Senate green‑lights $21.8 billion debt plan despite mounting criticism over fiscal accountability.
The Nigerian Senate has recently approved a staggering $21.8 billion in new loans for President Bola Tinubu’s administration, drawing strong criticism from analysts and civil society figures who warn of potential misuse and lack of accountability . This new debt package adds to an already ballooning public debt—raising the spectre of a deeper fiscal crisis if funds are not properly managed.
Some sectoral commentators argue that Nigeria has repeatedly borrowed large sums with little to show in tangible infrastructure, jobs, or service delivery. Analysts cite that public debt had already reached ₦121.67 trillion ($91.46 billion) by March 2024, including $42.1 billion in external borrowing—questioning how much prior loans truly translated into economic progress.
Critics are calling for radical transparency measures: independent loan oversight committees, public dashboards, and protections for whistleblowers to ensure funds do not end up in uncompleted or abandoned projects. They stress that borrowing without rigorous accountability risks plunging Nigeria further into a debt trap, especially when citizens continue to suffer broken infrastructure and inadequate social services.
Supporters of the loans argue they could finance critical initiatives—power generation, digital transformation, agriculture, and transportation—that remain underfunded. But the prevailing demand is clear: every borrowed dollar must be tied to measurable outcomes, with legal and civic mechanisms ensuring true value for citizens.
I’m Adedayo Obadina
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