Dele Momodu Criticizes Government’s Rising Debt, Says Tinubu Administration Has Borrowed More Than All Previous Governments Combined

In a recent statement, renowned Nigerian journalist and public figure, Dele Momodu, sharply criticized the government’s growing reliance on loans to fund national projects. According to Momodu, the current administration has accumulated more debt than all previous governments combined, a development that has raised alarm among economic experts and opposition leaders.

Momodu, speaking at a recent media briefing, warned that the increasing debt burden could have long-term repercussions for Nigeria’s economic stability. “The country is heading into a financial crisis if this trend continues,” he remarked, highlighting the growing disparity between national debt and economic growth.

While the government has defended the borrowing strategy, arguing that loans are essential for funding infrastructure projects and stimulating economic recovery, critics argue that excessive borrowing will further strain the country’s finances. The opposition has called for a more sustainable approach, suggesting that alternative sources of revenue and domestic resource mobilization should be explored.

Economists also caution that while debt can be useful in the short term, unchecked borrowing could lead to inflation, devaluation of the Naira, and a potential debt default in the future. As the debate continues, the government is under increasing pressure to clarify its fiscal policy and present a clear plan for managing the nation’s growing debt.