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
UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin
UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin.
May 30, 2026 – As the month of June gathers momentum, the *United Kingdom of Atlantis, UKA*, a sovereign nation has unveiled a series of vital guidelines and preparatory packages to ensure citizens and stakeholders run the *ATC Exchangeability* process effectively.
In an official update, the *President of Atlantic Crown Limited, Empress of Attica Empire UKA*, confirmed that the *Final Test Run of ATC Exchangeability* is scheduled for the month of June 2026. The exercise marks a key phase ahead of the *Official Exchangeability Window, set to run from July 2026 to February 2027*.
### Key Highlights from the Presidential Briefing
1. *Final Test Run – June 2026*
The test run is designed to validate systems, procedures, and user readiness before full activation. Citizens, partners, and designated participants are urged to follow all official advisories released by UKA authorities during this period.
2. *Official Exchangeability Period*
Following the successful completion of the June test run, the Official Exchangeability will commence in july 2026 and we are Expecting Full Exchange ability between July Ending, 2026 to February 2026.
UKA stated that detailed schedules, eligibility requirements, and step-by-step instructions will be communicated progressively through verified UKA channels.
3. *Benefiting Packages for June*
In line with UKA’s commitment to citizen empowerment, the month of June will feature “benefiting packages” aimed at education, preparation, and seamless onboarding. These packages are intended to equip the people of UKA with the knowledge and tools needed for effective participation.
4. *Commitment to Transparency*
Addressing the nation, the Empress of Attica Empire UKA emphasized:
_“Final Test Run of ATC Comes up in The Month of June, As We Prepare For The Official Exchangeability, Between July 2026 To Feb 2027. All Information Will Be Communicated.”_
UKA reaffirmed that only information released through official UKA platforms should be regarded as authoritative.
The United Kingdom of Atlantis is encouraging all citizens, representatives, and interested parties to remain alert to official communications, attend designated orientation sessions, and avoid unofficial sources. UKA’s dedication to order, clarity, and the collective benefit of its people as the nation moves into this significant phase.
For updates, advisories, and participation guidelines, citizens are advised to monitor official UKA communication channels.
United Kingdom of Atlantis, UKA, is a sovereign nation, committed to national development, citizen welfare, and structured economic participation through initiatives such as ATC Exchangeability.
society
Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements
Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements
Former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.), has commended President Bola Ahmed Tinubu for what he described as bold economic reforms and improved security efforts as the President marks three years in office.
In a goodwill message on Thursday to commemorate Tinubu’s third anniversary as President and Commander-in-Chief of the Armed Forces, Buratai said the administration had taken courageous decisions that would leave a lasting impact on Nigeria’s development.
According to him, President Tinubu broke a long-standing cycle that had hindered national growth by removing fuel subsidy and implementing foreign exchange reforms aimed at stabilising the naira and strengthening the economy.
He noted that the reforms were beginning to yield positive results, citing the global acceptance of Nigerian debit cards, the gradual revival of local refineries, access to student loans, and ongoing road and infrastructure projects across the country.
“The FCT Administration has also recorded remarkable progress, completing major road projects that remained unfinished for over 16 years,” Buratai stated.
The former army chief also praised the administration’s security efforts, saying renewed military offensives against insurgents, terrorists and bandits had led to notable successes across various parts of the country.
He specifically lauded recent joint operations involving Nigerian and United States forces against Boko Haram and ISWAP in the North-East, as well as intensified counter-banditry operations in the North-West.
“We have seen notorious ISWAP commanders being neutralised. I congratulate the Commander-in-Chief, the Minister of Defence, the Chief of Defence Staff, the Service Chiefs, the Inspector-General of Police and heads of intelligence agencies for their efforts,” he said.
Buratai, however, acknowledged that challenges remained, stressing the need for more aggressive military operations and intelligence-driven strategies in the coming year.
While urging Nigerians to remain hopeful, he said celebrating the President’s achievements did not amount to ignoring the difficulties facing the nation.
“Because you truly care, you have shown the courage to trade short-term comfort for long-term hope. Nigerians need your reassurances, and that is why we remain optimistic and full of confidence,” he added.
The retired military officer reaffirmed his support for the Tinubu administration and expressed confidence that the foundation being laid by the government would deliver a brighter future for the country.
He also prayed for God’s guidance, wisdom, strength and good health for the President as he continues to lead Nigeria.
society
NUT Raises Alarm Over Continued Captivity of Abducted Oyo Pupils, Teachers
NUT Raises Alarm Over Continued Captivity of Abducted Oyo Pupils, Teachers
The Nigeria Union of Teachers has expressed deep concern over the continued captivity of pupils and teachers abducted during an attack on schools in the Ahoro-Esinle and Yawota communities in Oriire Local Government Area of Oyo State.
In a statement issued on Saturday, the Oyo State wing of the union described the situation as increasingly distressing, particularly following the emergence of a video allegedly released by the abductors showing the victims pleading for their freedom.
The union said the footage had heightened fears over the welfare of the abducted pupils and teachers, describing their ordeal as heartbreaking and unacceptable.
According to the NUT, no child or teacher deserves to be subjected to such traumatic experiences, adding that the prolonged captivity of the victims has continued to inflict psychological pain on their families, colleagues and the wider education community.
The union called on the Federal Government, Oyo State Government and relevant security agencies to intensify efforts towards securing the immediate and safe release of the victims.
“This is not a moment for hesitation. It is a moment for coordinated, intelligence-driven efforts to ensure the immediate and safe release of all abducted pupils and teachers,” the statement read.
While acknowledging ongoing interventions by security agencies and government authorities, the union stressed that time was of the essence, warning that every additional day in captivity deepens the trauma suffered by the victims.
The NUT urged security operatives to strengthen surveillance, improve community intelligence gathering and deploy all necessary operational and diplomatic measures to facilitate the rescue of the abductees.
It also appealed to traditional rulers, community leaders and residents to support rescue efforts by providing credible information that could assist security agencies.
“The safety of our children and teachers must remain a collective priority,” the union stated.
Reaffirming its support for the families of the victims, the NUT pledged continued solidarity and prayers while advocating safer learning environments across the country.
The statement was jointly signed by the Chairman of the Oyo State NUT, Comrade Hassan Ajibola Fatai, and the Secretary, Comrade Salami Olukayode.
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