Renowned constitutional lawyer and human rights advocate, Professor Mike Ozekhome, has issued a grave warning about Nigeria’s ballooning debt crisis, calling it a ticking time bomb that threatens future generations and the country’s sovereignty.
Speaking during a live interview on Channels Television, Ozekhome lamented what he described as reckless borrowing by successive governments without corresponding development or accountability. “We’re borrowing over ₦150 trillion; when will we repay it? We’re mortgaging our future,” he declared, his voice charged with concern.
According to the senior advocate, Nigeria’s debt accumulation has reached a dangerous threshold, with little to show in terms of infrastructure, industrial growth, or job creation. He questioned the sustainability of a system where debt servicing consumes the bulk of national revenue, leaving critical sectors like education, healthcare, and security severely underfunded.
“Every child born in Nigeria today already carries a debt burden,” Ozekhome said. “We are spending more on interest payments than on capital projects. That’s not governance — that’s economic suicide.”
He accused the government of using borrowing to cover up incompetence and mismanagement, rather than making hard choices to stimulate the economy through productivity, accountability, and reform.
Ozekhome also warned that the growing debt dependency could eventually compromise Nigeria’s sovereignty, as foreign lenders may demand political or economic concessions in exchange for leniency on repayments.
“This is not just an economic issue; it’s a national security issue,” he stated. “One day, we may find that our ports, oil blocks, or national assets are collateralized and no longer fully ours.”
He called on the National Assembly to rise above party lines and demand transparency and accountability on all loans, both domestic and foreign. “Nigerians deserve to know: What are we borrowing for? Who is benefiting? Where is the impact?”
Ozekhome also appealed to civil society, the media, and the general public to remain vigilant and vocal on issues of national debt and economic policy. He emphasized that silence now could result in irreversible damage in the near future.
His comments have reignited public debate on the country’s fiscal health, with many economists echoing his concerns and urging the government to shift focus from borrowing to long-term economic diversification and internal revenue generation.
As the country continues to grapple with inflation, unemployment, and a weakening currency, Ozekhome’s words strike a resonant chord: “We cannot keep selling tomorrow to survive today.
Find Verified News At Your fingertips Click The Button Below
