NIGERIA ON BORROWED TIME: TINUBU’S FRESH MULTIBILLION-DOLLAR LOAN REQUEST AND THE DANGER OF MORTGAGING OUR FUTURE
NIGERIA ON BORROWED TIME: TINUBU’S FRESH MULTIBILLION-DOLLAR LOAN REQUEST AND THE DANGER OF MORTGAGING OUR FUTURE By Destiny Tamunoala Emmanuel Nigeria may be approaching another defining moment in its economic history as President Bola Ahmed Tinubu’s reported request for National Assembly approval of approximately $20.52 billion and €1.04 billion in external loans raises fresh concerns about the country’s debt profile, fiscal sustainability and the future of its economy. The proposal has reignited a fundamental question about Nigeria’s economic direction: can a nation continue to accumulate foreign debt in the name of development without sufficiently demonstrating how such borrowing will translate into improved living standards, increased productivity and sustainable economic growth? For a country battling high living costs, unemployment, insecurity, inadequate electricity supply, deteriorating infrastructure and widespread economic hardship, the prospect of another substantial borrow...
