society
From Debts to Despair: Tinubu’s Economic Gamble and Nigeria’s Accelerating Collapse
From Debts to Despair: Tinubu’s Economic Gamble and Nigeria’s Accelerating Collapse.
By George Omagbemi Sylvester | SaharaWeeklyNG.com
Introduction: A nation sinking under the weight of borrowed promises in the past two years, President Bola Ahmed Tinubu’s administration has plunged Nigeria into a shocking spiral of DEBT ACCUMULATION, RECORD-INFLATION and WORSENING POVERTY, all while promising ECONOMIC-REBIRTH and STRUCTURAL REFORM, but the only thing Nigerians see today is HUNGER, JOBLESSNESS, MASS MIGRATION and an UNRELENTING COLLAPSE of public trust in governance.
With billions of dollars borrowed across multiple financial institutions, the Nigerian masses are yet to feel the promised dividends of democracy. Instead, they are being crushed by unbearable taxes, collapsing infrastructure and an economy spinning wildly out of control.
Let us walk through the cold, hard figures of Tinubu’s borrowing spree and ask the most painful question of all: WHERE IS THE IMPACT ON THE AVERAGE NIGERIAN?
The Borrowing Breakdown, FACTS DO NOT LIE:
$750 million ¬ June 2023
World Bank loan for power sector reform. Nigerians still suffer epileptic power supply. Electricity tariffs have risen by over 300% for Band A consumers, yet darkness persists.
$800 million – July 2023
Conditional Cash Transfer loan to “CUSHION” fuel subsidy removal. A meager ₦8,000 per family, which most Nigerians never received. Who were the beneficiaries?
$7.4 billion + €100 million – December 2023
Multiple multilateral loans for so-called development and emergency financing. The public never saw the projects.
₦2.94 trillion – Domestic borrowing from July to December 2023.
Still, salaries were delayed and infrastructure projects remained abandoned.
₦6.53 trillion – Borrowed between December 2023 and March 2024.
Used to finance budget deficits that benefitted a bloated political class while the masses starved.
$2.7 billion – Spread across 2023–2024
From Afreximbank and others. Little to no transparency on disbursement or results.
$2.25 billion – June 2024
Claimed to support economic reforms. Meanwhile, youth unemployment hit 53.4%, according to NBS.
$500 million – July 2024
Aimed at tech and innovation. Nigerian universities are shut down due to strikes. How is innovation possible without education?
$1.57 billion – September 2024
Supposedly for infrastructure. Yet roads remain death traps.
$6.45 billion – Total World Bank loan by September 2024
Nigeria is now the fourth largest debtor to the World Bank, but we are still the poverty capital of the world.
$2.209 billion – December 2024 for budget deficit
Used to finance a budget that gives the presidency ₦15 billion for a presidential yacht and foreign travels.
$21.5 billion + €2.1 billion + ¥15 billion – July 2025
This staggering approval is perhaps the most terrifying. A clear indication that Nigeria is mortgaging its future to survive today.
Fuel Subsidy Gone, But Where is the Relief?
Tinubu’s first major policy move was removing fuel subsidy, which immediately triggered a tripling of fuel prices from ₦185 to over ₦800 per liter. THE LOGIC? To save FUNDS and REDIRECT to INFRASTRUCTURE.
“There is nothing smart about removing subsidy when you have no structure to mitigate the consequences.” ~ Dr. Doyin Salami, former Economic Adviser
Instead of building public transport, investing in refineries or subsidizing food production, the funds disappeared into opaque channels. The same administration now seeks to return to “FUEL IMPORT SUBSIDIES” through backdoor crude swaps.
Floating the Naira: A Currency Adrift. Another economic grenade was the floating of the naira, hailed by international financiers as “BOLD” but in practice, it was “SUICIDAL”. The naira fell from ₦460/$1 to over ₦1,700/$1 in just a year. This collapse has driven up the cost of IMPORTS, FOOD, RENT and HEALTHCARE. Inflation hit 34%, with food inflation soaring past 45% by mid-2025.
“Currency float without production base is economic suicide.” ~ Prof. Pat Utomi, Political Economist
Skyrocketing Tariffs, Crushing Taxes. Nigerians are paying more for less:
Electricity tariffs up by over 300%
VAT increased from 7.5% to 15%
Introduction of cybersecurity levy, stamp duties, telecom taxes and multiple bank charges.
RENT, SCHOOL FEES and FOOD COSTS out of control.
Yet real wages have remained stagnant. The minimum wage still lingers around ₦30,000 in many states; less than $25 monthly, and even the proposed ₦70,000 minimum wage is yet to be implemented by over 20 states.
POVERTY, HUNGER and INSECURITY: The Daily Reality. Despite all these DEBTS, POVERTY is DEEPENING:
133 million Nigerians are now classified as multidimensionally poor (NBS).
About 70% of Nigerians earn below ₦500/day.
Terror attacks, banditry and kidnapping have escalated. Over 3,000 abductions were recorded in the first half of 2025 alone.
Rather than investing in agriculture, education and industrialization, the government continues to borrow to pay salaries and fund luxuries for the political elite.
“You cannot borrow your way out of poverty. You must produce your way to prosperity.” — Ngozi Okonjo-Iweala, WTO Director-General
Debt Servicing: Nigeria Works to Pay Lenders, Not Citizens. Today, 74.6% of Nigeria’s revenue goes to servicing debt, according to the Debt Management Office (DMO). That means only 25 kobo of every ₦1 earned by the government is left for development.
Nigeria is walking into a debt trap. Future generations will be saddled with paying for loans that built no schools, no roads, no hospitals; but only maintained a corrupt political class.
Who Truly Benefits?
A hard question that must be asked is: Who is benefiting from this borrowing?
Certainly not:
The civil servant who has not been paid in months.
The farmer displaced by herdsmen.
The graduate roaming streets jobless.
The mother who lost her child in a hospital that had no power or drugs.
Perhaps those who benefit are:
Foreign creditors enjoying high interest returns.
Politicians building private estates and flying private jets.
Contractors inflating project costs with zero delivery.
Parting Thoughts: We Are Not Fooled. This is not REFORM. This is ECONOMIC EXPLOITATION, FINANCIAL RECKLESSNESS and DELIBERATE IMPOVERISHMENT. Nigerians must not be gaslighted into believing that suffering is sacrifice. There is a difference between REFORM and RUIN.
“The test of leadership is not how much PAIN you can inflict on your people, but how much PROSPERITY you can create for them.” ~ George Omagbemi Sylvester
As patriotic citizens, we demand answers:
Where are the projects tied to each loan?
Why has poverty increased despite massive borrowing?
What is the plan to repay these debts without sacrificing national dignity?
Until TRANSPARENCY, FISCAL DISCIPLINE and TRUE PUBLIC ACCOUNTABILITY are restored, no amount of loan will save Nigeria.
About the Author:
George Omagbemi Sylvester is a journalist, political commentator, and advocate for accountable governance. He writes for SaharaWeeklyNG.com.
society
Banwo Questions Omokri’s Conduct After Appointment As Ambassador
Banwo Questions Omokri’s Conduct After Appointment As Ambassador
Political commentator and founder of the Naija Lives Matter Organisation (NLM), Dr. Ope Banwo, has raised concerns about the conduct expected of diplomats following the appointment of Reno Omokri as Nigeria’s ambassador to Mexico.
In an article published on his website, www.mayoroffadeyi.com, Banwo argued that individuals appointed to represent Nigeria abroad are expected to maintain a level of neutrality and decorum that reflects the country’s diplomatic traditions.
The article titled “The Strange Case of Reno Omokri,” questions whether the tone of public political engagement associated with Omokri’s social media presence aligns with the expectations of diplomatic service.
Omokri, a former presidential aide who has built a strong online following through commentary on Nigerian politics and governance, was recently appointed as Nigeria’s envoy to Mexico.
According to Banwo’s article, the role of an ambassador requires a transition from partisan political commentary to broader national representation.
“An ambassador represents the entire nation and not a political party,” Banwo wrote, noting that diplomats are traditionally expected to avoid public political confrontations that could affect international perceptions of their countries.
He contrasted the roles of political campaigners and diplomats, arguing that the two require different communication styles and responsibilities.
“Politics is combative while diplomacy is measured,” Banwo stated in the article, emphasizing that ambassadors typically engage in dialogue, negotiation and relationship-building rather than domestic political disputes.
Banwo also pointed to the historical composition of Nigeria’s diplomatic corps, which has largely included career diplomats trained in international relations and protocol.
According to him, such professionals are accustomed to maintaining restraint in public communication because their statements can carry official implications.
The article also referenced the biblical book of Ecclesiastes to illustrate the author’s broader reflections on leadership and public office.
Banwo noted that the appointment of political figures to diplomatic positions is not unusual globally but stressed that such appointments usually come with expectations of behavioural adjustments.
He urged Nigerian public officials who hold diplomatic positions to prioritise the country’s international image and approach public commentary with caution.
“Nigeria deserves ambassadors who elevate the country’s image,” he wrote.
society
How OPay Is Turning Product Architecture Into a Customer Service Advantage
How OPay Is Turning Product Architecture Into a Customer Service Advantage
In high-volume fintech markets like Nigeria, customer service can no longer sit at the end of the business process. When a platform serves tens of millions of users and processes millions of transactions every day, the old model of customer service, call centres, long queues, and manual complaint handling quickly becomes too slow, too costly, and challenging to scale.
The future of customer service in fintech is not just about answering calls faster. It is about preventing problems before they happen. This is where product design, technology, and risk systems begin to play a bigger role. Instead of reacting to customer complaints, modern fintech platforms are now building customer protection and support directly into the app experience itself.
OPay is one of the platforms showing how this shift works in practice.
Over the past few years, OPay’s product development has followed a clear pattern. New features are not only designed to make payments easier, but also to reduce errors, prevent fraud, and lower the number of issues that customers need to complain about. In simple terms, many customer service problems are stopped before users even notice them.
One of the strongest examples of this approach is OPay’s real-time fraud and scam alerts. Traditionally, customers only contact support after money has already left their account. At that point, the damage is done, emotions are high, and recovery becomes more complex. OPay’s system works differently. When a transaction looks unusual, based on amount, timing, behaviour, or pattern, the system raises a warning before the transfer is completed. This gives users a chance to pause, review, and confirm. In many cases, this stops fraud before it happens.
For users, this feels like protection built into the app, not an emergency response after a loss. For the business, it means fewer fraud cases, fewer complaints, and less pressure on customer support teams. This proactive model aligns with global fintech best practices, which prioritise prevention over recovery.
Another important layer is step-up security for high-risk or high-value transactions. As users move more money and rely more heavily on digital wallets, security cannot be one-size-fits-all. Adding too many checks to every transaction creates frustration. Adding too few creates risk. OPay balances this by applying stronger security only when it is needed. For example, biometric verification and additional authentication steps are triggered in sensitive situations. This keeps everyday transactions smooth, while adding extra protection when the risk is higher. This approach builds trust quietly. Users may not always notice the security working in the background, but they feel the result: fewer unauthorised transfers and fewer urgent problems that require support intervention.
Beyond visible features, OPay also runs behaviour-based risk systems in the background. These systems monitor patterns such as sudden device changes, unusual login behaviour, or transaction activity that does not match a user’s normal habits. When something looks off, the system responds automatically. Most users never see these checks. But their impact shows up in fewer failed transactions, fewer reversals, and fewer cases where customers need to chase resolutions. As a result, customer service interactions shift away from crisis handling toward simple guidance and assistance.
Together, these layers form what can be called an invisible customer service system. Many issues are intercepted early, long before they become formal complaints. User sentiment on social media provides real-world signals of how this system is being experienced. On X (formerly Twitter), some users have publicly shared their experiences with OPay’s responsiveness and reliability.
One user, @ifedayo_johnson, wrote, “Opay has refunded it almost immediately. Before I even made this tweet but I didn’t notice. logged it as transfer made in error on the Opay app and they acted almost immediately. Commendable. Thank you @OPay_NG. I’m very impressed with this!”
Another user, @EgbonAduugbo, shared “The reason I love opay so much is that you hardly ever have to worry, wait or call their customer service for anything cuz everything just works!”
While social media comments are not formal performance metrics, they matter. They reflect how real users feel when systems work smoothly and issues are resolved quickly, often without friction. This product-led customer service model becomes even more important when viewed in the context of OPay’s scale. At this scale, even minor improvements in fraud prevention or transaction success rates can prevent thousands of potential complaints every day. In this context, customer service is no longer driven mainly by headcount. It is driven by engineering choices, risk models, and system design.
OPay’s journey suggests what the future of fintech in Africa may look like. The next generation of leaders will not only be those with the most users, but those whose systems are designed to protect users, resolve issues quickly, and reduce friction at scale.
society
Phillips Esther Omolara : Answering The Call To Worship And Transforming Lives Through Gospel Music
Phillips Esther Omolara : Answering The Call To Worship And Transforming Lives Through Gospel Music
Introduction : Phillips Esther Omolara (Apple Of God’s Eye) is an Inspirational and passionate Nigerian gospel music minister, singer, and songwriter dedicated to spreading the message of Christ through her songs.
Background : I was born and brought up in Lagos State. I am a devoted gospel minister and a worship leader who began her musical journey in the children choir later graduated to adult church choir at a young age, leading praises and also a vocalist in the choir.
Early Life : I was born on April 8th 1990 in Lagos, Phillips Esther Omolara is a native of Oyo state in Ogbomosho.
Family : Got married to Phillips Oluwatomisin Omobolaji from Ogun State and our union was blessed with children.
Education : I went to Duro-oyedoyin nursery and primary school Ijeshatedo, Lagos, where I laid the foundation for my academic pursuits. For my secondary education, I attended Sanya Grammer school in Ijeshatedo, Lagos.
During my high school years, I was already deeply involved in church activities. After completing my secondary education, Phillips Esther pursed higher education at Lagos State Polytechnic (LASPOTECH).
Musical Style : Known for [e.g., Inspirational songs, Contemporary Worship, Highlife, Reggae, Traditional Yoruba], and my music blends spiritual depth with creative musicality.
INSPIRATIONS AND INFLUENCES : I have no specific role model in the gospel music industry. However, I have expressed my love for songs from several Veteran gospel artists who have influenced my musical journey.
Some of the gospel artists whose music i admires include:
* Mama Bola Are
* Tope Alabi
* Omije Ojumi
* Baba Ara
* Bulky Beks
Mission : My ministry focuses on leading people to the presence of God and creating an atmosphere for miracles.
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