Tinubu’s Uncontrolled Loan Requests At Whose Interest? -By Hajia Hadiza Mohammed

While Asiwaju Bola Ahmed Tinubu was on vacation in France the news filtered on September 29, 2026 that he has made another loan request from the World Bank. A request for $1.5 billion facility purportedly to fund climate change initiatives, early childhood health, and household prosperity and education. And as expected, Nigerians were outraged at this unbridled appetite for loans with many calling on the World Bank to turn down the loan request. Nigerians are questioning the purpose and the impact of the previous loans taken under this administration. Many are terribly worried about the nation’s debt profile as the debt stock has risen astronomically since the coming of Tinubu in 2023. Nigeria’s total public debt stock stands at ₦166.79 trillion (equivalent to $120.93 billion) as of June 30, 2026 from N87.38 trillion in 2023. That is an increase of about 91% in just three years.

Many are aggrieved about the unsavory consequences of accumulating debt for the future generation. The Nigeria’s debt-to-GDP ratio is at now 40% while debt-servicing-to-revenue is between 50% and 60%. Unfortunately, the public complaint about the nation’s dangerous debt profile seem not to bother the man at the helm of affairs as the borrowing continues unabated. This year alone, he had already made two requests for loans. In March, a request for $6 billion loan was made as follows: $5 billion from the First Abu Dhabi and $1 billion from the UK Export Finance to support the national budget and port rehabilitation. And in April, there was a request for $516 million loan from the Deutsche Bank to fund sections of Sokoto-Badagry Super Highway.

Nobody is against borrowing per se. Economists make us understand that borrowing is good if the borrowed funds are channeled into productive ventures. And that is why experts recommend that funds borrowed from multi-lateral lending institutions should be tied to specific projects. But unfortunately, in the case of the Nigeria current regime the reasons for borrowing are framed in nebulous terms like to support development initiatives or to support social service: things that are not measurable or estimable. Borrowing to support development initiatives without specifying the projects or programs is nebulous and opaque.

Nigerians are genuinely perturbed about the penchant of the current government to borrow. They doubt the sincerity of the government in these borrowing thing and they have genuine reasons to. Some point out the issue of lack of transparency in the whole process. Some point out the contradictions about government claims to reforms, economic recovery and borrowing. So many Nigerians are requesting to know where the funds recovered from subsidy removal is. Why borrow when funds are available from subsidy removal? Some are asking to know also where the funds from the much-advertised revenue increase is. Why borrow when revenue has increased from the government tax review? Many are asking why the government should keep borrowing when the so-called reform has transformed the country and the dawn of prosperity is here with us?

Again and more cynical some have alluded that the government is working for foreign interests in order to get external support to remain in power and borrowing from the multilateral sources is part of the plan. Some Nigerians too insinuates that the borrowing especially the latest loan request is for the purpose of financing Tinubu’s electoral campaign. And nobody can explain exactly where he keeps the borrowed funds. Some say the funds are looted; some say that he is keeping them for vote-buying; something that has been institutionalized under this regime. Many also believe that the funds have been disbursed to the governors with a target to deliver Tinubu in the January 2027 Presidential election.

Clearly, we may not know the purpose of these uncontrolled borrowing but will never lose sight of the implication on our country. Borrowing for frivolity or interests other than that of the nation is corruption and economic sabotage. One thing is obvious from the Tinubu’s reckless borrowing: it has not have any positive impact on the economy rather it is accumulating debt for future and putting strains on the economy due to high cost of servicing it.

Under Tinubu, Nigerian economy that was once the biggest in Africa has shrunk. It is one of the poorest now with over 160 million living in multi-dimensional poverty. Our national currency is the weakest in Africa. The state infrastructure and social amenities are in advanced state of decay. The middle class has disappeared. What we have now is the rich (the few especially among the political class that feed on public funds and top corporate executives and business moguls) and the poor who are barely surviving. And even when the government propagandists deceive the public with imaginary growth in the economy, unemployment rate, cost of living and cost of doing business in the country wreaking havoc on the economy and the lives of the citizens.

Undoubtedly, the unbridled borrowing tendencies of this government indicates that the government is corrupt. There is no transparency and accountability in the conduct of government business. There is frivolities and lack of fiscal discipline and the government is irresponsible and insensitive to the needs of the people. I have to point out here that the National Assembly is culpable too in the reckless borrowing of the government for giving approval to these loans without due diligence.  It has failed in its oversight function especially in the area of public finance and appropriation.

In light of this, I urge Nigerians to speak up before Tinubu auctions Nigeria and mortgage our future to other interests. We must tell the IMF, the World Bank and the other multilateral lending agencies to stop dumping loans on Nigeria. We must demand accountability. Tinubu should tell Nigerians where he has put all the funds that he has borrowed so far. It is our right to know how much has been borrowed and to what use the funds borrowed in our name has been put.

Hajia Hadiza Mohammed
Hajiahadizamohammed@gmail.com
An actress, a social activist, politician
London, UK