Video: Rufai Oseni Laments Nigeria’s Rising Debt Burden

Popular television host Rufai Oseni became emotional on Friday as he spoke about the condition of Nigeria’s economy, expressing deep concern over the country’s growing dependence on borrowing. During the Arise TV Morning Show, he reflected on Nigeria’s financial history and questioned how the nation moved from supporting global institutions to becoming a regular borrower. His comments have renewed public discussion about Nigeria’s rising debt and the country’s economic direction.

Speaking on the programme, Rufai Oseni said he felt overwhelmed after looking back at Nigeria’s past financial achievements. He explained that the country once had enough economic strength to provide financial support to international organisations, a sharp contrast to the present situation.

He said, “I cried for Nigeria this morning. Let me read something to you and show why I sometimes raise my voice about this country.

“On December 24, 1974, Nigeria signed a long-term borrowing agreement with the World Bank. Under that agreement, Nigeria provided $240 million in net resources to the World Bank Reserve.

“We were lending money to the World Bank to support development in other countries. We also lent $120 million to the International Monetary Fund, IMF. What happened to this country?”

His remarks come at a time when Nigeria’s economy continues to face pressure from a growing debt profile. The Federal Government has attracted criticism over continued borrowing, with many Nigerians raising concerns about the long-term impact on economic growth and financial stability. As debate continues, Nigeria’s rising debt remains a key issue for policymakers, economists and citizens alike.

What steps do you think Nigeria should take to reduce its dependence on borrowing and strengthen the economy?