So documents now reveal that the $750 million World Bank loan under President Tinubu came with conditions: new taxes on alcohol, telecoms, betting, vehicles, and others.
This is how governance is becoming in Nigeria, borrow first, ask citizens to pay later.
No one disputes that government needs revenue. But there is a pattern here that Nigerians are tired of. Every loan, every “reform,” every policy ends the same way, the burden lands on the ordinary person.
Telecoms? That means higher data and call costs for students, traders, and remote workers.
Vehicles? That means higher transport fare and cost of goods.
Betting and alcohol? Sin taxes always sound easy until they push businesses underground and kill jobs.
The bigger question is about transparency. Why are Nigerians only hearing about these conditions after the fact? Why must a World Bank loan dictate our tax policy? Where is the public debate before we sign away more of our earning power?
We were told reforms were to “ease hardship.” Instead, hardship is being institutionalized with inflation still above 30%. Subsidy removed. Naira floated. Electricity tariff up. Now new taxes on daily essentials.
Borrowing is not evil. But borrowing without a clear plan to grow the economy, cut waste, and block leakages is just mortgaging the future.
If this $750 million is truly for development, Nigerians deserve to see the projects, the timelines, and the impact. Not just the tax receipts.
Leadership is not about imposing pain and calling it sacrifice. It is about making choices that protect the most vulnerable while building for tomorrow.
Right now, it feels like we are paying for loans we didn’t negotiate, to fund projects we can’t see, with taxes we can’t afford.
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