Nigeria

By Uzair Adam

The Emir of Kano, Muhammadu Sanusi II, has criticised successive governments in Northern Nigeria for neglecting education while focusing on roads and flyovers, warning that the region is sliding behind the rest of the country.

Sanusi spoke on Saturday as a panellist at the Kano International Poetry and Art Festival (KAPFES), organised by the Poetic Wednesdays Initiative, during a session themed “Beyond Words: Unlocking Northern Nigeria’s Literacy Potential.”

The former Central Bank governor recalled how Kano State sponsored his secondary and university education in the 1970s and 1980s, covering tuition, living expenses, and allowances. 

He said, “My parents did not pay a dime. Why is it that the younger generation has not been able to get those benefits? Something went wrong in terms of the political class and its priorities.”

He argued that leaders must channel “huge resources” into schools, scholarships, and teacher training rather than spending billions on physical projects. 

“It’s nice to have beautiful flyovers and underpasses, but you are building these roads for uneducated children to walk on. Who will maintain them in the future?” the Emir queried.

Describing education as the most valuable investment, Sanusi stressed that it is the only asset that cannot be inherited or taken away. 

“You can be given money, a house, or even a political position, and all of these can disappear. But once you are educated, no one, no ruler, no oppressor can take it away from you,” he said.

He linked Northern Nigeria’s current setbacks to colonial policies that discourage the growth of an intellectual Muslim class. 

According to him, Arabic literacy, despite its intellectual depth, was devalued under British rule and is still treated as illiteracy today.

Sanusi also highlighted the role of language as a barrier, calling for the adoption of mother tongues in teaching. 

“In Germany, you study in German; in France, you study in French; in China, you study in Mandarin. Why can’t a doctor be trained in Hausa, Yoruba, or Igbo?” he asked, noting that mother-tongue instruction reduces dropout rates and improves learning outcomes.

Challenging conventional views of schooling, he argued that communities should utilise available spaces, such as mosques, as temporary classrooms instead of waiting years for new buildings. 

“If a mosque is vacant between morning prayers and the afternoon, why can’t children be taught there?” he asked.

The Emir concluded with a call for leaders, policymakers, and citizens to humanise statistics. “When we say three million children are out of school, these are not just numbers. 

“This is somebody’s son, somebody’s daughter, a future mother on the street without hope. In everything we do, we must ask ourselves: who is the human being at the end of it?”

By Lawal Dahiru Mamman

Nigeria’s struggle with electricity is not just about flickering bulbs or darkened homes. It is about the survival of industries, the health of small businesses, and the very foundation of national development. 

A stable power supply is the bedrock of productivity, yet, after more than a century of electricity generation, the sector still reflects more chaos than progress. The story began modestly in 1896, when Lagos hosted Nigeria’s first power plant, which had a capacity of just 60 kilowatts. 

Over the next few decades, plants sprouted in Port Harcourt, Kaduna, Enugu, Maiduguri, Yola, Zaria, Warri, and Calabar. However, the system was fragmented—managed by native authorities and the Public Works Department—until 1950, when the Electricity Corporation of Nigeria (ECN) was established.

ECN soon became a national monopoly, consolidated further in 1972 when it merged with the Niger Dams Authority to form NEPA. For decades, “NEPA” became a household word, but mainly for the wrong reasons: inefficiency, chronic underinvestment, system losses, power theft, and blackouts that forced families and businesses to rely on expensive generators.

By 1999, fewer than 20 of Nigeria’s 79 power plants were functional. Barely 28% of installed capacity was delivered, leaving millions in perpetual darkness. These failures spurred reform efforts. 

The National Electric Power Policy (2001) and the Electric Power Sector Reform Act (2005) paved the way for privatisation, resulting in the establishment of 18 successor companies: 6 generation companies (GenCos), 11 distribution companies (DisCos), and 1 transmission company (TCN).

The promise was clear: privatise, attract investors, boost efficiency, and deliver reliable power. By November 2013, the federal government sold its stakes in the GenCos and DisCos, earning $2.5 billion in proceeds. 

Companies like Transcorp Power, Geregu, Ughelli, Shiroro, Sapele, and Kainji took control of generation, while 11 Distribution Companies (DisCos) took charge of retail distribution. But the dream quickly soured. A decade later, efficiency gains remain elusive. 

Generation hovers below 5,000MW for a nation of over 200 million. Blackouts are frequent, tariffs are contested, infrastructure remains weak, and both Generation and Distribution Companies (GenCos and DisCos) are drowning in debt.

The situation worsened in 2025 when GenCos raised alarm over a staggering N4 trillion owed to them by the federal government—N1.9 trillion in legacy debts and N2 trillion for power supplied in 2024 alone. 

President Bola Tinubu admitted government liability, but insisted only verifiable claims would be honoured. By August, Finance Minister Wale Edun confirmed plans to clear the debts, signalling tacit acknowledgement.

This mountain of debt builds upon years of heavy subsidies and bailouts, with government interventions since 2023 alone estimated to be above N7 trillion. These include tariff adjustments through the Multi-Year Tariff Order (MYTO), direct subsidies, bailout funds, and payment guarantees. 

Yet, paradoxically, Nigeria continues to subsidise a sector that was supposed to thrive under private ownership. The Electricity Act 2023 pushed for cost-reflective tariffs, expanded metering, and transmission upgrades. 

But the larger question looms: has Nigeria’s privatisation model failed? Or has the government’s constant interference, through subsidies and political tariff control, undermined the very logic of privatisation?

As the GenCos demand arrears, the DisCos complain of low remittances, and consumers grumble under rising tariffs and unreliable supply, Nigeria must confront a harsh reality: electricity is not just an economic issue, but a governance test.

If the sector is to function effectively, the government must draw a clear line—provide enabling policies, enforce regulations, but step back from perpetual bailouts. The time has come to interrogate privatisation, recalibrate the framework, and design a power sector that delivers light, not debt. 

For without power, the dream of industrial Nigeria remains trapped in darkness.

Lawal Dahiru Mamman writes from Abuja. He can be reached at: dahirulawal90@gmail.com.

By Uzair Adam

One of the most engaging sessions of the ongoing Kano International Poetry and Art Festival (KAPFEST 2025) was the Mudi-speaking Slam Competition, which shone a spotlight on young poets with powerful performances on the theme of ‘Poetry in Times of Crisis.’

The contest, part of the three-day festival organised by the Poetic Wednesdays Initiative, featured 18 shortlisted contestants out of 65 entries. After three competitive rounds, three winners emerged, each receiving a cash prize.

Shafa’atu Ahmad won first place with a prize of N500,000, followed by Muhammad Ubandoma, who came second and received N300,000, while Nazeer Sulaiman took the third position with N200,000.

Speaking after the event, one of the judges, Abba Musa Idris, popularly known as Abdurabbihi, said the competition was both exciting and challenging.

He stated that, “Judging is never easy because everyone comes with creativity and strong emotions. But the session was impressive, especially as many contestants were performing for the first time and still advanced to later rounds.

“The whole idea is to encourage new artists, and I am impressed with the fresh voices that emerged,” Abdurabbihi added.

The festival’s Literary Lead, Abdulbasit Abubakar, described the slam as one of the most vibrant parts of KAPFEST.

He noted that, “There is always this rush of adrenaline and energy at the slam. It gives young poets the chance to be known for their craft, and seeing their passion convinces me that many of them will do great things.”

Shafa’atu, who hails from Kaduna, described her victory as both surprising and rewarding. “It feels amazing. Honestly, when I was making the pieces, I thought they weren’t good enough. But it turns out they are actually good,” she said.

She explained that all her poems were composed explicitly for the contest, drawing inspiration from her real-life experiences. 

“Every one of the poems was written because of this competition. I would like to thank Hilton Creative Arts Foundation for nurturing me, Poetic Wednesdays for making this possible, and my parents for their support.

“To every victim of crisis whose stories I borrowed to compose these pieces, I hope they find peace, and I hope it never leaves them,” she added.

The winners, all new names in the poetry scene, said the platform has given them confidence and visibility.

The slam session added colour to the festival, which also features panel discussions, exhibitions, and poetry nights, highlighting Kano’s growing place in Nigeria’s literary and artistic landscape.

By Sabiu Abdullahi

Jaiz Bank Plc has been named the Most Progressive Islamic Bank 2025 by the Global Islamic Finance Awards (GIFA), strengthening its position as Nigeria’s pioneer non-interest financial institution.

The award was announced by the GIFA Committee led by Prof. Humayon Dar.

“It gives me immense pleasure to inform you that Jaiz Bank Plc has been chosen to receive the Most Progressive Islamic Bank 2025 Award,” Dar said in his message.

He explained that the selection process involved several outstanding nominees before the committee arrived at a final decision through “careful deliberation based on the GIFA methodology.”

Jaiz Bank’s Managing Director and Chief Executive Officer, Dr Haruna Musa, accepted the award on behalf of the bank.

He dedicated the honour to those who contributed to the institution’s success.

“This achievement reflects the collective dedication of our Board, Management, and Staff, as well as the unwavering trust of our valued customers and stakeholders,” Musa said.

He further described the award as a call to action, saying it would inspire the bank to keep “driving innovation, deepening financial inclusion, and upholding the principles of ethical, Shariah-compliant banking.”

The Global Islamic Finance Awards are widely regarded as one of the top recognitions in the Islamic finance industry, celebrating governments, organisations, and individuals for their impact on the sector.

Jaiz Bank has previously been honoured by GIFA, winning the Most Promising Islamic Bank award in 2024.

Founded in 2003 as Jaiz International Plc, the institution became a full-fledged non-interest bank in January 2012 following a regional licence approval in 2011.

Since then, its balance sheet has expanded significantly, growing from about ₦12bn in 2012 to more than ₦1.08tn by the end of 2024.

By Uzair Adam 

The second edition of the Kano International Poetry Festival, organised by the Poetic Wednesdays Initiative, has opened in Kano, with a focus on using poetry and art to advocate for peace in a time of crisis.

The three-day event, which began on Thursday, was formally declared open on Friday under the theme “Celebrating Poetry in a Time of Crisis.”

The Daily Reality reports that the festival drew an audience of writers, poets, academics and art enthusiasts from different parts of the country, further strengthening Kano’s place as an important centre of literary and cultural expression.

Speaking at the opening, Nasiba Babale, the Creative Director of the initiative, said the festival aims to remind people of the power of poetry and art in fostering peace and development. 

“We are just trying to remind ourselves how we can use poetry and art to advocate for peace in a time of crisis that we have in Northern Nigeria,” she said.

She explained that the festival features a variety of activities, including a panel discussion with the Emir of Kano, Muhammadu Sunusi II, a grand poetry slam with a prize of one million naira, a poetry and music night, an art and poetry exhibition, and a poetry dispensary.

According to Ms Babale, the festival, first held in 2024 at Bayero University, Kano, is expected to draw between 300 and 500 participants. 

Guests are attending from across the country, including Lagos, Kaduna, Minna, Jos, and Zaria, as well as virtual participants from outside Nigeria.

Also speaking, one of the participants, the renowned writer BM Dzukogi from Niger State, said the festival was “beautifully organised” and praised its broad reach in bringing artists together from across Nigeria.

The veteran writer, who also received a Lifetime Achievement Award in recognition of his service and dedication to the arts, added that young writers must embrace responsibility, creativity, and innovation to make meaningful contributions to society.

By Anwar Usman

The President of Nigeria, Bola Tinubu will address the 80th Session of the high-level General Debate of the United Nations General Assembly at the UN headquarters in New York on Wednesday, September 24.

A revised provisional list of speakers obtained by the correspondent of the News Agency of Nigeria from the UN headquarters in New York showed that Tinubu would be speaking on the second day of the event.

The president is scheduled to deliver his address to other world leaders during the afternoon session, around 8:30 pm local time (approximately 2:30 pm Nigerian time).

Tinubu would be the 17th world leader to speak on day two of the general debate, according to the provisional list.He will be joining the gathering of 195 world leaders made up of 98 heads of state, five vice presidents, 44 heads of government, and four deputy prime ministers.

The others are 37 ministers, one crown prince, and four chairs of delegation to speak at the general debate.

The President of Brazil, Luiz da Silva, would be the first world leader to present his address to the 78th session, as is tradition.He will be followed by the U.S. President, Donald Trump, the traditional second speaker, being the host country.

NAN reports that the list was being updated and the Nigerian leader’s speaking slot might change if he did not attend the general debate in person.

According to the UN traditions, heads of state are speakers on the first and second day, while vice presidents speak from the third day.Vice-President Kashim Shettima represented Tinubu in 2024 and spoke on the first day of the debate, maintaining Tinubu’s slot, which diplomats said was very unusual as per tradition.

The rare feat was credited to the goodwill that Nigeria enjoys among the international community and the diplomatic manoeuvring of the Nigerian diplomats at the UN.

The theme of the general debate of the 80th session of the General Assembly is “Better together: 80 years and more for peace, development, and human rights.

By Haroon Aremu Abiodun

“Any country where lawmaking is more lucrative than law enforcement, there must be insecurity.”

That was the piercing submission of veteran Nollywood actor Kanayo O. Kanayo in a podcast interview. This quote still lingers in my mind like a haunting prophecy. Sadly, Nigeria appears to be a textbook example of that paradox.

This raises a chilling question: can we ever be safe in a nation where those crafting the laws live like kings, while those enforcing them die like pawns?

The roads tremble with fear, and villages sleep with one eye open. From Abuja to Zamfara, from the creeks of the Delta to Anambra, to the rocky hills of Birnin Gwari, the word “insecurity” has become a national refrain. 

In whispered conversations and on trending hashtags, Nigerians continue to ask: Can banditry, kidnapping, and terrorism ever truly end in Nigeria?

While President Bola Ahmed Tinubu continues to pledge security reforms, and National Security Adviser Nuhu Ribadu issues strategic statements, the reality on the ground often contradicts this. The Chief of Defence Staff, General Christopher Musa, may be leading an army of patriots. Still, their valour is constantly undermined by systemic inequality, in which the pen is paid more than the gun.

I Witnessed the Truth

In early June, I attended a deeply insightful citizenship engagement forum hosted by Voice of Nigeria (VON). Dignitaries, including the Minister of Information, NSA Ribadu, the Chief of Defence Staff, and other notable figures,were present. But one story shared by the Chief of Defence Staff froze the air.

He recalled a young bandit who surrendered. The military, adopting a “soft approach,” chose not to brutalise him but instead treated him humanely. He was given food, a warm bath, and, for the first time in his life, a mattress.

This wasn’t just about physical comfort. It was symbolic. The boy, barely old enough to vote, said he had never lain on a mattress before. That was his first taste of civilisation, and it came not from a school or community, but from an army barracks. The boy had joined a group of killers not out of hatred, but out of hopelessness.

The Root of the Rot: 3Es

With what the Chief of Defence Staff said, I was able to conclude that part of the root of Nigeria’s security crisis lies in the absence of the “3Es”: Education, Exposure, and Enlightenment. These are not luxuries; they are necessities. And in the North, where banditry has gained a more frightening foothold, their absence is glaring.

It is time for Northern governors to rise beyond rhetoric. The federal government cannot win this war alone. State leaders must begin by reforming their education systems, investing in enlightenment campaigns, and introducing programs that truly expose their youth to life beyond the confines of their communities. Kano State has led the way in propagating and championing this initiative among the northern states, but efforts should be intensified.

Can we save Nigeria? Yes, but not with a centralised, top-down approach. What we need is collaborative security. Community policing must be revived with village chiefs and family heads forming the first line of surveillance.

Security consciousness must be made more crucial and integrated into school curricula and public messaging. Employment generation must become more than a campaign slogan. A graduate left idle is one WhatsApp message away from recruitment into darkness.

“If community policing is fully implemented, it will become far easier to identify and expose those secretly sponsoring or benefiting from terrorism right from the grassroots. Local vigilance, trust networks, and community-driven intelligence can expose hidden collaborators who often conceal their activities behind political or economic influence. Such a system not only strengthens national security but also empowers citizens to take active ownership of their safety and future.”

This is to say, the fight against terror will not be won by guns alone, but by communities standing as the first line of defence

The Role of Institutions

The Ministry of Education and the National Orientation Agency (NOA) must now take centre stage. It is no longer enough to teach arithmetic and grammar; we must now teach security literacy. The young must understand the real consequences of crime. They must be exposed to alternatives.

This encompasses school tours, street theatre, online campaigns, community mentorship, and genuine partnerships between public and private stakeholders.

There is hope. There are patriots in uniform. There are children yet untouched by corruption. There are teachers still driven by conscience. However, all their efforts will be for nothing if lawmakers continue to earn more than those who risk their lives.

The EFCC may chase funds across Iceland and Dubai. The DSS may foil plots in Lagos and Maiduguri. However, until we address the imbalance and make justice more rewarding than crime, we will remain trapped in this cycle.

Let us not wait until another child lies on a mattress in a military cell to realise what he has never had.

Let that mattress be our wake-up call.

So, to President Tinubu, to the NSA Ribadu, to the Defence Chief, and to every governor who still believes in this country: The war will not be won on the battlefield alone; it will be won in the classroom, in the family compound, in the village square, and in the heart of every Nigerian.

Before we talk about weapons, let’s talk about mattresses.

Haroon Aremu Abiodun, An Author, public Affairs Analyst, PRNigeria fellow and wrote in via exponentumera@gmail.com.

By Abdullahi Mukhtar Algasgaini

The Niger State Ministry of Basic and Secondary Education has issued a stern directive to all private schools that have resumed academic activities prematurely, ordering them to close their doors immediately.

In a circular dated August 10th, 2025, and signed by the Permanent Secretary, Hajiya Akhatu Nuhu Yarwa, the Ministry reaffirmed that the official resumption date for the 2025/2026 academic session for all public and private schools remains September 22, 2025.

This date is stated to be in strict compliance with a directive from the Federal Ministry of Education.

The government explicitly acknowledged it is aware that some private institutions have already begun the new session ahead of the approved calendar.

The circular contained a clear warning, stating that any school failing to comply with the order to halt operations until the official date will face “appropriate sanctions,” though the specific penalties were not detailed.

By Uzair Adam 

The national grid has collapsed once again, plunging most parts of the country into darkness.

Power generation, which stood at 2,917.83 megawatts (MW), dropped drastically to 1.5 MW between 11:00 a.m. and 12:00 p.m. on Wednesday.

Confirming the development, the Nigeria National Grid, via its X handle, announced that “System restoration is in progress.”

In another update, the account disclosed that all electricity distribution companies (DisCos) across the country, except Ibadan DisCo, recorded zero allocation of power.

“Disco load” refers to the amount of power (in megawatts) allocated from the national grid to each distribution company.

Meanwhile, the Abuja Electricity Distribution Company (AEDC) in a statement appealed to its customers for patience, assuring them that efforts were ongoing to stabilise the grid.

The statement read, “Dear Valued Customers, please be informed that the power outage currently being experienced is due to a loss of supply from the national grid at 11:23 hrs today, affecting electricity supply across our franchise areas.

“Rest assured, we are working closely with the relevant stakeholders to ensure power is restored once the grid is stabilised. Thank you for your patience and understanding.”

By Nasiru Ibrahim 

Nigeria’s debt situation has become more confusing and concerning in recent years. After removing fuel subsidies, which had always been used to justify heavy borrowing, many expected a change in direction. But surprisingly, debt has continued to rise—and sharply. 

In less than two years, Bola Ahmed Tinubu’s administration has added over ₦62 trillion to our total debt. This comes on top of Muhammadu Buhari’s already heavy debt legacy. Yet if you check the 2025 budget, it still carries a huge deficit. This is despite relatively stable oil prices and a slight improvement in crude oil production. So, something is clearly not adding up.

How can a country that has removed one of its biggest expenditures—fuel subsidies—still be borrowing more than ever? Is it that the revenue reforms aren’t working, or is this a deeper issue with how we manage our economy? These are real questions that need honest answers. The reality is that Nigeria’s current borrowing trend is worrying not just because of the amount, but also because of the manner in which it’s happening and what it reflects.

According to the Debt Management Office, as of March 31, 2025, Nigeria’s public debt stood at ₦149.39 trillion. Tinubu alone has added ₦62.01 trillion to that figure in under two years. Now, let’s compare that with previous administrations: Goodluck Jonathan borrowed ₦5.9 trillion in five years. Buhari borrowed ₦74.78 trillion in eight years—including the controversial “Ways and Means” borrowing from the Central Bank of Nigeria (CBN). That’s how bad things have gotten.

“Ways and Means” are short-term loans from the Central Bank to the Federal Government, intended to cover urgent expenses such as paying salaries or addressing unexpected shortfalls. Think of it like an overdraft facility. But the law is clear—the CBN Act, 2007 (Section 38) states that the Federal Government can only borrow up to 5% of the previous year’s revenue from the CBN, and it must be repaid in the same year. Under Buhari, this law was ignored. His government borrowed ₦22.7 trillion through Ways and Means, without obtaining proper approval from the National Assembly.

This ₦22.7 trillion had not been reflected in official debt figures for a long time. It only became part of Nigeria’s domestic debt record in May 2023, when Buhari’s government securitised it—basically converted it into long-term bonds. That move alone caused the total public debt to jump from ₦44.06 trillion at the end of 2022 to ₦87.38 trillion by June 2023. That’s a massive increase in just six months.

Now, some economists argue that Tinubu’s debt figures appear worse primarily due to the exchange rate. That argument is simple: Nigeria borrows in foreign currencies, such as the dollar, euro, or yuan, but records the debt in naira. So when the naira weakens, the same dollar loan becomes much bigger in naira terms.

Let’s look at the exchange rate across administrations. Under Jonathan, the exchange rate was around ₦ 157 to $1 in 2015. Under Buhari, the exchange rate was ₦770/$ in 2023. And under Tinubu, the exchange rate is now approximately ₦1536/$ as of 2025. So when you convert the same external loan, the naira value explodes as the currency weakens. Just this exchange rate movement has added ₦29.75 trillion to Tinubu’s external debt and ₦5.9 trillion to Buhari’s.

To properly check if the debt spike is mainly due to FX changes, let’s fix the exchange rate at ₦157/$ for all the administrations and see how much was actually borrowed. The formula is simple:

Old Dollar Debt × New Exchange Rate – Old Dollar Debt × Old Exchange Rate.

Using the DMO’s external debt figure of $38.81 billion in 2023:
$38.81bn × ₦770 = ₦29.85 trillion
$38.81bn × ₦1536 = ₦59.63 trillion
₦59.63 trillion – ₦29.85 trillion = ₦29.78 trillion

So, if the exchange rate had remained at ₦157/$, Nigeria’s external debt of $42.46 billion in 2025 would have been approximately ₦6.6 trillion. Under that fixed exchange rate, Jonathan’s total external borrowing would have been approximately ₦1.07 trillion over five years. Buhari’s about ₦4.48 trillion in eight years.

Tinubu’s about ₦1.12 trillion in under two years. This means if Tinubu continues at this pace, he’ll hit Buhari’s figure—₦4.48 trillion—in about eight years. Yes, the exchange rate plays a significant role. But that’s not the whole story.

Others argue that Tinubu’s debt problem is not just about FX. It’s also about spending discipline. Unlike Buhari, Tinubu removed fuel subsidies and slightly increased oil production (1.5–1.6 million barrels per day, compared to Buhari’s average of 1.2–1.3 million barrels), and customs and tax revenue also improved. Buhari faced more challenging conditions—global oil crashes, two recessions in 2016 and 2020, the COVID-19 pandemic, and high subsidy payments—during his early years. So, Tinubu had more room to save, but instead, borrowing has increased.

The 2025 budget projects a deficit of ₦13.08 trillion. It assumes oil at $77.96 per barrel and production of 2.06 million barrels per day. However, in reality, March production was only 1.65 million barrels per day, including condensates. And as of July 8, Brent crude was $70.20 and WTI was $68.42—both below the assumed price. That means revenue projections may fall short, and the government will likely borrow even more.

Tinubu has already requested $21.6 billion in new loans. In May 2025, Reuters reported that he also asked the National Assembly to approve loans of €2.2 billion, ¥15 billion (approximately $104 million), and an additional $2 billion in domestic loans. That’s not all.

The Federal Government also secured a $747 million syndicated external loan to fund Phase 1, Section 1 of the Lagos-Calabar Coastal Highway—from Victoria Island to Eleko Village. At ₦1536/$, this loan adds ₦1.147 trillion to the debt. The lenders include Deutsche Bank, First Abu Dhabi Bank, Afreximbank, and Zenith Bank, among others. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is providing insurance. That brings Tinubu’s total borrowing to about ₦63.157 trillion in under two years.

This highway is being built under a Public-Private Partnership using an EPC+F model. The road is over 70% complete and is designed using CRCP technology—concrete with a 50-year lifespan and low maintenance requirements. While the loan adds to debt, it shows some confidence from global investors and introduces a financing model that shares risk between the government and private firms.

Now to the bigger picture. As of 2024, Nigeria’s debt-to-GDP ratio is around 25.1%, based on ₦144.67 trillion in debt and a nominal GDP of about $375 billion. That means debt accounts for about one-quarter of the economy—not yet alarming, but becoming risky if borrowing continues at this rate. What’s more worrying is the cost of servicing debt.

In 2024, debt service took up 4.1% of GDP—up from 3.7% in 2023 (AfDB report). That’s a lot. Imagine 4.1% of the entire economy going towards just paying off debt, instead of building schools, roads, or hospitals. Even worse, the debt service-to-revenue ratio rose from 76.86% in 2023 to 77.4% in 2024 (APA News). This means more than three-quarters of government revenue is now used to repay debt. That leaves very little for anything else. That’s not sustainable.

As Economics graduates, the way forward is clear. First, we need to depoliticise how we manage public finances. Countries like Chile, Sweden, and the UK have independent Fiscal Councils that enforce rules like debt limits and balanced budgets. Nigeria needs something like that to restore discipline and rebuild investor trust.

Second, loans must be tied to development goals—not used for consumption. Borrowing should be used for essential services like roads, electricity, and digital infrastructure, rather than paying salaries or covering bloated administrative costs. Rwanda and Ethiopia have shown how debt used for infrastructure can boost exports and growth. A cost-benefit analysis should accompany every loan.

Third, we must cut waste and off-budget liabilities. That includes fuel subsidies, failing state-owned enterprises, and unauthorised bailouts. Ghana passed a Fiscal Responsibility Act in 2018, capped its deficit at 5% of GDP, and ran audits that exposed massive leakages. Nigeria can cut borrowing by 30–40% just by following that path.

Fourth, improve tax collection—not by harassing small traders, but through fairness and the use of technology. Indonesia raised its tax-to-GDP ratio by digitising filing, automating risk detection, and linking tax IDs with national identity numbers. Nigeria can do the same—target high earners and multinationals instead of informal workers.

Fifth, public-private partnerships and syndicated loans, such as the Lagos-Calabar road, shouldn’t be used to conceal debt. They should help us attract private capital, share risks, and deliver real development. Countries like Morocco and Kenya make their PPP contracts public. Nigeria should also strive for greater transparency.

Finally, if things get out of hand, we can consider debt restructuring—but only as a last resort and if tied to fundamental reforms. Ghana restructured its debt in 2023 by extending maturities and cutting interest under IMF guidance. But what made it work was reform—cutting subsidies and improving tax systems. Without reform, restructuring solves nothing.

This is the time for Nigeria to act. If we continue on this path, we are only postponing a more profound crisis. But with the right decisions, we can still change direction.

Ibrahim is a graduate of Economics from Bayero University, Kano. He can be reached via nasirfirji4@gmail.com.