…Urges Caution on Borrowing

Abuja — Hon. Chinedu Nsofor, popularly known as Kpakpando Ndigbo and a former Anambra South Senatorial aspirant, has congratulated President Bola Ahmed Tinubu for what he described as an “uncommon feat” in the nation’s financial management.

Nsofor, in a statement, said the early achievement of Nigeria’s 2025 revenue target in August marked a rare milestone in the country’s fiscal history. He also commended the administration’s decision to halt borrowing from local banks, describing it as a bold step toward a more self-reliant economy.

“This accomplishment deserves to be celebrated as it reflects progress in government revenue mobilization and discipline,” he noted.

However, Nsofor cautioned that serious challenges remain, particularly in the areas of corruption, wasteful expenditures, and reliance on foreign loans. He expressed concern over the approval of over $21 billion in external borrowing for the 2025–2026 fiscal cycle, at a time when Nigeria’s national debt has already surpassed N149 trillion in the first quarter of the year.

“While reducing local borrowing is commendable, Nigeria cannot continue to mortgage her future by relying on external debt to fund recurrent spending,” he said.

The former senatorial aspirant urged the Tinubu administration to prioritize reducing the cost of governance, cutting inflated contracts, and channeling revenue gains into productive sectors. He specifically called for a massive agricultural revolution, noting that the billions saved from subsidy removal and increased revenue generation should be invested in food production, processing, storage, and mechanization.

“Nigerians in the villages and urban slums should feel the impact, not just through macroeconomic figures but through affordable food, jobs, and better living conditions,” he emphasized.

Concluding, Nsofor maintained that while the nation’s fiscal milestone is worth celebrating, “the war against corruption, wastage, and excessive borrowing must be fought decisively. Only then will these achievements translate into real and lasting progress for Nigeria.”