By Hon. Comrade James Onifade 
...Hon. Comrade James Onifade condemns the incessant borrowing by President Tinubu
Nigeria’s future hangs in a balance. The question is whether those in positions of power will choose accountability and prudent fiscal management over the current path of reckless borrowing with little to show for it. The answer will determine whether Nigeria emerges from this period stronger or finds itself trapped in a debt spiral that could take decades to escape.
The numbers tell a damning story. Since President Bola Tinubu assumed office in May 2023, Nigeria has embarked on an unprecedented borrowing spree that has raised alarm bells among economists, civil society organizations, and ordinary citizens watching their naira lose value by the day. Yet despite trillions borrowed in multiple currencies, the capital projects these loans were meant to finance remain largely unrealized.
The trend began in 2023 when the Tinubu administration borrowed N2.17 trillion to fund supplementary capital projects. The outcome? Only 70% of planned projects were completed. While a 70% execution rate might seem respectable in Nigeria’s context of historically poor budget performance, it represented the first warning sign that borrowed funds were not translating into proportional development.
The gap between borrowed billions and actual infrastructure delivery would only widen from there.
In 2024, the borrowing escalated dramatically. The federal government secured loans totaling $21.5 billion, €2.2 billion, and ¥15 billion to finance capital expenditure. These were staggering sums for a country already struggling with debt service costs that consumed over 90% of revenue in previous years.
The promised infrastructure revolution never materialized. According to available data, only 30% of the 2024 capital projects funded by these loans were delivered. Roads remained incomplete, power infrastructure projects stalled, and the promised economic transformation remained elusive. Yet the debt accumulated on the nation’s balance sheet with full force, interest ticking upward with each passing month.
Perhaps most troubling is the 2025 performance. As of December 11, 2025, despite borrowing $2.347 billion, $347 million, €4 billion, N1.15 trillion, and issuing a $500 million sukuk bond specifically for capital projects, the execution rate stands at a stark 0%. Not a single project funded by these 2025 loans has been completed.
This represents not just poor performance but a fundamental breakdown in fiscal management and project delivery.
Nigerians are left to wonder: where have these billions gone? Are projects genuinely in progress but incomplete, or has the money been diverted, mismanaged, or lost to the inefficiencies that plague government contracting?
Now, before any accountability for previous borrowing, the Tinubu administration is seeking approval for an additional N17.89 trillion loan to fund the 2026 budget. This request comes even as the 2026 budget itself has reportedly not been presented to the National Assembly, raising questions about the planning and justification behind such a massive loan request.
The sheer scale is breathtaking. When combined with previous borrowing, Nigeria’s debt burden under this administration is growing at a pace that threatens the country’s fiscal sustainability. With oil revenues volatile and non-oil revenue generation still inadequate, the capacity to service these debts without crippling other aspects of governance appears increasingly questionable.
A democratic system’s checks and balances exist precisely for moments like these. The National Assembly should serve as a crucial oversight body, scrutinizing loan requests, demanding accountability for previous borrowing, and ensuring that borrowed funds deliver value for Nigerian taxpayers.
Instead, there appears to be a pattern of rubber-stamping loan approvals without rigorous interrogation of how previous loans have been utilized. No parliamentary inquiries into why 2024’s capital project execution was only 30%. No demanding explanations for 2025’s 0% completion rate. No insistence on accountability before approving new borrowing.
This failure of legislative oversight is not merely a procedural concern but represents an abdication of constitutional responsibility that leaves Nigeria vulnerable to fiscal recklessness.
The Long-Term Consequences
The trajectory is unsustainable. With each loan approval, Nigeria’s debt service obligations grow. Already, debt servicing consumes the lion’s share of federal revenue, leaving little for education, healthcare, security, and other essential services. As borrowing continues without corresponding productivity gains or infrastructure delivery, the country edges closer to a debt crisis that could take generations to resolve.
The human cost is already visible. The naira has lost significant value, inflation has eroded purchasing power, and ordinary Nigerians struggle with the cost of living while watching billions borrowed in their name fail to materialize as promised infrastructure. The disconnect between government borrowing and citizen welfare has rarely been starker.
A Nation Reduced to a Carcass?
The fear expressed by concerned citizens is that by the time this administration completes its tenure, Nigeria will be left as a “carcass” a country stripped of fiscal flexibility, burdened by unsustainable debt, and with little infrastructure to show for the borrowing binge.
This scenario is not inevitable, but preventing it requires immediate action. The National Assembly must fulfill its oversight function, demanding full accounting of all borrowed funds and suspending new loan approvals until satisfactory explanations are provided. Civil society must maintain pressure for transparency and accountability. And the executive branch must demonstrate that it can translate borrowed billions into actual development rather than simply accumulating debt.