‘Nigeria Is Broke’: Akpabio’s Push for More Borrowing Sparks Outrage

Godswill Akpabio, the Senate President, acknowledged that Nigeria currently lacks sufficient revenue to meet growing obligations and suggested borrowing as a way to sustain government operations and development. His comments have divided opinion. Some economists argue that strategic borrowing is a global practice for financing infrastructure and spurring growth. Others warn that Nigeria’s rising debt could become unsustainable without stronger revenue generation and transparent spending. International bodies like the World Bank and IMF have repeatedly called for stricter fiscal discipline, improved tax mobilization and structural reforms to secure long-term stability. With inflation and the cost of living biting millions of Nigerians, many are demanding a clear accountability framework for future loans and a detailed plan for how borrowed funds will be utilized.

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