The bizarre, desultory, shameless and nonsensical call by President Bola Tinubu admonishing world leaders at the ongoing UN General Assembly (UNGA) to prioritize debt relief for Nigeria and other developing countries from creditors and multilateral financial institutions was pathetic, disgraceful and devoid of any perfunctory exaggeration. The stupidity of the odious plea is simply mind-boggling and inexcusable as it reinforces Nigeria’s image as an international beggar and the world’s capital of poverty. By this singular act of diplomatic brigandage, dancing in mockery on the global stage, Nigeria advertised itself as a hapless and helpless victim of international economic forces. This is an unbelievable shame and Nigerians deserve a full explanation for this international embarrassment. Tinubu’s plea for debt forgiveness at the UNGA is not just a cry for help; it is a reflection of a deeper malaise that has plagued the nation for decades. Until Nigeria addresses the mismanagement, graft and pig-headed economic policies that have caused its debt crisis, any relief granted will be nothing more than a band-aid on a festering wound. It is time for Tinubu to stop begging and start governing.

 

Tinubu also charged world leaders to recommit themselves to multilateralism in line with the principles of inclusivity, equality and cooperation. He said this was the surest guarantee of global action against existential challenges faced by the international community. He also called for the recovery of the proceeds of corruption and illicit financial flows, maintaining that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption.” Represented by Vice President Kashim Shettima, Tinubu, who currently chairs the Economic Community of West African States (ECOWAS), made the calls while addressing world leaders during general debate at the UNGA in New York. 

 

In point of fact though, there is nothing wrong with seeking forgiveness, be it on moral or financial grounds. But there is everything wrong with being a habitual fiscal reprobate or a prodigal profligate and repeat offender. Tinubu’s request is a joke and an insult on world leaders and it is up to them to either laugh at the joke or become the joke themselves. Consider this: A man borrows money from his village meeting claiming he wants to pay his children’s school fees. Then, he instead marries a new wife, takes a chieftaincy title, throws a lavish party to celebrate his new status, and worst still, never spends a dime for the purpose the money was borrowed. All these, in the same community that lent him money. And when time came to repay the loan, he seeks forgiveness. As a member of this community, will you grant his request? 

 

This is not the first time Nigeria has begged for debt forgiveness, and history shows that such gestures, however noble in intent, have resulted in nothing but deepening cycles of corruption and impoverishment. The familiar refrain of debt relief is a well-worn script which corrupt and despotic African rulers have used to under-write odious debt – national debt incurred by a despotic regime that does not benefit the populace and is often used to oppress them. When corrupt leaders like Tinubu seek debt relief, it is crucial to recognize that the borrowed funds were likely misappropriated for personal gain or to maintain their grip on power, rather than for the development and welfare of the country. Granting debt relief in such cases would effectively absolve the corrupt regime of its financial misdeeds, allowing them to evade accountability for their actions. 

 

Moreover, debt relief in such contexts often fails to address the root causes of the debt crisis. Corruption and mismanagement are systemic issues that require comprehensive reforms, not just financial bailouts. Without addressing these underlying problems, any relief provided is likely to be squandered, perpetuating a cycle of dependency and financial instability. Additionally, the ethical implications of granting debt relief to corrupt African nations effectively transfers the burden of repayment from the corrupt regime to the international community and, ultimately, to the taxpayers of creditor nations. This is inherently unfair, as it penalizes those who had no part in the corrupt practices that led to the debt accumulation. It also diverts resources that could be used to support anti-corruption measures, strengthening institutions, and promoting transparency and good governance.

 

Lamenting the crushing burden of external debt and appeals for leniency from global creditors, might seem like a valid demand, given the genuine economic challenges faced by many African countries, but Nigeria’s repeated calls for it are an insult to the collective memory of squandered opportunities. Nigeria is no stranger to debt relief. In 2005, the country secured one of the largest debt relief deals in Africa’s history when the Paris Club of creditors canceled $18 billion of Nigeria’s debt. The government, led by President Olusegun Obasanjo, hailed this as a triumph, promising that the freed-up funds would be channeled into poverty reduction, infrastructure development, and economic growth. Nigerians were told that this would provide a new beginning, a chance to break free from the shackles of economic dependency. But what did Nigerians get instead?

 

What followed was a tragic-comic display of financial mismanagement and outright theft. Corruption became the order of the day, as public officials siphoned off funds intended for development into their private accounts. Transparency International and other anti-graft watchdogs have consistently ranked Nigeria among the world’s most corrupt nations, underscoring the extent of this systemic rot. Former governors, ministers, and top bureaucrats became infamous for their ill-gotten wealth, flaunting their luxurious lifestyles both at home and abroad, while the average Nigerian continued to languish in poverty. The grand promises made at the time of debt relief never materialized. Instead, the funds were either looted outright or wasted on ill-conceived projects that did little or nothing to improve the lives of ordinary Nigerians.

 

Nigeria’s failed debt relief experiments cannot be extricated from the entrenched network of corrupt African leaders and their cronies. These individuals have turned corruption into an art of statecraft, mastering the dark alleys of graft, misappropriation, and illicit financial transfers. Take the case of former Nigerian military dictator Sani Abacha, who plundered billions of dollars from the national treasury, stashing it in foreign bank accounts. Decades later, the Nigerian government is still negotiating with foreign governments for the repatriation of these stolen funds. And yet, the recovered assets, when returned, are often mismanaged or stolen all over again, continuing a vicious cycle of abuse.

 

Moreover, it’s not just individuals but entire institutions that are complicit in this grand theft. From the central bank to the ministries in charge of public spending, the looting is orchestrated at the highest levels of government, with public officials turning a blind eye or actively participating in the schemes. Cronyism has reached endemic levels, where contracts for government projects funded by international aid and debt relief are awarded not based on merit or need, but on the personal connections and political loyalty of the bidders. The result is shoddy infrastructure, incomplete projects, and the outright abandonment of initiatives that were supposed to benefit the people.

 

At the heart of Nigeria’s plea for debt relief is a troubling culture of dependency and entitlement. Rather than tackling the structural problems that lead to unsustainable borrowing, such as poor fiscal management, a bloated and inefficient public sector, and a refusal to diversify the economy, Nigerian leaders would rather go cap-in-hand to the international community, begging for forgiveness. This is not just financially irresponsible; it is morally reprehensible. How can Nigeria, with its vast wealth of natural resources, stand before the world and beg for debt relief when billions of dollars in oil revenue vanish into the pockets of the elite every year? How can a country with one of the largest economies in Africa justify its failure to invest in its people, in education, healthcare, and infrastructure, while its leaders purchase properties in London, Paris, and Dubai? The hypocrisy is staggering, and the international community must not be fooled by the sob stories presented at the UNGA.

 

Nigeria’s debt woes are not the fault of external creditors or global financial institutions; they are the result of deliberate choices made by Nigerian leaders. These leaders have prioritized their personal enrichment over national development, leaving the country in a perpetual state of underdevelopment and poverty. If Nigeria is serious about addressing its debt problem, it needs to start by cleaning house, by holding corrupt officials accountable and ensuring that public funds are used for the public good.

It is the ordinary Nigerian who suffers the most from this cycle of debt and corruption. While the political elite live in luxury, the majority of Nigerians struggle with poor infrastructure, inadequate healthcare, and limited access to quality education. The country’s roads are death traps, its hospitals lack basic equipment, and its schools are crumbling. The promises made at the time of the 2005 debt relief have been broken, and the situation has only worsened since.

 

Nigeria’s external debt has ballooned again, with the country owing over $41 billion as of 2023. This is despite the fact that the country has earned hundreds of billions of dollars in oil revenue during this period. The reason for this is simple: the money that should have been used to develop the country has been stolen, and now Nigeria is back at square one, begging for relief from its self-inflicted wounds. The time has come for Nigeria to face the truth. Debt relief will not save the country; only good governance, fiscal discipline, and a genuine commitment to fighting corruption can do that. The global community must stop enabling this culture of impunity by granting debt relief without demanding real reforms in return. Nigeria must show it is capable of managing its own resources responsibly before it can ask the world for another bailout. At the same time, Nigerians must demand more from their leaders. The root of the problem lies within, and it is only through sustained pressure on the government for transparency, accountability, and reform that Nigeria can break free from this vicious cycle.