Tinubu and the Borrowing Spree: $11.4bn in Two Years, Yet Nigerians Still Ask: Where Is the Impact?

Nigeria is bleeding, and millions of Nigerians are struggling under the weight of rising living costs, unemployment, insecurity and declining purchasing power.

Under President Bola Ahmed Tinubu’s administration, Nigeria has accumulated billions of dollars in new borrowing, much of it presented as financing for power, education, healthcare and economic stabilisation.

According to figures cited by the author, the borrowing includes:

• $800 million for power-sector intervention in 2023;
• $700 million for power;
• $750 million for power;
• $1.08 billion for power and education reforms;
• $500 million for power in 2024;
• $2 billion for education;
• $600 million for healthcare;
• $1.5 billion for economic stabilisation; and
• $2.25 billion for economic stabilisation.

The combined figure, according to the figures cited, is about $11.4 billion.

The central question is straightforward: what measurable transformation has accompanied these massive financial commitments?

For millions of Nigerians, the answer remains deeply unsatisfactory.

Electricity supply remains unreliable. Food prices have surged. Businesses are struggling with high operating costs. The naira has lost significant purchasing power, while insecurity continues to threaten lives and livelihoods across several parts of the country.

If billions of dollars are being borrowed in the name of power, education, healthcare and economic stabilisation, Nigerians have every right to demand transparency over how the money is being deployed and what concrete results are being achieved.

Where are the promised megawatts?

Where are the jobs?

Where are the modern hospitals?

Where are the better-equipped schools?

Where is the economic stability?

These are not merely political questions. They are questions of accountability to a population ultimately expected to repay the loans.

A Country Borrowing Its Future?

The author argues that Nigeria risks borrowing heavily without creating the productive capacity required to repay its debts.

For ordinary Nigerians, the economic pressure is already visible in the cost of food, transportation, electricity, fuel and basic household necessities.

The situation has generated growing public frustration and renewed debate over the direction of the country ahead of the 2027 general elections.

The argument is simple: borrowing is not inherently wrong, but borrowing without demonstrable results is unsustainable.

Every dollar borrowed today creates an obligation for tomorrow.

The government therefore owes Nigerians a clear account of how borrowed funds are being spent, the projects they finance, their completion status and the measurable economic benefits they are expected to deliver.

2027: A Referendum on Performance?

With the 2027 elections approaching, the author argues that Nigerians will have an opportunity to express their judgment at the ballot box.

The hunger, unemployment, insecurity, rising cost of living and economic hardship being experienced by citizens, he contends, could become major electoral issues.

It is within this context that the author presents former Vice-President Atiku Abubakar, now associated with the African Democratic Congress (ADC), as an alternative political choice.

Why Atiku? The Proposed Rescue Plan

1. Economic Revival and Mass Job Creation

Atiku Abubakar has argued for a private-sector-led economy, reduced barriers to investment and greater participation of businesses in driving economic growth.

The proposed agenda, as outlined by the author, includes reducing multiple taxation, supporting small and medium-sized enterprises, expanding technology and manufacturing hubs, creating millions of jobs and reducing dependence on borrowing to finance government expenditure.

The objective would be to move Nigeria from a consumption-driven economy towards one capable of producing jobs, exports and sustainable revenues.

2. A Permanent Solution to the Power Crisis

The author proposes extensive decentralisation of Nigeria's electricity sector, with greater roles for state governments and private investors in generation and distribution.

The proposed approach also includes increased investment in gas-to-power projects, renewable energy and modern transmission infrastructure, with an ambitious target of substantially increasing electricity generation capacity.

For a country where inadequate electricity remains one of the biggest constraints on businesses and households, solving the power crisis would have consequences far beyond the electricity sector.

3. Lower Fuel and Food Prices

The proposed Atiku agenda includes restructuring Nigeria's refining sector, supporting existing private refineries and ensuring that government-owned refineries are operated through transparent and commercially viable arrangements.

The ultimate objective, according to the author, is to make Nigeria less dependent on imported petroleum products and create conditions capable of reducing fuel costs.

The author also proposes stronger support for farmers through improved security, access to credit, agricultural inputs and infrastructure, with the aim of increasing domestic food production and reducing food inflation.

4. National Unity and Restructuring

The article argues for a stronger federal system in which states have greater responsibilities and resources to address problems within their jurisdictions.

The proposed restructuring agenda would involve devolving powers, strengthening state institutions and promoting greater inclusion in government.

The author also presents Atiku as a leader capable of building political bridges across ethnic, religious and regional divides.

5. Comprehensive Security Reform

The article proposes a fundamental restructuring of Nigeria's security architecture.

Among the suggested measures are increased police recruitment, improved training and equipment, greater use of technology, stronger intelligence gathering, the deployment of modern surveillance systems and the creation of state police.

The author argues that security reform must also address the economic and social conditions that allow banditry, kidnapping and other forms of violent crime to flourish.

6. Education and Healthcare

The proposed agenda places substantial emphasis on investment in education and healthcare.

The author advocates increased education funding, rehabilitation of public schools, improved remuneration for teachers, expanded vocational and technical education, and greater access to student financing.

In healthcare, the proposal includes upgrading federal medical institutions and expanding health insurance coverage for low-income Nigerians.

7. Stronger Anti-Corruption Institutions

The author argues that Nigeria's anti-corruption fight should be driven by strong institutions rather than political selectivity.

The Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the judiciary, he argues, should be strengthened and allowed to operate professionally and independently.

The objective should be a system in which corruption is investigated and prosecuted regardless of political affiliation.

A Choice for Nigerians

Atiku Abubakar's supporters see him as an experienced political figure with extensive national networks and a record in government that they believe positions him to lead an economic recovery.

Critics, however, may question whether past experience necessarily guarantees success in today's vastly different economic and security environment.

That debate is precisely what the 2027 election should provide: an opportunity for Nigerians to scrutinise competing records, policies and promises.

For the author, the choice is clear.

He presents the ADC as a potential "third force" capable of challenging the dominance of the established political parties and offering an alternative direction for Nigeria.

2027: Rescue Mission or Another Political Promise?

The 2027 election will ultimately be decided by Nigerian voters.

They will have to weigh the government's record against the promises of those seeking to replace it.

They will have to examine the country's debt profile, economic performance, security situation, employment figures, electricity supply, healthcare delivery, education and the cost of living.

They will also have to scrutinise the manifestos, records and credibility of every presidential candidate.

For Muhammad, the election represents more than a contest for political power. It is, in his view, a potential opportunity for Nigerians to reject what he describes as a cycle of borrowing, hardship and poor governance.

The final decision, however, belongs to the Nigerian people.

They must decide where the country is coming from, where it is heading and which candidate offers the most credible path forward.

2027 will test not only political parties, but the judgment of the Nigerian electorate.

Sanusi Muhammad is a commentator on national issues.