By Sar Terver
When President Bola Ahmed Tinubu ordered the removal of petrol subsidy, many Nigerians accepted the accompanying hardship, believing that the pain was a necessary sacrifice for a better future.
They were told that savings from the subsidy removal would be used to build roads, improve schools and hospitals, stabilize the economy, and reduce the Country’s dependence on foreign borrowing.
Two years later, however, Nigerians are still waiting for that promised relief, and the government’s fresh request for a $2.3 billion foreign loan has rekindled public frustration.
The new loan, according to the president’s letter to the National Assembly, is meant to fund part of the 2025 budget deficit and refinance maturing debts.
About half of the sum will come from international capital markets, while another $500 million will be raised through a sovereign Sukuk bond.
The government argues that the move is necessary to support ongoing projects and sustain economic reforms initiated after the removal of the subsidy.
But across the country, many are not convinced. In Makurdi, a professional accountant, Mr. Akaha Sule, voiced what has become a growing sentiment among Nigerians. “I don’t support the plan at all. They made us believe that subsidy removal is the magic wand we needed in this “Country.
“Why should we continue borrowing after outright removal of subsidy? President Tinubu needs to tell us what is happening”, he said.
His frustration mirrors that of millions struggling to survive rising inflation, costly transport fares, and soaring prices of other commodities.
On social media, where the hashtag #TinubuLoan# has been trending, Nigerians have poured out their anger and disbelief.
A user, @NaijaEconomist, wrote: “Subsidy removed. Dollar flying. Borrowing continues. So what exactly was the point?” Another commented, “Another loan without seeing any result from the previous one.”
Economic experts have also raised questions about the wisdom and timing of the proposed loan. Dr. Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, noted that the loan must align with a clear expenditure plan that delivers measurable results.
“Borrowing without productivity is just postponing the problem,” he said.
Dr. Paul Alaje, a senior economist at SPM Professionals, emphasized that the funds must be channelled into infrastructure rather than recurrent expenses.
“If the money will go into salaries or running government offices, then it is a loss already,” he warned.
Public finance analyst Clifford Egbomeade also cautioned that excessive borrowing could lead to a rise in debt servicing costs, which already consume a significant part of Nigeria’s revenue.
On Facebook, Jackson Omolews mocked the administration’s approach, writing: “Whenever I see Tinubu, I just laugh. We thought he was the solution, not knowing he was the disaster.”
He alleged that the government was currently securing several new loans — including $2.3 billion from the World Bank for budget support, $2 billion from China Exim Bank for electricity upgrades, $500 million from the African Development Bank, a ₦4 trillion bond to offset pension arrears, and a $500 million Sukuk bond — bringing total borrowings to about ₦12 trillion within a few weeks
For others, such figures raise questions about Nigeria’s fiscal direction. “Are we growing or sinking?” asked Williams Rotimi, echoing the worries of many citizens who fear the nation could be sliding deeper into debt.
But some Nigerians defended the government’s decisions. In response to the online criticism, Samson Denis countered that borrowing remained a legitimate tool for national growth, saying:
“Your view here shows you don’t understand what it means to build a nation. Maybe you can tell me the country you know that doesn’t borrow money for development.”
Civil society groups and business leaders have equally voiced concern. The Lagos Chamber of Commerce and Industry warned that the country’s debt profile is rising faster than its economic growth, making it harder for government to spend on infrastructure and social services. They insist that without transparency and prudent management, fresh loans will only deepen the economic crisis.
Beyond the economic jargon, ordinary citizens are simply tired of promises. In Lafia, a trader Rahmat Abdullahi wondered why her life keeps getting tougher despite all the reforms. “If the subsidy money is really being saved, we should see it in our daily lives—not just hear it on television,” she said.
In Abuja, a youth activist, Justine Eze, expressed similar despair. “We are tired of hearing about loans and reforms.
“Every year, they borrow billions, but our roads are still bad, power is still poor, and schools are still struggling. When will we see change?”
The government however insists that the loans are necessary to drive growth, arguing that infrastructure cannot be developed without capital investment.
Supporters of the policy point out that many countries borrow to build, and that Nigeria’s problem is not borrowing itself, but how borrowed funds are managed.
If the new loan is used efficiently on power, roads, agriculture, and education, it could stimulate the economy, create jobs, and bring long-term benefits.
But if it ends up funding consumption, or disappears into corruption and bureaucracy, the outcome will be more hardship and disappointment.
At the heart of the debate is a question every Nigerian now asks in frustration: when will things actually get better? Experts believe that the effects of current policies might not be felt for another one or two years, depending on how well government manages the reforms.
Until then, Nigerians continue to face one of the most difficult cost-of-living crises in recent memory, caught between rising debts and shrinking hope.
As the federal government seeks approval to borrow more funds, state governors are following the same steps at the state levels. The governor of Benue State, Rev. Fr Hyacinth Alia, on Friday, October 10, 2025, got the nodding of the State House of assembly to borrow N100 billion for infrastructural projects.
This, also received negative reactions from the Peoples Democratic Party (PDP), the major opposition political party in the state.
If the government truly wants to restore public confidence, it must begin to show tangible progress, not in figures or reports, but in visible improvements in people’s lives. Otherwise, the cycle of borrowing without benefit will remain a painful reminder that for many Nigerians, the promised better days are still a distant dream.
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