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From Debts to Despair: Tinubu’s Economic Gamble and Nigeria’s Accelerating Collapse

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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.

From Debts to Despair: Tinubu’s Economic Gamble and Nigeria’s Accelerating Collapse.
By George Omagbemi Sylvester | SaharaWeeklyNG.com

About the Author:
George Omagbemi Sylvester is a journalist, political commentator, and advocate for accountable governance. He writes for SaharaWeeklyNG.com.

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NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative

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NAPS Southwest Condemns Delay in Passage of HND,/B.SC Dichotomy Bill, Issues 30 Days Ultimatum to Nigeria Senate and Federal House of Representative

 

The National Association of Polytechnic Students (NAPS) Southwest has strongly condemned the continued delay in the passage of the bill aimed at ending the long-standing disparity between Higher National Diploma (HND) and Bachelor of Science (B.Sc) qualifications in Nigeria. The association has described the delay as unjust, discriminatory, and harmful to the future of polytechnic education in the country.

The NAPS Southwest expressed deep frustration over what it called the unacceptable silence and inaction from the Nigerian Senate and Federal House of Representatives regarding the bill. The proposed legislation seeks to abolish the dichotomy between HND and B.Sc holders, a divide that has for years limited career progression opportunities for polytechnic graduates, particularly in the public sector.

This ongoing delay represents a significant policy gap that must be urgently addressed. The continued discrimination against HND holders contradicts the principles of equity, fairness, and meritocracy that should define Nigeria’s public service.

For years, polytechnic students and graduates have faced systemic discrimination in employment opportunities, career progression, and societal recognition an injustice that undermines the value of technical and vocational education in national development. The proposed bill represents a critical step toward equity, fairness, and the full recognition of polytechnic education in Nigeria.

We therefore call on the current administration and the National Assembly to prioritize the reintroduction and immediate passage of this critical legislation. Nigeria cannot afford to sideline a significant segment of its skilled workforce due to outdated and discriminatory policies.

It is therefore disheartening that the Nigeria Senate and House of Representatives has yet to act decisively on this matter of urgent national importance. The continued delay raises serious questions about the commitment of lawmakers to addressing the challenges faced by millions of Nigerian youths in the polytechnic system.

The NAPS southwest unequivocally calls on the Senate and House of Representatives to, without further delay, deliberate on and pass the bill to end the HND/B.Sc dichotomy. The future of countless students and graduates depends on this decisive action.

The continued delay in passing this bill is a direct attack on the dignity and future of millions of Nigerian students and graduates, the statement read. We cannot continue to tolerate a system that places artificial barriers on capable individuals simply because of the institution they attended.

Failure to meet this demand will leave NAPS Southwest with no choice but to mobilize Nigerian Polytechnic Students and Graduates across the country for peaceful but firm actions to press home our demands. We are prepared to take all legitimate steps necessary to ensure that justice is served.

NAPS Southwest has therefore issued a strong warning to the Senate and House of Representatives, urging lawmakers to prioritize and immediately pass the bill without further delay. The association made it clear that failure to act promptly would trigger nationwide protests and coordinated actions by Nigerian polytechnic students and graduates.

We urge all relevant stakeholders to initiate comprehensive reforms that will harmonize qualification frameworks, ensure equal opportunities for career advancement, and restore confidence in the civil service system.

NAPS Southwest remains committed to advocating for the rights and dignity of polytechnic students and graduates across Nigeria. We will continue to engage constructively with policymakers and mobilize support until justice is achieved.

Signed

Comr Ogunsola Adewale John
NAPS Southwest Coordinator
+234 704 720 2907

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African Focus Historic Royal Visit of Olúkòyí of Ìkòyí Ọba Iyiola Akande Morenigbade in Los Angeles, CA —

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African Focus Historic Royal Visit of Olúkòyí of Ìkòyí Ọba Iyiola Akande Morenigbade in Los Angeles, CA —

 

 

African Focus Inc. its 20th Anniversary with Goodwill Awards and Induction Ceremony in April, 2026, held at the Renaissance LAX in Los Angeles, California.

 

The landmark event brought together distinguished guests, cultural leaders, and members of the African diaspora for an evening of recognition, reconnection, and celebration.

 

The ceremony honored outstanding community leaders and cultural champions whose contributions have strengthened African heritage and unity across generations.

 

The evening featured an elegant dinner, and an inspiring awards presentation, commemorating two decades of impactful service.

 

Highlight of the event was the African Family Induction, a signature tradition of African Focus.

 

18 Diaspora Africans were formally welcomed into native African families for a meaningful cultural experience.

 

The Inductees received certificates bearing their native names, along with cultural artifacts symbolizing their new lineage.

 

This initiative continues to foster cultural identity, bridge generational and geographical divides, and encourage deeper engagement with the African continent.

 

Many past inductees have gone on to travel to Africa with their host families, strengthening cultural bonds and understanding.

 

This year’s event was graced by a Yorùbà monarch His Royal Majesty, Oba Iyiola Akande Morenigbade, the Olukoyi of Ikoyi in Osun State, Nigeria who doubled as special guest of honour and historically served as Royal Father of the Day.

 

His royal presence brought cultural significance to the celebration.

 

The event was hosted by Uchenna Nworgu, Founder and Director of African Focus Inc, alongside a distinguished team of Cultural Ambassadors and leaders, including Paul Babatunde, Director of Cultural Initiatives; Dominique DiPrima, Cultural Ambassador; Wole Nipede; Ojise Isedale (also known as Olubunmi Olukanni); Ade James; and other notable contributors.

 

The event was concluded with vibrant music and dance, reflecting the spirit of unity and cultural pride that has defined African Focus for the past 20 years.

 

African Focus is a nonprofit organization dedicated to reconnecting the African diaspora with their cultural roots through education, cultural exchange, and community engagement initiatives.

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2027: Lagosians Unite For Tinubu As Lawmaker Declares Bid

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2027: Lagosians Unite For Tinubu As Lawmaker Declares Bid

2027: Lagosians Unite For Tinubu As Lawmaker Declares Bid

 

 

Thousands of Eti-Osa residents in Lagos at the weekend declared their support for President Bola Tinubu, governorship hopeful Obafemi Hamzat and a member of the State House of Assembly, Noheem Adams ahead of the forthcoming elections.

Those who attended the event included the Central Working Committee of the All Progressives Congress (APC) in Eti-Osa headed by Engr. Murphy Adetoro, a member of the Governance Advisory Council (GAC).

Others are the chairmen of the three local government areas of Eti-Osa constituency 1, APC ward chairmen, traditional rulers and the Lekki Residents Association who had all earlier adopted Adams, a majority leader of the Lagos Assembly, as the party’s consensus in the area.

Speaking at the event, the Central Working Committee declared ‘no vacancy’ at the presidency and the House of Assembly while maintaining its support for Hamzat as Governor Babajide Sanwo-Olu’s successor.

They declared that unlike in 2023, Tinubu will win Lagos in 2027 as the people have become more resolute in their support for the president.

Commending the crowd at the rally, Adetoro said the Central Working Committee of APC in Eti-Osa axis and all the LG chairmen in the constituency had written to the party endorsing Noheem Adams

“Thus, on the day of the primaries, we will all be behind him. What we are doing today is a rehearsal of what is going to happen on the day of the primary election,” he said.

“We are publicly declaring our support for President Tinubu whose achievements speak volumes. We have also started working to ensure the victory of Engr. Obafemi Hamzat who will take over from our active governor.

“Some days ago, we all wrote to the APC leadership in Lagos endorsing our son, Noheem Adams, as consensus.

“We are again confirming our decision that he remains our Recognised candidate. We have seen what he has done at the House of Assembly and we can attest to the fact that he has done wonders, beyond our expectations,” he said.

Another leader and former lawmaker, Yahaya Dosunmu, expressed hope that the next Speaker would emerge from the constituency. “If we have number one and two outside, we are supposed to have three.

“I have been attending campaigns since I was 30, but this level of support is exceptional and confirmation that you truly love Noheem and are ready to continue to support him at the primary and general elections,” he said.

On his part, Alhaji Sulyman Bello, President of the Lekki Estates Residents and Stakeholders Association (LERSA), said the lawmaker enjoys the support of the entire residents of the constituency.

According to him, Adams has become a rallying point for residents in Eti-Osa.

2027: Lagosians Unite For Tinubu As Lawmaker Declares Bid

“What many do not understand is that Noheem Adams is not just for Eti-Osa but the entire Lagos State.
There was an estate that was to be demolished. He stood for us and ensured that the estate was not demolished.

“With his position at the House, it is dangerous to send a fresh member. By God’s special grace, we want to see him beyond the seat of Majority Leader,” he declared before the crowd while confirming an earlier letter the association sent to the APC endorsing him.

Meanwhile, the Arewa group in the constituency said they had mobilised 1500 members from the three councils in the area to support the lawmaker.

In his remark, Adams thanked the leaders, traditional rulers and constituents for their support describing the endorsement as a challenge to do more when re-elected.

He also thanked Tinubu for opening up the constituency with a coastal road adding that this feat has earned the President “massive love from the people of my area.”

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