Opinion
Buhari’s Foreign Loans: Matters Arising
President Muhammadu Buhari sought for legislative approval for external loans during the 8th Senate but was turned down. Amongst them was US$29.96 billion loan which, according to the object, was to fund critical infrastructure in the country. The Senate bawled that loans cannot be an option at all. Superficially, the Senate was right in a part on account of daily mega inflows to the economy. Inarguably, the country is sufficiently rich to be self-reliant for most capital projects, all things being equal.
On the other hand, the Senate stumbled knowing that the major drain pipe in the country is the Senate and its counterpart, the House of Representatives. The funds allocated to these two chambers are sufficient to fund robust infrastructure across the nation with ease. From record, Nigeria’s lawmakers are the highest paid in the world and with outrageous allowances. To review these anomalies and possibly scrap one of the chambers; either Senate or lower chamber remain a way forward.
On the foreign loans, first and foremost, it is imperative to distinguish between loans for recurrent expenditure or sustenance and that of infrastructure development. The former is an index of economic recession. On the other hand, most developed countries didn’t fund capital projects from money in the treasury but long-term infrastructure loans. To put the burden on funds in the treasury can slow down developments and negatively affect other operations.
Noticeably, President Buhari’s government has created secure revenue for the nation. Amongst them are the Treasury Single Account (TSA), Value Added Tax (VAT), other internally-generated revenues that are active. Above all, leakages in the economy have been substantially blocked which makes government to get more incomes unlike before.
Beyond doubt, Nigeria has low tax morale – apathy on payment of taxes due to high level of corruption among the ruling class. For example, it was revealed by the Research Director of the Fiscal Policy Roundtable of the Nigerian Economic Summit Group (NESG), Tayo Oyedele at the Nigeria Governors’ Forum Secretariat, Abuja recently that more than 81% of taxable adults and businesses in Nigeria do not pay their income tax. According to him, only 20 million out of nearly 200 million people do.
Suffice it to say that the ruling class must vitally restore peoples’ confidence by good leadership. For instance, during the tenure of Babatunde Fashola (SAN) as Lagos state governor, many residents enthusiastically paid taxes on account of visible transformations in the state. After his exit, perceptively, the narratives changed.
Hence, adequate revenue through taxes may not be a realistic option at the moment. The second option is concessionary technique whereby companies bid and execute projects with trade agreement; to manage infrastructure for a specified period for the purpose of recouping invested capital. Incidentally, concession of sensitive infrastructure may not augur well for the masses presently due to poverty level albeit a unique conventional template.
Back to the discourse, any government that has a secure revenue system; capacity to repay can comfortably opt for loans for infrastructural development. This is because the loans can be prudently tied to the secure inflows for settlements. There would be issues where a government has no secure means of reimbursement but liberally securing loans, which is indicative of bad governance as witnessed in the past when government relied only on crude oil.
From the record, the 2016-2018 External Borrowing Plan targeted 39 projects spread across the country which includes the East-West Road; Mambilla Hydro Power Station; Standard gauge Ibadan-Kano Rail line; Calabar-PH-Aba-Makurdi-Bauchi-Maiduguri Rail Line; 2,500 Km Power Transmission Lines and Power Transformers across Nigeria; total overhauling of Ajaokuta Steel Company and Dualization of Lokoja-Okene-Auchi-Benin Road. Thus, the loan apart from being secured is tied to infrastructure unlike the previous loan regimen.
President Buhari has presented the $29.96billion loan request to the 9th Senate for approval. Instructively, lawmakers must, above all, be guided by objectivity and public interests rather than unnecessary show of power. The sensible action is to evaluate the capacity of the government vis-à-vis repayment by its protected revenue machinery in place and not fear of being labelled rubberstamped legislature.
Economically, it is naïve to scream over loans without first considering the object and capacity of the borrower. Without making use of loan facility, the country will spend much time in planning without executions. Democracy is a time-frame system; therefore, if an administration must rely solely on available funds in the treasury, nothing substantial may be achieved in the four years an administration is billed to last.
In other words, it is immaterial the volume of loans as long as there is a secure repayment mechanism and the objects are germane. Such arrangement will equally reduce corruption as inflows will be directed to repayment schedules. Interestingly, the Constitution clothed the lawmakers with oversight functions which empowers them to supervise executive’s activities. Hence, there’s no cause for alarm. To decline loan request for infrastructural development simply for apprehension of misappropriation is gullible.
The grumble is comparable to a woman scared of pregnancy to avoid giving birth to a bad child when it is her duty as a mother to mould the child to become useful. An executive arm cannot misappropriate funds where the lawmakers that exercise oversight functions are active, awake and responsible. Besides, President Buhari, as the team leader, is arguably not characterized by such character of dishonesty, greed and imprudence.
Umegboro is a public affairs analyst.
By: Carl Umegboro
Opinion
Betrayal: Vice Of Indelible Scar
The line that separates betrayal and corruption is very thin. Betrayal and corruption are two sides of the same coin. Like the snail and its shell they are almost inseparable. They go hand-in-globe. Betrayal and corruption are instinctive in humans and they are birthed by people with inordinate ambition – people without principles, without regard for ethical standards and values. Looking back to the days of Jesus Christ, one of his high profile disciples-the treasurer, was a betrayer. Judas Iscariot betrayed Jesus Christ for just 30 pieces of silver. One of the characteristics of betrayers is greed.
So, when on resumption from his imposed suspension, the Rivers State Governor, Sir Siminilayi Fubara threatened to bring permanent secretaries who were found complicit in “defrauding” the State during the days of Locust and Caterpillar regime, he did not only decry a loot of the Treasury but the emotional trauma of betrayal perpetrated by those who swore to uphold the ethics of the civil service. Governor Siminilayi Fubara had least expected that those who feigned loyalty to his administration would soon become co-travellers with an alien administration whose activities were repugnant to the “Rivers First” mantra of his administration. The saying that if you want to prove the genuineness of a person’s love and loyalty feign death, finds consummate expression in the Governor Fubara and some of the key members of the State engine room
Some of those who professed love for Governor Siminilayi Fubara and Rivers State could not resist the lure and enticement of office in the dark days of Rivers State, like Judas Iscariot. Rather, they chose to identify with the locusts and the caterpillars for their selfish interest. Julius Caesar did not die from the stab of Brutus but by his emotional attachment to him, hence he exclaimed in utter disappointment, “Even you Brutus”. The wound of betrayal never heals and the scar is indelible. Unfortunately, today, because of gross moral turpitude and declension in ethical standards and values, betrayal and corruption are celebrated and rewarded. Corruption, a bane of civil/public service is sublime in betrayal. The quest to get more at the expense of the people is the root of betrayal and sabotage.
This explains why Nigeria at 65 is the World’s capital of poverty.
Nigeria is not a poor country, yet, millions are living in hunger, abject poverty and avoidable misery. What an irony. Nigeria, one of Africa’s largest economies and most populous nation is naturally endowed with 44 mineral resources, found in 500 geographical locations in commercial quantity across the country. According to Nigeria’s former Minister for Mines and Steel Development, Olamiekan Adegbite, the mineral resources include: baryte, kaolin, gymsium, feldspar, limestone, coal, bitumen, lignite, uranium, gold, cassiterite, columbite, iron ore, lead, zinc, copper, granite, laterite, sapphire, tourmaline, emerald, topaz, amethyst, gamer, etc. Nigeria has a vast uncultivated arable land even as its geographical area is approximately 923, 769 sq km (356,669 sq ml).
“This clearly demonstrates the wide mineral spectrum we are endowed with, which offers limitless opportunities along the value-chain, for job creation, revenue growth. Nigeria provides one of the highest rates of return because its minerals are closer to the suffer”, Adegbite said. Therefore, poverty in Nigeria is not the consequences of lack of resources and manpower but inequality, misappropriation, outright embezzlement, barefaced corruption that is systemic and normative in leaders and public institutions. According to the World Poverty Clock 2023, Nigeria has the awful distinction of being the world capital of poverty with about 84 million people living in extreme poverty today.
The National Bureau of Statistics (NBS) data also revealed that a total of 133 million people in Nigeria are classed as multi-dimensionally poor. Unemployment is a major challenge in the country. About 33 percent of the labour force are unable to find a job at the prevailing wage rate. About 63 percent of the population are poor because of lack of access to health, education, employment, and security. Nigeria Economic Summit Group (NESG) speculated that unemployment rate will increase to 37 percent in 2023. The implications, therefore, is increase in unemployment will translate to increase in the poverty rate. The World Bank, a Washington-based and a multi-lateral development institution, in its macro-poverty outlook for Nigeria for April 2023 projected that 13 million Nigerians will fall below the National Poverty line by 2025.
It further stated that the removal of subsidy on petroleum products without palliatives will result to 101 million people being poor in Nigeria. Statistics also show that “in 2023 nearly 12 percent of the world population of extreme poverty lived in Nigeria, considering poverty threshold at 1.90 US dollars a day”.Taking a cursory look at the Nigerian Development Update (NDU), the World Bank said “four million Nigerians were pushed into poverty between January and June 2023 and 7.1 million more will join if the removal of subsidy is not adequately managed.” These startling revelations paint a grim and bleak future for the social-economic life of the people.The alarming poverty in the country is a conspiracy of several factors, including corruption. In January, 2023 the global anti-corruption watchdog, Transparency International, in its annual corruption prospect index which ranks the perceived level of public sector corruption across 180 countries in the world says Nigeria ranked 150 among 180 in the index. Conversely, Nigeria is the 30th most corrupt nation in the ranking. It is also the capital of unemployment in the world.
Truth be told: a Government that is corruption-ridden lacks the capacity to build a vibrant economy that will provide employment for the teeming unemployed population. So crime and criminality become inevitable. No wonder, the incessant cases of violent crimes and delinquency among young people. Corruption seems to be the second nature of Nigeria as a nation . At the root of Nigerians’ poverty is the corruption cankerworm.How the nation got to this sordid economic and social precipice is the accumulation of years of corrupt practices with impunity by successive administrations. But the hardship Nigerians are experiencing gathered momentum between 2015 and 2023 and reached the climax few days after President Bola Ahmed Tinubu, who assumed power as president of Nigeria, removed the controversial petroleum subsidy. Since then, there is astronomical increase in transport fares, and prices of commodities. Living standard of most Nigerians is abysmally low, essential commodities are out of reach of the poor masses who barely eat once a day.
The Dollar to Naira exchange rate ratio at one dollar to N1,000, is the most economy-unfriendly in the annals of the history of Nigeria. The prohibitive prices of petroleum products with the attendant multi-dimensional challenges following the removal of the subsidy, has posed a nightmare better to be imagined than experienced. Inflation, has been on the increase, negatively affecting the purchasing power of low income Nigerians. Contributing to the poverty scourge is the low private investment due to.unfriendly business environment and lack of power supply, as well as low social development outcomes resulting in low productivity. The developed economies of the world are private sector-driven. So the inadequate involvement of the private sector in Nigeria’s economy, is a leading cause of unemployment which inevitably translates to poverty.
Igbiki Benibo
Opinion
Dangers Of Unchecked Growth, Ambition
In today’s fast-paced, hyper-competitive world, the pursuit of success and growth has become an all-consuming force. Individuals, organisations, and nations alike, are locked in a perpetual struggle to achieve more, earn more, and surpass their rivals. Yet, beneath this relentless drive for progress lies a silent danger—the risk of self-destruction. This perilous pattern, which I call the self-destruct trajectory, describes the path taken when ambition and growth are pursued without restraint, awareness, or moral balance. The self-destruct trajectory is fueled by an insatiable hunger for more—a mindset that glorifies endless expansion while disregarding the boundaries of ethics, sustainability, and human well-being. At first glance, it may appear to promise prosperity and achievement. After all, ambition has long been celebrated as a virtue. But when growth becomes the only goal, it mutates into obsession.
Individuals burn out, organisations lose their soul, and societies begin to fracture under the weight of their own excesses. The consequences are everywhere. People pushed beyond their limits face anxiety, exhaustion, and disconnection. Companies sacrifice employee welfare and social responsibility on the altar of profit. The entire ecosystems suffer as forests are cleared, oceans polluted, and air poisoned in the name of economic progress. The collapse of financial systems, widening income inequality, and global environmental crises are all symptoms of this same relentless, self-consuming pursuit. To understand this dynamic, one can turn to literature—and to Charles Dickens’ Oliver Twist. In one of the novel’s most haunting scenes, young Oliver, starving in the workhouse, dares to utter the words: “Please, sir, I want some more.” This simple plea encapsulates the essence of human desire—the urge for more. But it also mirrors the perilous craving that drives the self-destruct trajectory. Like Oliver, society keeps asking for “more”—more wealth, more power, more success—without considering the consequences of endless wanting.
The workhouse itself symbolises the system of constraints and boundaries that ambition often seeks to defy. Oliver’s courage to ask for more represents the daring spirit of human aspiration—but it also exposes the risk of defying limits without reflection. Mr. Bumble, the cruel overseer, obsessed with authority and control, embodies the darker forces that sustain this destructive cycle: greed, pride, and the illusion of dominance. Through this lens, Dickens’ tale becomes a timeless metaphor for the modern condition—a warning about what happens when ambition blinds compassion and growth eclipses humanity. Avoiding the self-destruct trajectory requires a radical rethinking about success. True progress should not be measured solely by accumulation, but by balance—by how growth serves people, planet, and purpose.
This calls for a more holistic approach to achievement, one that values sustainability, empathy, and integrity alongside innovation and expansion
Individuals must learn to pace their pursuit of goals, embracing rest, reflection, and meaningful relationships as part of a full life. The discipline of “enough”—knowing when to stop striving and start appreciating—can restore both mental well-being and moral clarity. Organisations, on their part, must reimagine what it means to succeed: prioritising employee welfare, practising environmental stewardship, and embedding social responsibility in the core of their mission. Governments and policymakers also play a vital role. They can champion sustainable development through laws and incentives that reward ethical practices and environmental responsibility. By investing in education, renewable energy, and equitable economic systems, they help ensure that ambition is channeled toward collective benefit rather than collective ruin.
Corporate Social Responsibility (CSR) provides a tangible pathway for this transformation. When businesses take ownership of their social and environmental impact—reducing carbon footprints, supporting local communities, and promoting fair labour—they not only strengthen society but also secure their own long-term stability. Sustainable profit is, after all, the only kind that endures. Ultimately, avoiding the self-destruct trajectory is not about rejecting ambition—it is about redefining it. Ambition must evolve from a self-centred hunger for more into a shared pursuit of the better. We must shift from growth at all costs to growth with conscience. The future will belong not to those who expand endlessly, but to those who expand wisely. By embracing restraint, compassion, and sustainability, we can break free from the cycle of self-destruction and create a new narrative—one where success uplifts rather than consumes, and where progress builds rather than burns.
In the end, the question is not whether we can grow, but whether we can grow without losing ourselves. The choice is ours: to continue along the self-destruct trajectory, or to chart a more balanced, humane, and enduring path toward greatness.
Sylvia ThankGod-Amadi
Opinion
Gridlock at the Gates

-
Nation1 day ago
Cancer Care: Expert Seeks Hospice In UPTH
-
News1 day ago
Use Service Year To Build Capacity, Fubara Urges Corp Members
-
Featured1 day ago
Workers’ Audits Not Meant For Downsizing – Walson Jack
-
Nation1 day ago
Union Petitions EFCC, ICPC Over Tax Fraud Allegations Against Daewoo, Saipem
-
Politics1 day ago
Senate Confirms Amupitan As INEC Chairman
-
Nation1 day ago
HYPREP Remains Steadfast In Adhering To International Standards—Zabbey …As Regulators, Asset Owners Hail Project
-
News1 day ago
NERC Approves N28bn For Procurement Of Meters For Band A Customers
-
News1 day ago
Fubara Reassures Rivers People Of Completion Of PH Ring Road Project