Over the years, Nigeria has accumulated a staggering amount of debt from international bodies like the World Bank and from various countries around the world.
This trend began under the administration of former President Muhammadu Buhari and continues under the current administration of President Bola Ahmed Tinubu, which has maintained similar policies, including seeking loans from the International Monetary Fund (IMF) and the World Bank.
Nigeria’s dependency on foreign loans has raised serious concerns about the country’s future, particularly the future of its youth and the broader economy.
If Nigeria continues to rely heavily on foreign borrowing, what kind of future awaits the next generation? While other nations have harnessed their natural resources to develop and become self-reliant, Nigeria appears stuck in a cycle of debt, dependency, and underdevelopment.
It is not just the borrowing that is the problem, but the way in which the borrowed funds are being used.
Rather than focusing on critical infrastructure, education, or alleviating poverty, there is a widespread perception that much of this money is being siphoned off by corrupt politicians.
The masses continue to suffer, while politicians enrich themselves and their families. Instead of addressing the pressing needs of the nation, like improving power supply, building roads, or funding quality education, many in leadership seem more focused on personal gain.
The Nigerian youth are particularly vulnerable in this situation. They face an uncertain future, burdened by the debt their leaders have accumulated, but seeing little benefit in return.
Unemployment is high, the quality of education is declining, and the cost of living is rising.
With the country already saddled with over N100 trillion in debt, the next generation will likely bear the brunt of paying back these loans, with fewer opportunities for advancement and development.
The critical question remains: Where is all the money going? Despite all the loans Nigeria has taken, there is little to show in terms of tangible development.
While other countries have used their natural resources to build self-sustaining economies, Nigeria seems to be falling further behind.
Basic infrastructure is crumbling, and essential services like healthcare, education, and electricity are in disarray.
The future of Nigeria’s youth is at serious risk. Without significant changes, they will be trapped in a cycle of debt, with limited job opportunities, poor living conditions, and a government that seems unable to address their needs.
The current political class appears more interested in maintaining the status quo, with little regard for the long-term consequences of their actions.
The government must stop borrowing at this alarming rate. With the national debt now over N100 trillion, continuing to accumulate more debt is unsustainable.
Nigeria cannot continue down this path without facing severe economic consequences, including the risk of default or becoming even more dependent on foreign creditors.
Instead of more borrowing, Nigeria needs to focus on using its vast natural resources to build a sustainable economy.
The country needs investments in electricity, good roads, quality education, and other basic amenities.
These are the building blocks of a strong economy, and without them, Nigeria will continue to lag behind.
If the borrowing continues unchecked, Nigeria risks becoming the “poverty capital” of the world.
The youth, who are supposed to be the drivers of the nation’s future, will inherit a country in decline, crippled by debt and poor governance.
The time for change is now. If Nigeria is to secure a brighter future for its youth, the government must stop its reckless borrowing, focus on development, and work to ensure that the country’s vast resources benefit all Nigerians not just a select few in power.
