{"id":16121,"date":"2026-10-09T07:50:37","date_gmt":"2026-10-09T07:50:37","guid":{"rendered":"https:\/\/nigeriastandardnewspaper.com\/a\/?p=16121"},"modified":"2026-10-09T07:50:37","modified_gmt":"2026-10-09T07:50:37","slug":"nigeria-presidency-insatiable-loans-acqusition-humongous-debts-into-slave-trade-by-the-editorial-board-naija-standard-newspaper-inc-usa","status":"publish","type":"post","link":"https:\/\/nigeriastandardnewspaper.com\/a\/nigeria-presidency-insatiable-loans-acqusition-humongous-debts-into-slave-trade-by-the-editorial-board-naija-standard-newspaper-inc-usa\/","title":{"rendered":"NIGERIA PRESIDENCY INSATIABLE LOANS\u2019 ACQUSITION, HUMONGOUS DEBTS INTO SLAVE TRADE *By The Editorial Board, Naija Standard Newspaper Inc USA"},"content":{"rendered":"

NIGERIA is Africa\u2019s most populous black nation in the entire world, blessed with both human, material and mineral resources. Yet, amid plenty, only few are rich, most Nigerians live in penury. Latest reports indicate 63% of Nigerians (about 140 million people) live below the poverty line under Asiwaju Bola Ahmed Tinubu, president of the country with the World Bank reporting that roughly 79% (about 139 million people) face poverty or vulnerability to it.<\/strong><\/span><\/p>\n

While millions struggle with high food inflation and weak real wages, a tiny fraction of the population holds disproportionate wealth. Data from organizations like Oxfam International highlights that just a handful of the country’s wealthiest individuals hold billions in combined assets, reflecting a severe wealth divide.<\/strong><\/span><\/p>\n

The World Bank’s Country Partnership Framework indicates that 63% of Nigerians live below the poverty line, 33% are classified as ultra-poor (unable to meet minimum food needs), and 79% overall are poor or vulnerable.<\/strong><\/span><\/p>\n

A research study by Agora Policy (supported by NEST and the UK’s FCDO) found that the national poverty headcount rose from 49.8% prior to the reforms to roughly 63.3% following the removal of petrol subsidies and electricity tariff adjustments.<\/strong><\/span><\/p>\n

Only recently, the Presidency and Special Adviser Daniel Bwala acknowledged that economic reforms (such as subsidy removal and foreign exchange unification) have temporarily pushed more Nigerians into poverty, while maintaining that the policies are necessary for long-term macroeconomic stability.<\/strong><\/span><\/p>\n

Sadly, the present administration entirely live on loans and borrowing from the World Bank and the International Monetary Fund (IMF), global bodies discovered to have become \u2018twin enemies of Nigeria\u2019s progress\u2019, since it gladdens them at anytime to lure countries into debts, and hold overwhelming pressures around their heads, thereby placing unsolicited burden on generations of Nigerians to continue to service their payments. \u00a0<\/strong><\/span><\/p>\n

In April 2014, long after President Olusegun Obasanjo and former Vice President, Atiku Abubakar left office, under President Jonathan’s administration following a Gross Domestic Product (GDP) rebasing exercise by the National Bureau of Statistics that updated the country’s baseline economic data to include previously unmeasured sectors like telecommunications, Nollywood, and retail, Nigeria made history when it became Africa\u2019s largest economy.<\/strong><\/span><\/p>\n

Nigeria’s Total Public Debt as at June 30, 2023<\/a><\/p>\n

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The Rebasing in 2014: In the same month, that year, Nigeria rebased its GDP for the first time in 24 years, updating its base year to 2010 to reflect changes in the structure of the economy (such as the rise of telecommunications, Nollywood, services, and manufacturing).<\/strong><\/span><\/p>\n

Overtaking South Africa:<\/span> The recalculation then increased Nigeria’s estimated GDP by nearly 89% to over $500 billion (peaking around $510 to $574 billion depending on the exact metric and year), allowing Nigeria to surpass South Africa as the largest economy on the continent.<\/span><\/strong><\/p>\n

Global Ranking: Following this adjustment, Nigeria was also recognized as one of the top 30 largest economies in the world.<\/span><\/span><\/strong><\/p>\n

But under President Bola Ahmed Tinubu government since May 29, 2023, till date, Nigeria is ranked as Africa’s 8th most investable economy in the 2026 Bloomberg Economics Investment Risk-O-Meter and ranks 55th globally in economic performance according to the 2026 IMD World Competitiveness Ranking.<\/strong><\/span><\/p>\n

*Africa Position:<\/strong><\/span><\/p>\n