps (World Bank Nigeria Development Update, 2022). That\u2019s where our money should go\u2014not into monuments of mismanagement.<\/p>\r\n

One More Misstep Could Break Us<\/strong><\/p>\r\n

Global lending is tightening. Our credit rating is under pressure (Fitch Ratings, 2025). Investor confidence is fragile. One more misstep, and we risk asset sales, unfavourable concessions, or outright debt distress.<\/p>\r\n

This is no longer just about economics. It\u2019s about dignity, credibility, and national survival.<\/p>\r\n

Final Word: Build or Be Buried<\/strong><\/p>\r\n

Let this be the loan cycle that broke the curse. Let it be the one that turned debt into development. Let future generations say: \u201cThey finally got it right.\u201d<\/p>\r\n

Because if we don\u2019t build now, we may not get the chance again.<\/p>\r\n\r\n

 <\/p>\r\n\r\n

    \r\n
  • \u00a0<\/li>\r\n<\/ul>\r\n
    <\/figure>\r\n
      \r\n
    • \r\n
      \"\"<\/figure>\r\n<\/li>\r\n<\/ul>\r\n\r\n

       <\/p>\r\n\r\n

      \r\n

      Ugo Inyama is a commentator on African Affairs and Digital Governance<\/em><\/p>\r\n<\/blockquote>\r\n\r\n

       <\/p>\r\n

      [\/vc_column_text][\/vc_column][\/vc_row]<\/p><\/div>","protected":false},"excerpt":{"rendered":"

      [vc_row][vc_column][vc_column_text css=””] Nigeria\u2019s New Loans: A Chance to Build a Better Nation By Ugo Inyama By Ugo Inyama Another day, another billion-dollar loan. The Nigerian Senate has approved a staggering $21.8 billion in new borrowing for the Tinubu administration (Premium Times, July 2025). The headlines are routine. The reactions are tired. But the consequences? They<\/p>\n","protected":false},"author":1,"featured_media":2590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-1006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interview-opinions"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/posts\/1006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/comments?post=1006"}],"version-history":[{"count":9,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/posts\/1006\/revisions"}],"predecessor-version":[{"id":3240,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/posts\/1006\/revisions\/3240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/media\/2590"}],"wp:attachment":[{"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/media?parent=1006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/categories?post=1006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grcfincrimetoday.org\/index.php\/wp-json\/wp\/v2\/tags?post=1006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}