“Stop the Borrowing Now!” — Expert Warns Tinubu, Governors as Nigeria Nears Economic Collapse
A leading expert in disaster management and humanitarian studies, Professor Christopher Chinedumuije, has issued a bold warning to President Bola Tinubu, state governors, and members of the National Assembly, urging them to halt Nigeria’s dangerous reliance on borrowing to run the country.
In an open letter titled “Stop the Borrowing – Nigeria Must Breathe on Its Own”, the Country Director of GOALPrime Organisation Nigeria described Nigeria’s current economic model as a “survival system” that is fiscally reckless and morally indefensible.
Chinedumuije warned that Nigeria is borrowing not for investment, but simply to stay afloat — paying salaries, funding ministries, and maintaining an over-bloated government. “This is not governance. It is slow national asphyxiation,” he said.
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He cited alarming data from Q1 2025, noting that debt servicing consumed a major portion of federal retained revenue. With over 70% of public capital projects abandoned or non-functional, he stressed the urgent need to reform public spending and halt the endless debt cycle.
The professor criticized the federal government for ignoring the Oronsaye Report, which recommended merging redundant agencies to save up to ₦862 billion over a decade.
He called on Tinubu to decentralize development efforts and empower states and local governments (LGAs) by assigning them key responsibilities in healthcare, education, and rural infrastructure — along with the funding to back it.
Chinedumuije also recommended the creation of State and LGA Development Coordination Councils to manage donor and federal social investment projects, and suggested competitive grants to encourage innovation at the state level.
He warned that Nigeria is approaching national insolvency if urgent reforms are not enacted. Citing Fitch Ratings’ downgrade of Nigeria’s credit outlook in 2024 and IMF warnings, he emphasized that continued borrowing could disqualify the country from critical international support.
With youth unemployment at 53%, 20 million children out of school, and healthcare spending at just 4% of the budget, Chinedumuije painted a grim picture of Nigeria’s future — one that could collapse without immediate structural reforms.
His intervention comes amid new borrowing requests from President Tinubu, who last week sought legislative approval for an additional $21.5 billion in external loans and a ₦757.9 billion domestic bond to settle outstanding pension liabilities.
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