Banner Online News

By Prince Amb. (Dr.) Adedipe Dauda Ewenla

In recent months, Nigerians have been inundated with reports from anti-graft agencies like the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) boasting of massive recoveries from stolen public funds. Specifically, the EFCC claims to have recovered over ₦967.5 billion, while the ICPC confirms an additional ₦277 billion in recovered assets. Altogether, that’s more than ₦1.24 trillion an amount significant enough to finance critical national development programs or offset national debt.

Yet, paradoxically, the administration of President Bola Ahmed Tinubu is aggressively pursuing plans to borrow a staggering $21 billion (approx. ₦31.5 trillion) from foreign lenders. This contradiction is not only economically unsound it is morally indefensible.

Recovered Billions: Where Is the Money?
The Nigerian public deserves to know: if trillions of naira have been recovered, why is the federal government seeking to bury the country further in unsustainable debt? Recovered funds are expected to:

Support budget implementation.

Fund infrastructural development.

Reduce borrowing and debt servicing pressure.

Address pressing social and economic challenges such as inflation, unemployment, and insecurity.

However, the lack of transparency and accountability around these funds raises serious concerns. To date, there is no detailed public record showing how these funds are being utilized or reintegrated into the economy.

Nigeria’s Debt Crisis: A Ticking Time Bomb
According to the Debt Management Office (DMO), Nigeria’s public debt stood at ₦97.3 trillion as of December 2023, and this figure is expected to rise significantly with the Tinubu administration’s fresh loan requests. Of particular concern is that:

Over 70% of federal revenue is spent on debt servicing.

In 2023, Nigeria spent ₦10.6 trillion on debt servicing more than on education, healthcare, and infrastructure combined.

Foreign loans come with currency risks, increasing repayment costs when the naira depreciates.

How can a government justify additional borrowing when existing debt is already crippling national development?

A Government of Empty Promises
The All Progressives Congress (APC) came into power promising to:

Fight corruption.

Diversify the economy.

Lift 100 million Nigerians out of poverty.

What we have seen instead is:

Rising poverty (over 133 million Nigerians now live in multidimensional poverty – NBS, 2023).

Runaway inflation, currently at 33.69% (April 2024).

Massive job losses and business closures following fuel subsidy removal and forex liberalization.

Collapse in public trust due to government insincerity and ineptitude.

It has become evident that the APC government, under both Buhari and Tinubu, is long on rhetoric but short on results.

2027: Time to Reclaim Nigeria
Nigerians must not be deceived again in 2027. The signs are clear:

APC has failed on all fronts: economic, security, governance, and social justice.

Recovered funds are being hoarded, mismanaged, or hidden from public scrutiny.

Borrowing is being used not for development, but to mask incompetence and maintain political control.

We, as patriots and leaders, must stand up to demand accountability, defend our democracy, and return Nigeria to capable hands. The People’s Democratic Party (PDP), with its history of economic reforms and debt relief achievements, remains the most viable platform for national recovery.

Final Word
Nigeria is not broke. Nigeria is being bled by corrupt elites and mismanaged by those who do not prioritize the people’s welfare. With over ₦1.2 trillion recovered, there is no moral justification for plunging the nation into further debt. We must reject the deception. We must reject the borrowing addiction. We must reject APC in 2027. Enough is enough.

* Prince Amb. (Dr.) Adedipe Dauda Ewenla is
PDP Southwest Ex-Officio