Nigeria, Aug. 23 -- The Federal Government has once again secured another foreign loan-this time, $238 million from the Japan International Cooperation Agency (JICA)-to strengthen the national power grid. While the intention may sound noble, it adds to an already alarming trend of relentless borrowing under President Bola Ahmed Tinubu's administration.



Since taking office in May 2023, Tinubu's government has leaned heavily on loans and credit facilities to fund projects and stabilize the economy. From World Bank budget support loans, IMF credit lines, Afreximbank facilities, and now bilateral deals such as the JICA loan, Nigeria seems to be running on borrowed lifelines. According to the Debt Management Office, Nigeria's public debt h...