₦12.6 Trillion On Debt Servicing: What Could Nigeria Have Achieved Instead?
By Abdullahi Ghali Basaf
The administration of Bola Ahmed Tinubu has reportedly spent about ₦12.6 trillion on debt servicing in nine months, yet the government continues to seek additional loans. This development has raised serious concerns among Nigerians regarding the country’s economic direction, fiscal discipline, and overall priorities.
Many citizens are asking a simple but important question: if such an enormous amount of money can be spent merely on servicing debts, what tangible impact has it made on the lives of ordinary Nigerians?
To fully understand the magnitude of ₦12.6 trillion, it is important to break the figure down into practical terms.
If ₦12 trillion were divided among Nigeria’s estimated population of 200 million people, each Nigerian would theoretically receive about ₦60,000.
Beyond direct distribution, ₦12.6 trillion could have been invested in critical infrastructure projects capable of transforming communities across the country.
For instance, Nigeria could construct between 480,000 and 1.5 million solar-powered boreholes, depending on the specifications and cost per unit. If strategically distributed across political wards nationwide, millions of Nigerians suffering from water scarcity would gain access to clean and sustainable drinking water.
Similarly, with ₦12.6 trillion, the country could install approximately 252,000 to 1.26 million electricity transformers, depending on capacity and market prices. Such an investment could significantly improve electricity supply, support small businesses, and reduce the persistent power challenges facing households and industries.
In the education sector, the same amount could construct between 105,000 and 315,000 blocks of classrooms, depending on the quality and design standards. This would drastically reduce overcrowding in public schools and create a more conducive learning environment for millions of students.
At a time when millions of Nigerians are battling poverty, unemployment, insecurity, poor healthcare, inadequate electricity supply, and lack of access to clean water, many believe that spending trillions of naira on debt servicing without visible improvements in living conditions is difficult to justify.
Nigeria is richly blessed with enormous human and natural resources. With prudent management, transparency, and proper prioritization, ₦12.6 trillion could address numerous national challenges and directly improve the lives of ordinary citizens.
The central question many Nigerians continue to ask is this: should national resources be used primarily to service debts, or should they be invested in projects that visibly benefit the people?
As the 2027 elections approach, many citizens believe it is time for Nigerians to make critical decisions about the future of the country by supporting leadership they consider competent, accountable, and committed to improving the welfare of the people.
OK is a desirable alternative capable of delivering better governance and national development.