By Abidemi Adebamiwa
Nigeria’s government plans to borrow another $2.2 billion to help finance the national budget, sparking a heated debate. Is this a bold step toward progress or a risky gamble that could backfire? Let’s unpack it together.
Imagine taking out a loan to build your dream house. But instead of seeing bricks and mortar, the money starts disappearing into thin air—or worse, someone else’s pocket. That’s exactly the concern many Nigerians have whenever the government talks about borrowing more money.
The fear is not unfounded. A few years ago, ₦378 billion was allocated to duplicate or fake projects in the budget. Money intended for schools, roads, and hospitals vanished into the abyss. It’s like writing checks for ghosts.
Even when projects are real, they often move at a snail’s pace or are abandoned halfway. The infamous arms scandal, where billions meant for military equipment were diverted, is a painful reminder of what can happen when borrowed funds are mismanaged. This raises the question—if we’re borrowing without fixing these flaws, aren’t we just adding to our troubles and passing the burden to future generations?
But borrowing isn’t all bad. When done wisely, it can be a game-changer. Imagine borrowing to buy farming tools that help you grow more crops and make more money. If loans are used to build roads, improve electricity, or fund schools, they can spark economic growth and improve lives across the country. The catch, though, is that the money must be spent transparently and on things that truly matter.
That brings us to the elephant in the room—corruption. Borrowing billions while corruption thrives is like trying to fill a bucket with holes. Until those holes are fixed, pouring in more money is pointless. Nigerians deserve to know where every borrowed naira or dollar goes. Projects need to be real, beneficial, and completed on time. Other countries have managed to do this. Why not Nigeria?
So, is borrowing $2.2 billion the right move? It could be, but only if Nigeria changes its approach. The government must tackle corruption head-on, enforce strict accountability, and ensure that every borrowed cent delivers tangible results. Without these reforms, more loans could simply mean more debt with nothing to show for it.
This debate isn’t just about balancing the books. It’s about our future, our children’s future, and the kind of Nigeria we want to build. Borrowing billions is a high-stakes decision.
Whether it fixes our challenges or sinks us deeper into financial trouble depends on what happens next. Let’s hope those in charge understand the weight of this moment and make the right call.
Abidemi Adebamiwa writes from Pleasanton, California, USA