The late Afrobeat legend, Fela Anikulapo-Kuti, captured the irony of Nigerian resilience in his iconic song, “Suffering and Smiling.” Decades later, his words remain eerily relevant—not just in the daily struggles of Nigerians but in the government’s unrelenting cycle of borrowing. Like commuters packed into rickety buses, enduring the discomfort with weary smiles, Nigeria finds itself on a never-ending journey of debt accumulation, packaged as development but rarely yielding real progress for the average citizen.
The Borrowing Spiral: A History of Endless Debt
From the Debt Management Office (DMO) to the Central Bank of Nigeria (CBN) and various government agencies, Nigeria’s borrowing spree has become a ritual—monthly, yearly, and across every administration. Whether from international financial institutions, bilateral partners, or bond markets across all seven continents, Nigeria’s debt appetite knows no bounds.
In the early 2000s, Nigeria secured a historic debt relief deal under President Olusegun Obasanjo, exiting the debt trap with a clean slate. Fast forward two decades, and the country has returned to an era of relentless borrowing, surpassing N87 trillion in public debt by 2025. Despite repeated promises that these loans would fund infrastructure, healthcare, and economic growth, the reality on the streets tells a different story.
Debt for Projects or Debt for Survival?
Every time Nigeria borrows, grand plans are announced—railways, roads, power plants, and refineries. Yet, the everyday Nigerian sees little improvement in electricity supply, affordable transportation, or basic healthcare. The question remains: If borrowing leads to progress, why is the hardship deepening?
Take for instance:
- Multibillion-dollar loans for rail projects—yet commuters still face poor transport systems.
- Billion-dollar power sector funding—yet electricity remains a luxury.
- Agriculture loans—yet food prices keep soaring beyond reach.
Even more troubling is that debt servicing now consumes a significant portion of government revenue, leaving little room for real development. The government borrows not just for projects, but increasingly just to pay back old debts, creating a vicious cycle.
When Will the Borrowing End?
Like Fela’s passengers crammed into a molue bus, enduring the ride with forced smiles, Nigerians are told to endure austerity while the government secures new loans. The rising cost of living, skyrocketing inflation, and record unemployment do not reflect the trillions borrowed in the name of progress.
The reality is simple: Nigeria does not have a revenue problem—it has a spending problem. Until borrowing is matched with accountability, transparency, and real impact, the cycle will continue.
Fela’s voice still echoes: “Every day my people dey inside bus, suffering and smiling.” But the real question remains: Will Nigeria ever reach its destination, or will it keep borrowing just to keep the engine running?
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