Former Director-General of the Federal Radio Corporation of Nigeria (FRCN), Dr. Ladan Salihu has urged the administration of President Bola Tinubu to re-strategise financially and enforce greater fiscal discipline amid Nigeria’s deepening economic challenges and rising debt profile.
Speaking during an interview with ARISE News on Tuesday, Dr. Salihu aligned with the African Democratic Congress (ADC)’s recent criticism of what it described as “fiscal vandalism” by the Tinubu-led government, following National Assembly approval of fresh loans amounting to over $21 billion.
He said, “We are in a country where citizens are groaning under the yoke of intense economic hardship, 133 million Nigerians are living under what you call multidimensional poverty. And yet, what we have is a reckless attitude to borrowing.”
According to Salihu, the scale and frequency of external and domestic borrowing under the current administration are not aligned with the actual needs of Nigerians. He argued that the government must rethink its financial priorities.
“From 2015 to 2023, Nigeria’s debt was about ₦138 trillion. Now, within a year under this government, we are talking about almost $98 billion. What are the priorities that we have on the table today? Is it infrastructure? Is it education? Is it youth unemployment? Then you prioritize.” he stated emphatically.
He further noted that excessive borrowing has become the government’s default response, even to issues that could be handled through disciplined fiscal planning.
“We’re operating three budgets in one year. We have not concluded the 2024 budget. We are doing 2025, and there are other adjustments.
“So you need to just re-strategise financially to address these issues.”
Dr. Salihu also criticised the scale of constituency project allocations in the National Assembly. “Some say two billion naira per member of the House of Reps, and maybe three billion or more to Senators. Projects that are not necessarily white elephants, but they do not add up to national development,” he said.
He expressed concern that these funds are being channeled more toward satisfying political elites than addressing national priorities. “These projects are meant to satisfy the whims and caprices of the powers that be, and to create wealth for the ruling class. That’s the problem.”
Commenting on Nigeria’s electricity crisis and pending payments to generation companies (GenCos), Salihu questioned why such debt obligations should require more loans. “If one is a lot more disciplined and strategic in financial management, you don’t need to borrow the kind of money we’re borrowing to address issues like GenCos.”
While acknowledging that borrowing may sometimes be necessary, he stressed the need for accountability and transparency.
“Once Nigerians are convinced that this borrowing is being done in the public and in the national interest, we don’t have a problem with that,” he said. “What we have issues with is when seemingly underhand tactics are being employed or when there’s not enough information to carry Nigerians along.”
Dr. Salihu urged the Tinubu administration to reflect on its financial decisions. “The figures we are spending do not add up. There has to be transparency, there has to be altruism, and there has to be financial discipline.”
Oyaniyi Boluwatife
Follow us on:
