Nigeria is drowning in debt, yet the Federal Government wants to borrow more. At a time when Nigerians can barely feed, when jobs are scarce, insecurity is rife and the naira has lost its value, the Tinubu administration is reportedly seeking a fresh $1.5 billion World Bank loan while Nigeria’s public debt has already hit a staggering N166.79 trillion. Enough is enough.
In a statement released on one of Obailukan’s social media handles on behalf of his principal, Hon. Toyin Anibire Adams a.k.a. Obailukan, Founder and Convener of Obailukan Strategic Support Group for Atiku (OSSAT), his Media Executive, Comrade James Onifade, gave the verdict.
Onifade said the real question is not whether government can borrow, but what it has done with all the billions borrowed before. “Where are the jobs? Where are the factories? Where are the roads, the power, the hospitals? Where is the better life Nigerians were promised?” he asked.
According to him, Nigeria cannot survive on a borrow-now, suffer-later economy, as every kobo borrowed today will be repaid by taxpayers and by generations yet unborn. He warned that Nigerians will no longer clap for every loan announcement disguised as “development financing.”
“Nigerians have the right to know: What was the last loan used for? What is this new $1.5 billion for? What are the terms, the projects, the contractors, and the results?” he demanded.
Onifade added that with the 2027 elections approaching, every naira borrowed must be watched closely. While he noted that allegations of using public funds for political ambitions remain unproven, he said they highlight why transparency is non-negotiable. “You cannot ask Nigerians to finance political ambition with public debt. Leadership is not about how much you can borrow; it is about how well you use what you have to create jobs, build infrastructure and restore dignity to the people,” he said.
He quoted a Yoruba proverb: “Ọmọ ẹni ò lè ṣe ìdí bẹ̀bẹ̀rẹ̀ ká fi ilèkè sí ìdí ọmọ elòmíràn” – You do not neglect your own duty and adorn another man’s child with beads. “We are borrowing on the heads of children who are not yet born. How long can we continue like this? How much more debt can this economy carry? How long will government tell us the economy is improving when Nigerians are struggling to survive?” he queried.
Onifade said Nigeria, blessed with human and natural wealth, should be talking about productivity, local industry, fair taxation and real investment – not another loan. “This borrow-borrow model cannot be the future for Africa’s biggest nation. Tinubu must come clean to Nigerians. Enough of announcing billions in loans and expecting Nigerians to move on. You cannot build something on nothing, and you cannot build a future by burying the next generation in debt.”
Signed:
Comrade James Onifade
Media Executive to Hon. Toyin Anibire Adams a.k.a. Obailukan
Founder/Convener, Obailukan Strategic Support Group for Atiku (OSSAT)
