Business
IMF-Debt-Free” ~ A Smoke Screen: Nigeria Borrowing More, Seeing Less
“IMF-Debt-Free” ~ A Smoke Screen: Nigeria Borrowing More, Seeing Less.
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
When jokers on stage tell you they have no debt, look in their pockets first!
The Nigerian government today pushes the “IMF-Debt-Free” narrative with all the confidence of a stage magician who expects applause while hiding his sleeves full of tricks. Meanwhile, the numbers tell a far different story. Nigeria has become one of the largest debtors to the World Bank’s IDA (International Development Association) and borrowing continues to climb, often with little clarity on what is being borrowed for or how the debt will be repaid.
If I go die and tell you that someone is shouting “DEBT-FREE” while owing over US$18.2 billion to IDA as of June 30, 2025; yes, that’s Nigeria’s position, confirmed.
Under the Tinubu administration, exposure to World Bank/IDA loans rose from US$14.3 billion in mid-2023 to US$16.5 billion by mid-2024, a 14.4% increase.
This is not mere borrowing; this is a debt spiral. What is Mr President doing about this? So far, the response is murky at best:
The Facts: What We Know. World Bank IDA Debt Exposures: As of 30 June 2024, Nigeria owed roughly US$16.5 billion to IDA.
This put Nigeria as the 3rd largest debtor to IDA, behind Bangladesh and Pakistan.
External Debt Rising:
Nigeria’s external debt stock is increasing, both via multilateral sources (e.g. World Bank, IDA) and bilateral/multilateral loans. The exact terms, the projects financed, and the repayments are often opaque.
Total Public Debt:
As of early 2024, total public debt (external + domestic) was already huge: the Debt Management Office (DMO) reported public debt at N121.67 trillion (approx. US$ values depending on exchange) in Q1 2024. Domestic debt and external debt both contribute heavily.
Borrowing for Recurrent Obligation, Not Always Capital Projects:
There are concerns that many of the loans end up servicing recurrent expenditures or simply funding budget deficits, rather than in long-term infrastructure, education, health etc., which can generate returns. Citizens see little tangible improvement in basic services. This raises repayment risks. (Critiques by opposition figures like Peter Obi highlight this.)
What They Say They Are Doing (And Why It Does not Add Up)
Claim: Nigeria is “debt-free” or “IMF-debt-free.”
Reality: Nigerian governments repeatedly emphasise that they have repaid some IMF obligations (for example, COVID related funds) but being “IMF-debt-free” doesn’t equal being debt free, especially when borrowing from World Bank, bilateral creditors, multilateral lenders etc continues. For example, SaharaWeeklyNG.com confirms Nigeria repaid US$3.4 billion owed to the IMF for COVID financing. That’s good; but the bigger debts remain.
Claim: Borrowing is targeted, prudent and for necessary reforms.
Reality: While some funds are approved for health, education, power, irrigation etc. (World Bank approvals like US$1.57 billion for such sectors have been reported), the scale of the debt service, the rising amount and the lack of visible impact on living standards, infrastructure and basic public goods suggests something is very wrong with oversight, prioritization or execution.
Claim: Accountability mechanisms exist.
Reality: There is often insufficient disclosure of what exactly loans are used for, how contractors are selected, what time frames are, whether projects get completed or whether citizens actually benefit. When citizens ask questions, the answers are often vague. Comedian Gordon would joke that “they borrow money like they are shopping on Black Friday, but nobody sees the shopping bags.” Edo Pikin might say “this kind borrowing na tax for unborn children.” These are jokes, but they sting because they carry truth.
Expert Voices: What the Scholars & Economists Warn. Dr. Ngozi Okonjo-Iweala (WTO Director-General, former Finance Minister) has repeatedly warned about the risk of rising debt profiles in Nigeria and states. She has said:
“Watch your debt profiles and keep careful control of expenditures. You must share with your state citizens how much FAAC allocation you receive each month, how much IGR you collect and how you spend it.”
Also:
“There should be full transparency on debt, especially those owed by state enterprises.”
Joseph Stiglitz has warned more broadly (regarding Africa) that:
“The difficulty of coordination between diverse creditors (makes debt restructuring more difficult. We have no framework for debt restructuring across sovereigns) too little debt restructuring, too late.”
Dambisa Moyo (economist, author of Dead Aid) has long argued that constant dependence on external loans or aid without demanding accountability leads to debt burdens that undermine economic sovereignty and sustainable growth. Her critiques remain relevant.
Why the “Debt-Free” Narrative Is Dangerous
Misleading the Public: Telling citizens the country is debt free or reducing emphasis on debt obligations while borrowing more fosters complacency. People believe the crisis is over or being handled, when in fact the structure of public debt is becoming more fragile.
Interest & Exchange Rate Risks: Much external debt is denominated in foreign currencies. With naira depreciation, servicing becomes more expensive in local currency. Inflation erodes purchasing power. When citizens see high inflation, energy shortages, failing hospitals etc., these are often downstream symptoms of macro mismanagement tied in part to heavy debt servicing.
Crowding Out Development Spending: When a large portion of government revenue goes to servicing debt rather than investing in health, education, infrastructure, or security, the country cannot improve its human development indicators. Citizens may be worse off than before.
Future Generational Burden: Borrowing without clear repayment plans or investment in productive assets passes the burden to future Nigerians. The debt becomes intergenerational.
What Mr. President Should Be Doing Instead. Full Transparency: Publish all loan agreements, including terms, interest rates, grace periods, repayment schedules. Make accessible by citizens, civil society, experts. Let the budget debates include “where this money is going” lines.
Prioritise Productive Borrowing: Loans should flow mainly into projects with high returns (roads, power, education) not recurrent (salary) demands, subsidies without reform or conditioning foreign debts for vanity projects.
Debt Audits & Independent Oversight: Set up independent audits of existing debt; let an institution (parliament, civil society, or an auditor) verify that funds are used, projects completed and that terms are not predatory.
Build Domestic Resource Mobilisation: Increase tax collection efficiency, reduce leakages, broaden the tax base, improve non-oil revenue. Less dependency on external debt.
Negotiate Better Terms: When borrowing is necessary, aim for concessional terms, long grace periods, low interest rates and ensure borrowing does not push debt service beyond manageable percentages of revenue.
Public Education & Accountability: Citizens must know what borrowing means. Civil society, comedians, satirists (yes, I Go Dye, Gordons, Edo Pikin) have a role: mock the hypocrisy, demand answers.
The Verdict:
Nigeria cannot continue pretending that “IMF-Debt-Free” is the badge of economic sobriety while amassing tens of billions in debt to other multilateral lenders, bilaterals and external creditors. Borrowing is not evil; RECKLESS, OPAQUE and UNJUSTIFIED BORROWING is what must be CONDEMNED.
If I go die and tell you, we must treat debt like we treat fire: when it’s small, manage it. When it becomes a blaze, stop pretending it’s smoke. When we have approval for more loans, we must insist on seeing exactly what is being borrowed into.
In 2027, Nigerians must demand that our government stops theatrics, opens its books and addresses the debt monster before it devours hope. As Edo Pikin might say: “no more borrowing masquerading as development,” and as Gordons would crack: “if you no fit carry your pocket, how you wan carry suitcase?”
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
-
society7 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
celebrity radar - gossips2 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026