We Asked for a Lagos-Style Nigeria. Now We’re Paying the Price
Today, Nigeria’s National Assembly approved another $6 billion loan for President Tinubu’s administration. Many are surprised by our rising debt. But this is exactly what we asked for in 2022 when we said, “I want Nigeria to be like Lagos.” Back then, I warned that Lagos is wealthy yet heavily indebted. Few listened. Since May 2023, Nigeria’s debt climbed from ₦87.4 trillion to ₦152.4 trillion. That’s a 74% increase in two years. We expected better hospitals, stronger schools, improved agriculture, and functional roads. Instead, we face no fuel subsidy, no new classrooms or hospitals, and underfunded ministries. Real wages have collapsed, and basic operations suffer. Officials say state allocations have risen in naira. But with inflation and a weak naira, their real value has plunged. In 2014, FAAC payouts equaled $3.6–4.2 billion monthly. In 2022, it fell to $1.6–1.9 billion. Today, it’s just $730–860 million. The value collapsed by more than 75% since 2014. School fees have jumped tenfold without matching improvements in quality or infrastructure. Students now rely on loans to afford university. We must ask tougher questions and demand honest answers. We are living with the consequences of our own wishes. Iree o!
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