16/09/2025
President Tinubu’s Penchant For Foreign Loans.
By Abdu Labaran Malumfashi.
16-9-2025.
SPEAKER of the House of Representatives, Right Honourable Tajudeen Abbas and the Minister of Finance, Wale Edun expressed opposing views over Nigeria’s debt profile which is currently N149.39 trillion, and counting.
THE Minister of Finance, we should remember, was Bola Ahmed Tinubu’s commissioner of Finance for eight years, when the later held sway as the Governor of Lagos State. Together, the duo r***d the treasury of the richest state in Nigeria, catapulting the former governor to a billionaire status. Edun, on the other hand, made what he was allowed to make from the state treasury, and finished it in no time after the tenure of the governor ended.
THE two have connected again, making their previous association a child’s play to what they are NOW financially milking the country from the NATION’S EXCHEQUER, as president of the country and the Minister of Finance of the country, respectively.
IT would appear that the president and the minister of finance are NOT serving anyone but themselves, as are most appointees in the present regime. They look to be doing a great job, at the detriment of their motherland, Nigeria.
THE minister has severally claimed that the country’s debt was nothing to get worried about. He always says the economic policies of the the present regime are working so much to the extent that Nigeria had settled all its debts with the International Monetary Fund (IMF). But the bank quickly DISMISSED the claim, INSISTING that Nigeria still OWES it N190 billion.
BUT Nigerians have everything to worry about, given that President Tinubu inherited from his immediate predecessor, Muhammadu Buhari, a debt of $67 billion, which he took to $167 billion (N149.39 trillion) WITHIN JUST TWO years. And he does NOT appear to be done yet, because of his PENCHANT for LOANS (Foreign and local).
THE Lagos-based Punch newspaper, which calls itself ‘the most widely read newspaper’ in the country, on 3/8/2025 reported the President as saying that, “2025 revenue target met, no more borrowing’. But two days later, on 5/8/2025, the same newspaper (Punch) reported that ‘FG seeks fresh $1.75bn World Bank loan’, which is the third in as many months this year, sparking the spat between the 59-year old Speaker Tajudeen Abbas and the 69-year old Minister of Finance, Edun Wale.
IN an apparent answer to the Finance minister’s false claims, the Speaker spoke boldly without mincing words saying that the debt situation of the country is disturbing.
HE made his statement during the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja Monday before the last, describing the debt situation as alarming and verging on a crisis level.
“N149.39 trillion (about $97 billion)”, according to him, is way too high for comfort, and “This is no longer just a budgetary issue but a structural crisis” for which “We must strengthen oversight, embrace transparency, and ensure that every loan taken delivers tangible benefits to citizens.”
THE Speaker BOLDLY asserted that “Borrowing should be tied strictly to infrastructure, education, healthcare, and industries that create jobs,” stressing that “Reckless loans that fuel consumption or corruption must be exposed and rejected. Oversight is about lives and futures, not just figures.”
AND it was time someone told President Tinubu that enough is enough as far as loans are concerned. That, not only the present, but generations yet unborn, are already weighed down by debt, on account of the continued loans the current regime is taking from the Brenton Woods financial institutions of the US, among many other financial institutions in other countries.
THAT courageous and timely intervention by the Speaker of the Parliament, will save the National Assembly (NASS) from the unflattering prefix of ‘RUBBER STAMP’ that is usually used before the name ‘NASS’.
IT is a courageous thing to do at this time when, as I once stated, “SYCOPHANCY and living in the denial of the TRUTH, are the SURVIVAL tricks of the present CORRUPT and CLUELESS regime, which only lives on PROPAGANDA to ‘SHOWCASE’ its MINUS+ ACHIEVEMENTS since coming to power a little over two years ago (May 29, 2023).” To do otherwise is to invite the anger of the regime, during which it can do anything IRRATIONAL to the ‘no-sayer’.
TOGETHER with TWO others (described by some witty Nigerian as the THREE MUSKETEERS) Edun, gives the president advice on financial matters. And since the advice always appears to lead to the reverse progress of the country, the reader’s guess is as good as mine as to the whereabouts of the substantial part of what is borrowed. To all intents and purposes, it ends up in private accounts for self enrichment, NOT for the development of the nation.
THE two others are the CBN Governor, Mr. Olayemi Cardoso and the Executive Chairman, of the Federal Inland Revenue Services (FIRS), Dr. Zaccheus Adedeji.
AS a Finance Minister, Wale Edun is a TOTAL DISASTER whose tenure witness the COLLAPSE of the Nigerian Economy in all its ramifications. It is under his advice and watch that the PETROLEUM SUBSIDY was removed, as a result of which the country’s economy went into a free fall ever since. What is more, the proceeds of the money supposedly made disappeared to only God knows where.
I once had the DISPLEASURE of referring to the minister of Finance as an ‘Irredeemable Apologist’ in an article of the same name, which was written on 2-11-2024.
IN it, I quoted a woman who claimed to be the biological daughter of the president, Mrs. Adetoun Tinubu. She said that her father meant well for the country, but that the problem was that some of his close aides did not share the same vision with him.
ACCORDING to her, some of the aides appointed by her father are there only to make money for themselves, but not work for the country and its citizens, and that their priority is to enrich themselves by all means.
ALTHOUGH Adetoun Tinubu did not mention his name, those she cited as examples, work directly under his jurisdiction. The two she mentioned were the head the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso and the Economic Financial Crime Commission (EFCC), Pastor Mr. Olanipekun Olukayode. The two institutions generate and manage a large amount of money for the government of the country.
SHE alleged that the two men had been busy enriching themselves, instead of assisting the president to realise his dream of turning the economy of the country around, to be not only number one in Africa, but also to compete favourably with some of the best in the world.
THE Minister of Finance, under whose watch the severe economic climate in the country became increasingly unbearable, appeared to have been one of those who speaks to attract and impress his employer.
HE claimed in a trending video clip that all the hardships being faced by the citizens of the country were caused by past administrations, who failed to implement the economic reforms that were needed to straighten up the economy of the country.
MR. Wale Edun forgot that the hardship brought on the country was caused by their team of incompetent and clueless ‘experts’, which advises the president on economic matters in the country.
THE Finance minister keeps on shouting that the present regime has ‘saved $20 billion, but the regime keeps on borrowing from the World Bank and the International Monetary Fund (IMF), without telling the citizens of the country what was done with that money to warrant borrowing more.
THE misguided economic reforms, being carried out by the regime, are against the advice of well meaning people belonging to all the tribes in the country.
MAY God never allow the progression of President Tinubu to a second term in 2027. Nigerians, both at home and in the diaspora, do not want an ENCORE of the over bearing poverty, hunger and insecurity that were the only ‘achievements’ recorded during his first term of four years as the number one citizen in their country.
Malumfashi wrote from Katsina.