NIGERIA CANNOT BORROW IT’S WAY TO PROSPERITY WITHOUT ACCOUNTABILITY

Fresh Loans, Rising Hardship and the Urgent Need to Show Nigerians What They Are Paying For. Nigeria’s development challenge is not simply a shortage of money. It is also a question of how public resources are raised, managed, spent and accounted for, the Federal Government’s request for legislative approval of approximately $21.7 billion in external borrowing has once again brought the country’s financial priorities into focus. At a time when many households are struggling with the cost of transportation, food, electricity and other necessities, Nigerians deserve a clear explanation of what additional borrowing will accomplish and how the country intends to repay it. Borrowing can be a legitimate instrument of development. Governments around the world borrow to finance infrastructure, support economic activity and respond to extraordinary financial pressures. Nigeria also needs roads, reliable electricity, modern public transport, stronger healthcare facilities and educational institutions capable of preparing young people for the future, the question, therefore, is not whether the government should ever borrow. The question is whether every major borrowing decision is supported by credible planning, transparent spending and measurable public benefits. When a government borrows to build productive infrastructure, the investment can create benefits that last for decades, A well-planned transport project can reduce travel time, improve the movement of goods and connect businesses to larger markets. Investments in electricity can help manufacturers reduce operating costs, while improvements in healthcare and education can strengthen the country’s workforce. However, when borrowed funds are poorly managed, projects are abandoned or expenditure produces little public value, future generations inherit the repayment burden without receiving corresponding benefits, this is why the public should not be satisfied with announcements of approved loans or ambitious project lists. Nigerians need to know which projects will receive the money, what each project is expected to cost, how implementation will be monitored and what penalties will apply when funds are misused. The National Assembly must treat its oversight responsibilities seriously. Approval should follow careful scrutiny rather than become a routine exercise in which large figures are endorsed without sufficient public explanation. The government’s economic policies have been defended on the grounds that difficult reforms are necessary to improve public finances and strengthen the economy. Yet economic improvement must ultimately be measured by more than official financial indicators. For a household struggling to afford food, a worker spending a large proportion of their salary on transportation or a graduate unable to find employment, the benefits of reform may remain difficult to see. The approval of a temporary transport allowance for federal public servants illustrates the pressure facing workers. Although the intervention may provide some relief, a short-term payment cannot independently resolve the broader problem of declining purchasing power. Government policy must therefore combine fiscal discipline with practical measures that expand employment, improve productivity, support essential services and protect vulnerable citizens. Reform should not be treated as successful merely because it has been announced or implemented. Its success must be judged by the results it produces. One of the most important responsibilities of a democratic government is to explain its financial decisions to the people. Citizens should be able to obtain meaningful information about public borrowing, project expenditure, implementation timelines and repayment obligations. Independent audits, legislative oversight and credible public reporting are essential safeguards against waste and corruption, the government should also publish accessible updates showing whether projects are progressing according to schedule and whether the expected benefits are being achieved. Transparency does not weaken government authority. It strengthens public confidence by allowing citizens to distinguish genuine development from political promises. Similarly, questioning a loan proposal should not automatically be interpreted as opposition to national progress. Responsible scrutiny is part of sound financial management. Lawmakers must examine the proposed borrowing plan with particular attention to its terms and implications. They should seek clear explanations of the intended projects, repayment arrangements, foreign-exchange exposure and the relationship between new borrowing and existing obligations. They should also insist on mechanisms that allow the public to track how approved funds are used, where projects are considered necessary, the government should demonstrate why the proposed financing method is appropriate and how the resulting assets will contribute to long-term economic growth. The objective should not be to approve or reject borrowing based solely on political affiliation. It should be to determine whether the proposal serves the public interest. Nigeria has the human and economic potential to become a stronger, more productive country. Realising that potential requires investment, but it also demands discipline, credible institutions and leadership willing to account for public decisions. The government must show that additional borrowing is tied to achievable objectives rather than relying on general assurances of future prosperity, the National Assembly must ask difficult questions. Oversight agencies must scrutinise expenditure. Project managers must deliver measurable results. And citizens must be able to assess progress using reliable information. Nigeria cannot build a sustainable future by treating every financial challenge as a reason to borrow more, the country needs investment, but investment without accountability risks becoming a burden. It needs reform, but reform without visible improvements in people’s lives will struggle to command public confidence.