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
GEN CHRISTOPHER GWABIN MUSA SUPPORT INITIATIVE EXTENDS WARM BIRTHDAY FELICITATIONS TO PRESIDENT TINUBU ON 74TH BIRTHDAY
GEN CHRISTOPHER GWABIN MUSA SUPPORT INITIATIVE EXTENDS WARM BIRTHDAY FELICITATIONS TO PRESIDENT TINUBU ON 74TH BIRTHDAY
The Gen Christopher Gwabin Musa Support Initiative has extended heartfelt congratulations to His Excellency President Asiwaju Bola Ahmed Tinubu, GCFR, on the occasion of his 74th birthday.
In a statement released to the press, the Initiative conveyed warm wishes for the President’s personal well-being and for his continued leadership of the nation. The statement, signed by the Convener, Ibrahim Dahiru Danfulani, Sadaukin Garkuwan Keffi/Betara Biu, expressed hope that the coming year would bring the President “renewed strength and more wisdom in guiding the nation.”
The statement further noted that the Grand Patron of the Initiative, His Excellency Gen Christopher Gwabin Musa, OFR, Minister of Defence of the Federal Republic of Nigeria, joined in celebrating the milestone. It added, “Wishing Your Excellency continued good health, vitality, and determination as you lead the country towards greater unity and progress.”
The message underscores support for President Tinubu’s administration and its national objectives, marking the birthday as an occasion to reaffirm commitment to the nation’s unity and advancement under his stewardship.
society
Dominion City to Host Global Camp Meeting, “2 Nights of Glory” 2026 in Lagos, Enugu …Calls for Moral Renewal
*Dominion City to Host Global Camp Meeting, “2 Nights of Glory” 2026 in Lagos, Enugu
…Calls for Moral Renewal
Lagos – Dominion City has announced plans to host its annual Global Camp Meeting alongside a special “2 Nights of Glory” gathering in April 2026, with events scheduled to be held simultaneously in Lagos and Enugu.
The week-long programme is expected to draw tens of thousands of participants onsite and millions of virtual attendees from across the globe.
The Global Camp Meeting will run from Wednesday, April 1 to Monday, April 6, featuring daily sessions at 8:00 a.m. and 5:00 p.m. The “2 Nights of Glory” is slated for Friday, April 3 and Saturday, April 4 at the Golden Heart Place, Km 22 Lekki-Epe Expressway, beside Lagos Business School, Ajah, Lagos.
Organised by Dominion City, a global church focused on raising transformational leaders, the conference will centre on revival, spiritual renewal, and practical teachings. This year’s theme, “Redigging the Wells of Our Fathers,” underscores a call to return to foundational values and principles.
Speaking ahead of the event, Nobbert Onaga, President, Golden Heart Foundation and Senior Pastor, DC Lagos & Europe, emphasised the need for moral reawakening as a pathway to national transformation. He described the Church as “the pillar and foundation of truth,” noting that the conference aims to confront moral decline and restore core values within society.
“We are going back to foundational truths that established the Church. These truths will help repair societal damage and reposition the Church as a source of hope and light,” Onaga said.
Also speaking, Shola Olapade, Senior Pastor of Dominion City Headquarters, highlighted the Church’s role in addressing ethical and cultural challenges, particularly among young people. He added that the programme would go beyond spiritual teachings to include sessions on artificial intelligence, innovation, business, media, arts, and career development.
“We are equipping people not just spiritually, but with relevant 21st-century skills to thrive in today’s world,” Olapade noted.
The conference will feature teachings and ministrations from a lineup of international ministers, including Dr. David Ogbueli, Dr. Charles Ndifon, Andres Bisonni, Pastor Randy Mitchell, Apostle Ikechukwu Peter Nnajiofor, Dr. Ferdinand Nweke, Apostle Ben Hanyani Ndobe, Evangelist Dan Scott, and Dr. Chiefo Ejiofobiri.
Music ministrations will also be led by notable gospel artists such as Grace Idowu, Rhema Onuoha, Once More Six, David Nkennor, Anthony Kani, and GUC.
Organisers disclosed that over 30,000 participants are expected to attend in person, with free transportation provided from designated locations across Lagos to ease access. In addition, free medical services will be offered daily, building on previous outreaches that benefited over 1,700 people.
To ensure safety and order, more than 200 traffic marshals will be deployed in collaboration with relevant authorities.
Beyond its spiritual impact, organisers project that the event will stimulate local economic activity across hospitality, transportation, and retail sectors.
The Global Camp Meeting remains a key platform for spiritual impartation, leadership development, and societal transformation, aligning with Dominion City’s mission to equip believers to influence their communities positively.
Participation is open to the public, with registration available online for both physical and virtual attendance. //END.//
*PHOTO CAPTIONS:*
L-R: Dr. Godwin Efobi, Head, Medical Team, Dominion City Headquarters (DCHQ); Pastor Shola Olapade, Senior Pastor, DCHQ; Pastor Nobbert Onaga, President, Golden Heart Foundation and Senior Pastor, DC Lagos & Europe; Pastor Chuks Anochie, Head of Security and Traffic Control, Dominion City Headquarters (DCHQ), Camp Meeting 2026; Pastor Josh Tim Vaduchi, Head of Event & Programmes, DCHQ, during the press briefing of the forthcoming Global Camp Meeting, held the weekend of 2026 at the Dominion City Headquarters (DCHQ), Lagos.
L-R: Pastor Chuks Anochie, Head of Security and Traffic Control, Dominion City Headquarters (DCHQ), Camp Meeting 2026; Pastor Shola Olapade, Senior Pastor, DCHQ; Pastor Nobbert Onaga, President, Golden Heart Foundation and Senior Pastor, DC Lagos & Europe; Dr. Godwin Efobi, Head, Medical Team, DCHQ; and Pastor Josh Tim Vaduchi, Head of Event & Programmes, during the press briefing of the forthcoming Global Camp Meeting, held over the weekend in 2026 at the Dominion City Headquarters (DCHQ), Lagos.
society
Oloworo of Oworosoki Kingdom, Oba Babatunde Saliu, Felicitates President Bola Ahmed Tinubu at 74
Oloworo of Oworosoki Kingdom, Oba Babatunde Saliu, Felicitates President Bola Ahmed Tinubu at 74
By Adeyemi Obadimu
The Oloworo of Oworosoki Kingdom, His Royal Majesty, Oba Babatunde Saliu, Elebo II, has extended warm felicitations to the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, GCFR, on the occasion of his 74th birthday.
In a goodwill message issued from his palace, the revered monarch described President Tinubu as a visionary statesman, a courageous reformer, and an indefatigable democrat whose lifelong commitment to nation-building continues to shape Nigeria’s progress.
Oba Babatunde Saliu praised the President’s unwavering dedication to public service, noting that his leadership has ushered in a new phase of economic reform, infrastructural renewal, and institutional strengthening across the country.
According to the monarch, the President’s Renewed Hope Agenda has begun yielding tangible relief and renewed confidence among citizens, reflecting his determination to reposition Nigeria for sustainable growth and prosperity.
“President Bola Ahmed Tinubu has demonstrated exceptional resilience, strategic foresight, and a deep love for Nigeria. His administration’s bold initiatives are laying the foundation for long-term national transformation. At 74, he remains steadfast in his resolve to build a stronger, more united, and economically vibrant nation,” the monarch stated.
Oba Babatunde further commended the President’s legacy of leadership, describing him as a bridge-builder, a mentor to many leaders, and a symbol of democratic stability. He acknowledged the President’s decades of sacrifice and contribution to the advancement of democracy in Nigeria.
On behalf of the Oworosoki Kingdom, the royal father prayed for divine wisdom, sound health, and renewed strength for the President to successfully complete the noble reforms and developmental strides he has embarked upon for the benefit of all Nigerians.
“As Your Excellency marks 74 remarkable years, we pray that Almighty God grants you long life, continued wisdom, and the fortitude to steer our great nation toward greater heights. May your days be filled with strength and grace as you continue to serve Nigeria with distinction,” Oba Babatunde Saliu added.
President Bola Ahmed Tinubu clocks 74 as a leader whose enduring influence, bold reforms, and steadfast patriotism remain central to Nigeria’s ongoing journey of national renewal.
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