The $2.2 billion loan approval is not just another financial transaction it’s a damning indictment of Nigeria’s legislative irresponsibility and systemic economic mismanagement.
Let’s be brutally frank: No responsible legislature in a functional democracy would repeatedly approve massive loans without demanding accountability for previous borrowings. Compare Nigeria to countries like Singapore, South Korea, or even Rwanda, which have transformed their economies through strategic investments, not endless debt cycles.
Since 1999, Nigeria has accumulated over $85 billion in external loans, yet infrastructural decay remains stark. Our roads are death traps, electricity remains a luxury, and basic social services are nearly non-existent. What have these billions purchased, if not continued national impoverishment?
The Senate’s rapid approval of this loan exposes a fundamental dysfunction: legislators are more interested in facilitating borrowing than protecting citizens’ interests. They rubber-stamp loans without interrogating:
- The precise utilization of previous loans
- Concrete repayment strategies
- Tangible developmental outcomes
This isn’t just fiscal mismanagement – it’s economic sabotage. Each loan represents a mortgage on Nigeria’s future, binding generations to debt without corresponding national development.
The most offensive aspect isn’t even the borrowing itself, but the brazen lack of transparency. Citizens are treated as passive observers in a financial drama where they’re ultimately the ones who will bear the economic burden.
Countries with genuine developmental trajectories use loans as strategic instruments for transformative investments. Nigeria uses loans as perpetual life support for a fundamentally broken economic model.
This $2.2 billion loan approval isn’t a lifeline – it’s another link in a chain of economic bondage, approved by a legislature more committed to maintaining a broken system than serving national interests.
The real question isn’t whether this loan will be approved, but when Nigerians will collectively demand a complete overhaul of this destructive borrowing cycle.
thedailycourierng news
Reference
Senate to approve Tinubu’s $2.2bn loan request today