Please, read this to the end.In less than 1 hour after Tinubu was sworn in as the President of Nigeria in 2023, he removed fuel subsidy.The main argument given for the removal of subsidy was that government would save money, increase its revenue and have more resources available to fund the country instead of depending heavily on borrowing.But look at what happened afterwards.On the 9th of June, 2023, Tinubu’s government took a loan of $750 million from the World Bank. On the 22nd of June, 2023, Tinubu’s government secured another $500 million from the World Bank. Between July and December 2023, the Federal Government raised about ₦3.66 trillion in new domestic borrowing after Tinubu assumed office.In the first quarter of 2024, the Federal Government raised another ₦2.81 trillion in new domestic borrowing.On the 13th of June, 2024, Tinubu’s government took a loan of $2.25 billion from World Bank. This consisted of $1.5 billion under the RESET programme and $750 million under the ARMOR programme.On the 31st of July, 2024, the African Development Bank approved a $500 million loan for Nigeria. On the 6th of September, 2024, the Federal Government raised $500 million through its Domestic FGN US Dollar Bond.On the 26th of September, 2024, the World Bank approved another $1.57 billion loan.On the 2nd of December, 2024, Tinubu borrowed another $2.2 billion through Eurobonds.
On the 13th of December, 2024, the World Bank approved another $500 million loan. On the 31st of March, 2025, the World Bank approved another $1.08 billion loan.On the 7th of August, 2025, the World Bank approved another $300 million for Nigeria under the SOLID project.On the 7th of October, 2025, the World Bank approved another $750 million loan. On the 5th of November, 2025, FG raised another $2.35 billion through Eurobonds. On the 26th of November, 2025, the African Development Bank approved another $500 million loan for Nigeria.On the 19th of December, 2025, the World Bank approved $500 million financing package for Nigeria.In 2025, the Federal Government also raised ₦47.355 billion through its Sovereign Green Bond. On the 30th of March, 2026, the World Bank approved another $500 million loan. On the 10th of April, 2026, the African Development Bank approved another $200 million loan for Nigeria’s digital infrastructure project.By August 2026, reported domestic borrowing for the year had risen to about ₦24.7 trillion.And on the 29th of June, 2026, another $1.25 billion in World Bank financing loan was approved. So, let’s pause here.This is happening after the removal of fuel subsidy, when Nigerians were told that subsidy was draining the country and that removing it would free up resources for government.And yet, borrowing has continued.No President in the history of Nigeria has borrowed as much as Tinubu. But it is still same him that removed fuel subsidy the moment he was sworn in so that he would not have to borrow.
The Debt Management Office reported that Nigeria’s total public debt stood at ₦159.28 trillion as of December 31, 2025. If subsidy was removed to free up government resources, why has Nigeria continued to borrow at this scale?And what exactly are Nigerians getting in return for all this borrowing?At this rate, the debt burden being accumulated today will become the responsibility of future administrations and future generations of Nigerians.The subsidy is gone. But the borrowing did not stop. Where did all the money saved from subsidy removal go? If Tinubu should return to office, we will pay tax through our nose and he would probably sell off Nigeria to get loan. Nigerians, make una wake up!
Joseph Akwagiobe is a media contributor from Cross River State, Nigeria, currently based in Abuja. He is a graduate of Microbiology and has earned several professional certifications across diverse fields, reflecting his commitment to continuous learning, professional growth, and excellence.