Are Nigeria’s Legacy Projects Worth the Debt Burden?

There is a fundamental misunderstanding about government finances and how fiscal, monetary, and revenue issues affect everyday Nigerians. Many judge a governor by visible infrastructure—roads, bridges, rails—without assessing long-term viability. The Lagos-Ibadan rail cost about $900 million in borrowed funds, covers less than 20% of its running costs, carries $45 million in annual interest, and delivers under 3,000 permanent jobs. Instead of borrowing for prestige projects, we should tap loans to boost revenue and growth. Low-interest financing for key industries would create high-paying jobs, expand the tax base, and ultimately fund infrastructure sustainably.

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