Nigeria faces an unprecedented debt crisis as President Bola Tinubu pushes for another massive borrowing binge, requesting Senate approval for a staggering $21.5 billion in new external loans alongside N758 billion in domestic bonds. This alarming development threatens to push Africa's largest economy deeper into a dangerous debt spiral that could cripple future generations.

The president's latest borrowing requests, presented to the Senate on Tuesday through letters read by Senate President Godswill Akpabio, represent a continuation of what economists are calling a reckless fiscal trajectory that has already seen Nigeria's debt burden explode under Tinubu's administration.

A Debt Explosion Under Tinubu's Watch

The scale of Nigeria's mounting debt crisis under Tinubu is nothing short of alarming. In less than two years since taking office, his administration has added a crushing N56.6 trillion to the nation's debt burden - money borrowed from the N87.379 trillion debt stock left by his predecessor, Muhammadu Buhari, to reach a staggering N144.67 trillion by December 2024.

This represents a catastrophic 48.58 percent increase in national debt within a single year, with external debt alone skyrocketing by 83.89 percent. The proposed new borrowing of $21.5 billion would add approximately N38.24 trillion more to this already unsustainable debt mountain, potentially pushing Nigeria's total public debt beyond N182.91 trillion by 2026.

The Dangerous Mathematics of Debt

The numbers paint a terrifying picture of fiscal irresponsibility. At the current exchange rate of N1,583.74 to the dollar, Nigeria's external debt has ballooned from N38.22 trillion in December 2023 to N70.29 trillion by December 2024. The new borrowing alone makes up around 60 percent of the total spending in the 2025 budget - a clear indication that Nigeria is essentially borrowing to survive rather than to grow.

Perhaps most troubling is that N14.3 trillion of the N54.2 trillion 2025 budget has been earmarked for debt servicing - meaning over a quarter of government spending will go toward servicing existing loans rather than providing essential services to citizens. This debt service allocation already exceeds capital expenditure, creating a vicious cycle where borrowing crowds out productive investment.

A Pattern of Borrowing Without Accountability

Tinubu's justification for the massive borrowing centers on addressing infrastructure deficits and economic shocks from subsidy removal. The funds, he claims, will target railways, healthcare, agriculture, education, and other critical sectors across Nigeria's 36 states. However, this reasoning rings hollow given the government's poor track record of accountability for previous borrowings.

Civil society leaders have raised damning questions about the fate of earlier loans, including a $3.4 billion IMF facility secured during the COVID-19 pandemic. "The government continues to borrow, and it cannot prove to Nigerians what they are doing with the borrowing," warned Auwal Musa Rafsanjani, Executive Director of the Civil Society Legislative Advocacy Centre.

Economic Experts Sound Alarm Bells

Leading economists across Nigeria are expressing grave concerns about the sustainability of this borrowing spree. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, warned that "debt service is already far more than the appropriation for capital spending," describing the trend as deeply worrying for Nigeria's fiscal health.

Johnson Chukwu of Cowry Assets Management Limited highlighted the critical risk that inefficient deployment of borrowed funds could transform what should be growth catalysts into economic burdens. The proposed loans could increase Nigeria's foreign debt by 50 percent, making the country even more vulnerable to exchange rate fluctuations and global economic shocks.

Vahyala Kwaga from BudgIT delivered perhaps the most sobering assessment: "Adding this new debt to our current total debt will push Nigeria to its self-imposed debt-to-GDP limit of 40 percent." This would place Nigeria dangerously close to debt distress levels that have plagued other developing nations.

A National Assembly Enabler?

The response of the National Assembly to this borrowing request will be a crucial test of institutional independence. Critics like Emmanuel Onwubiko of the Human Rights Writers Association of Nigeria have already condemned what they see as a "rubber-stamped National Assembly" that fails to provide adequate oversight of presidential borrowing requests.

Senate President Akpabio has referred both requests to the senate committee on local and foreign debts, with a two-week deadline for reporting back. However, given the historical pattern of legislative approval for executive borrowing requests, there are serious concerns about whether adequate scrutiny will be applied.

The Pension Bond Diversion

Adding to the debt concerns is Tinubu's separate request for N757.9 billion in domestic bonds to settle pension liabilities under the contributory pension scheme. While addressing pension arrears is important, using borrowed money to fulfill basic government obligations highlights the administration's cash flow problems and raises questions about fiscal priorities.

The president acknowledged that the federal government has failed to comply with the Pension Reform Act 2014 "over the years due to revenue challenges," yet the solution proposed is more borrowing rather than fundamental revenue reforms or expenditure rationalization.

A Bleak Economic Future

The trajectory Nigeria is on under Tinubu's borrowing-heavy approach threatens to mortgage the country's economic future. With external debts now comprising 48.59 percent of total public debt and the Naira's continued depreciation making dollar-denominated debt service increasingly expensive, Nigeria risks falling into a debt trap that could take decades to escape.

The lack of transparency in debt utilization, combined with the massive scale of new borrowing requests, suggests an administration more focused on short-term fixes than sustainable economic development. As debt service costs consume an ever-larger share of government revenues, less money remains available for the very infrastructure and social programs that borrowing is supposed to fund.

Nigeria's debt crisis under Tinubu represents a clear and present danger to the nation's economic sovereignty and future prosperity. Without immediate course correction and genuine accountability measures, the country risks joining the ranks of heavily indebted poor countries unable to break free from the cycle of borrowing and debt service that strangles economic growth and development.

Bauchi State Governor and chairman of the Peoples Democratic Party (PDP) Governors’ Forum, Bala Mohammed, has accused President Bola Tinubu’s administration of deliberately targeting PDP governors with acts of intimidation and political pressure.

Speaking on Tuesday at the PDP’s National Executive Committee (NEC) meeting in Abuja, Mohammed said governors elected on the party’s platform are facing unprecedented challenges under the current federal government but remain unwavering in their commitment.

“This administration is unlike any other we’ve experienced. There are numerous traps, veiled threats, and political manoeuvres aimed at destabilising us,” he said. “We are being bombarded by defection pressures and calls for coalitions, yet our members remain strong and resolute.”

The Bauchi governor acknowledged the wave of defections affecting the PDP but expressed confidence that those who have left will return, noting it wouldn’t be the first time such realignments occur in Nigerian politics.

“We believe those who left will come back. It has happened before, and it will happen again,” he said. “Despite the crises, we remain the most cohesive political party. Others have been infiltrated and fractured — some even lack unity in their national assemblies and governorship ranks.”

Mohammed emphasised the unity among PDP governors and their collective resolve to withstand marginalisation and exclusion by the federal government.

“We will not abandon the mandate given to us. The governors are united, ready to work, and willing to endure all forms of political intimidation or exclusion,” he said. “This NEC meeting, though delayed, is a triumph of democracy and commitment to good governance in the face of adversity.”

He, however, did not provide specific examples of the alleged intimidation. His remarks come amid signs of growing instability within the PDP. Delta State Governor Sheriff Oborevwori recently defected to the All Progressives Congress (APC), and Akwa Ibom Governor Umo Eno has also hinted at leaving the party. In March, President Tinubu suspended Rivers Governor Siminalayi Fubara and declared a state of emergency in the state.

Also addressing the NEC meeting, Abba Moro (senator representing Benue South) reiterated support for the party’s leadership, including the National Working Committee (NWC), NEC, and Board of Trustees (BoT), in efforts to reposition the party.

He acknowledged the string of high-profile defections to the APC but insisted the PDP remains a formidable force.

“Despite these temporary setbacks, PDP remains the biggest political brand. We are still the alternative Nigeria needs — a party capable of offering a new level of leadership,” Moro said.

Fresh waves of violence have claimed at least 49 lives in separate attacks over the past few days in Nigeria’s Benue and Plateau states, heightening concerns over the ongoing security crisis in the country’s Middle Belt.

In Benue State, at least 42 people were reportedly killed in a series of coordinated assaults over the weekend in Gwer West Local Government Area. According to the council chairman, Victor Omnin, 32 bodies were recovered from Sunday’s attacks on the Ahume and Aondona communities, while another 10 people were killed on Saturday in the villages of Tyolaha and Tse-Ubiam.

“It’s a pathetic situation. As we speak, we are still recovering corpses,” Omnin told journalists on Tuesday. He also confirmed that a Catholic priest was shot during the attacks and is currently in critical but stable condition.

Benue lies in Nigeria’s volatile Middle Belt, where conflicts between nomadic herders and sedentary farmers are common, often intensified by ethnic and religious tensions. Herders, mostly from the Fulani ethnic group, seek grazing land for their livestock, while farmers—primarily indigenous Christian communities—struggle to protect their farmlands.

Meanwhile, in Plateau State, seven more people were killed on Tuesday night during an attack on Mushere community in Bokkos Local Government Area. The violence reportedly followed Monday’s deadly incident involving a failed kidnapping attempt that resulted in the death of a pastor, as well as a separate attack on a Fulani settlement.

A local youth leader, identified simply as Dafang, said the latest attack occurred as residents gathered to bury victims of the earlier violence. “Just as they were preparing for the burial, the attackers returned and people had to flee for their lives,” he said.

Security forces were said to have been contacted and later mobilized to the area. However, the Plateau State Police Command spokesperson, Alfred Alabo, said he was yet to receive full details of the incident and promised to provide updates, though none had been issued as of press time.

These latest attacks underscore the persistent insecurity plaguing communities in Nigeria’s central region, where cycles of reprisal violence, weak security presence, and deep-rooted grievances continue to fuel bloodshed.

Palestinians rush US-backed aid centre despite concerns over checks

Thousands of Palestinians on Tuesday rushed an aid distribution site in Gaza operated by a foundation backed by the United States and Israel, with desperation for food overcoming concern about biometric and other checks Israel said it would employ.

The Gaza Humanitarian Foundation said it had distributed about 8,000 food boxes, equivalent to 462,000 meals, after an 11-week Israeli blockade of the war-devastated enclave.

In the southern city of Rafah, which is under full Israeli army control, thousands of people including women and children, some on foot or in donkey carts, flocked towards the foundation's distribution sites to receive food packages.

Videos, some of which Reuters could not immediately verify, showed lines of people walking through a wired-off corridor and into a large open field where aid was stacked. Later, images shared on social media showed large parts of the fence torn down as people jostled their way onto the site.

Israel and the GHF said that Hamas, Gaza's dominant militant group, had tried to block civilians from reaching the aid distribution centre. Hamas denied the accusation.

Later on Tuesday, the Hamas media office accused the Israeli military of killing at least three Palestinians and wounding 46 others near one of the distribution sites, while seven people remained missing. A GHF spokesperson said the information from Hamas was "totally false."

The foundation said at one point on Tuesday the number of people seeking aid was so great that its team had to pull back to allow people to "take aid safely and dissipate," and to avoid casualties. It said there were no casualties, no one opened fire and normal operations later resumed.

There has been no immediate Israeli comment on the allegation by Hamas. Earlier, the Israeli military said its troops fired warning shots in the area outside the compound and that control was re-established.

A U.N. spokesperson called images of the incident "heartbreaking."

SCREENING PROCEDURES

The foundation began aid deliveries on Monday, but Palestinians appeared to have heeded warnings, including from Hamas, about biometric screening procedures employed at the foundation's aid distribution sites.

"As much as I want to go because I am hungry and my children are hungry, I am afraid," said Abu Ahmed, 55, a father of seven. "I am so scared because they said the company belongs to Israel and is a mercenary, and also because the resistance (Hamas) said not to go," he said in a message on the chat app WhatsApp.

Israel has said its forces will not be involved in distributing aid at the GHF sites.

But the endorsement of the plan by Israel and the U.S. has led many to question the neutrality of the foundation, including its own former chief, who resigned unexpectedly on Sunday.

The Israeli military said four GHF sites have been established. One of the sites is currently distributing aid, with a second site receiving stock, GHF said.

Israeli officials said one of the advantages of the new aid system is the opportunity to screen recipients to exclude anyone found to be connected with Hamas. Israel, at war with Hamas since October 2023, accuses Hamas of stealing supplies and using them to entrench its position. Hamas denies the accusations.

Humanitarian groups briefed on the foundation's plans say anyone accessing aid will have to submit to facial recognition technology that many Palestinians fear will end up in Israeli hands to be used to track and potentially target them.

Details of how the system will operate have not been made public.

AID GROUPS BOYCOTT GHF

The United Nations and other international aid groups have boycotted the foundation, which they say undermines the principle that humanitarian aid should be distributed independently of the parties to a conflict, based on need.

"Humanitarian assistance must not be politicised or militarised," said Christian Cardon, chief spokesperson of the International Committee of the Red Cross.

U.S. State Department spokesperson Tammy Bruce dismissed criticism of the aid program as "complaints about style," telling reporters that assistance was being distributed despite Hamas' efforts to disrupt the process.

In New York, U.N. spokesperson Stephane Dujarric told reporters the U.N. and its partners have a sound plan "to get aid to a desperate population" and that Israel was still allowing it to deliver some relief, but with a lot of obstacles.

The Israeli military said in a statement that 400 humanitarian aid trucks were waiting in Gaza for distribution but that the U.N. was still refusing to "do its job."

In a statement late on Tuesday, U.S.-based World Central Kitchen said while Israel has allowed some of its trucks into the Kerem Shalom crossing with Gaza, the aid was being held at the border.

Last week, Israel eased its blockade, allowing aid trucks from international agencies into Gaza.

But the amount of aid that has entered the densely populated coastal enclave has been a fraction of the 500-600 trucks that U.N. agencies estimate are needed every day.

"Before the war, my fridge used to be full of meat, chicken, dairy, soft drinks, everything, and now I am begging for a loaf of bread," Abu Ahmed told Reuters via a chat app.

As a small aid flow has resumed, Israeli forces - now in control of large parts of Gaza - have kept up attacks on various targets around the enclave, killing 3,901 Palestinians since a two-month ceasefire collapsed in mid-March, according to the Gaza Health Ministry.

In all, more than 54,000 Palestinians have been killed in Israel's air and ground war, Gaza health authorities say. It was launched following a cross-border Hamas-led attack on October 7, 2023, that killed some 1,200 people and saw 251 taken hostage into Gaza, according to Israeli tallies.

Reuters

Ashton Jackson

Plenty of people love company-wide pizza parties and generous workplace vacation packages. Just don’t expect those kinds of perks to consistently motivate people to perform their best, says leadership and workplace researcher Zach Mercurio.

To feel like they matter at work, employees — perhaps surprisingly — prefer one factor over just about everything else, Mercurio says: a boss who’s good at making small talk. Not the superficial chatter that people use to cut awkward silences, but the meaningfully personal conversations that lead to small moments of connection, he explains.

“We’ve studied people for five years in numerous occupations, and we’ve asked them this question: When you feel that you matter, what’s happening at work?” says Mercurio. “Nobody yet has said, ‘When I got a promotion, when I got a pay raise, when I got employee of the month’ ... They’ve all talked about small interactions in which someone truly sees them, hears them, is there for them, and reminds them that they’re needed.”

Questions that show a sincere interest in the other person can help you build trust and a genuine workplace rapport, Mercurio says. This could be as simple as: “I know things are a little hectic this week. How are you holding up?” Or, “I heard your son graduated this week. Congratulations! How did you celebrate?”

Without casual opportunities for personal interaction, remote workers particularly feel increasingly disconnected and insignificant at work, Mercurio notes. The same is often true of workers in underappreciated positions like janitors, delivery drivers and public transportation operators, he adds.

“We’ve used technology to manage remote and hybrid work, so a lot of our interactions are more transactional than ever. We send updates via Slack or email,” says Mercurio. “But what can’t be an email is checking in on how you’re doing because your parents are in the hospital. [Or] resolving a conflict in their ways of working or checking in on how a project is going.”

How to be a better at small talk

If you want to avoid superficial small talk, “ask clear, open, exploratory questions,” Mercurio says. He offers these examples:

• “Hey, what has your attention today? Anything I can do to make this a better week for you?”
• “What’s the most interesting insight you heard in our team meeting?”
• “Got anything you’re working on that you need some extra help with?”

Avoid inquiries like “How are you today?”and “How was your weekend?” that can result in autopilot responses, author and keynote speaker Lorraine Lee wrote for CNBC Make It in February. Instead, try “conversational threading,” asking questions that encourage more substantial conversation, Lee wrote. For example: “What are you excited to be working on?” or “What was the highlight of your weekend?”

If you’re on the receiving end of an awkward small talk question, give an answer that prompts follow-ups. If someone asks where you’re from, don’t just say “California” — say something like, “I’m from Malibu, near the beach. My family and I used to go surfing on the weekends.”

Bosses especially should take advantage of these small moments to build connections with their employees, Mercurio says: As workplace trust dwindles across the U.S., the relationships you create at work can help you keep your employees productive and engaged.

“I encourage [leaders] to track your interactions with your team, for example, over the week,” he says. “When do you interact with them? Write down, what do you talk about? How much is this talk about what they do and what they can do for you, and how much of that time is spent talking about who they are and how they’re doing?”

CNBC

Nigeria's southeast region has suffered devastating economic and human losses totaling N7.6 trillion ($4.79 billion) and over 700 deaths during four years of sit-at-home protests enforced by the banned separatist group Indigenous People of Biafra (IPOB), according to a new intelligence report.

The comprehensive study by SBM Intelligence, titled 'Four Years of Disruption', reveals how what began as a symbolic protest demanding the release of IPOB leader Nnamdi Kanu has evolved into a prolonged crisis marked by violence, economic collapse, and widespread fear across the predominantly Igbo region.

Economic Devastation Across Five States

The sit-at-home orders, which began in August 2021, have transformed Mondays into ghost days across Abia, Enugu, Imo, Ebonyi, and Anambra states. Streets remain empty and businesses shuttered, not merely from voluntary compliance but increasingly due to violent enforcement against those who attempt to defy the orders.

Micro-businesses have borne the heaviest burden, losing approximately N4.6 trillion annually, while transport operators forfeit between N10 billion and N13 billion every Monday when the shutdown is enforced. Major commercial centers, including Onitsha Main Market—one of Africa's largest trading hubs—have been repeatedly forced to close, resulting in massive transaction losses and financial strain for traders and consumers.

"The losses stem from widespread market closures, disrupted supply chains, and the inability of businesses, particularly SMEs, to operate effectively," the SBM report states. The impact spans both urban and rural areas, creating systemic disruptions to the region's economic foundation.

Rising Death Toll and Violence

The human cost has been equally staggering. SBM Intelligence documented 776 deaths and 332 violent incidents between 2021 and 2025, with Imo and Anambra states accounting for more than half of the fatalities. The deaths result from two primary sources: the killing of civilians who defied the stay-at-home orders and clashes between IPOB forces and Nigerian security personnel.

IPOB's armed wing, the Eastern Security Network (ESN), along with other criminal gangs claiming allegiance to the group, have been blamed for enforcing the orders through arson, kidnappings, looting, and targeted assassinations. These enforcement tactics have created what the report describes as "a climate of fear" throughout the region.

From Solidarity to Coercion

The sit-at-home protests initially launched as leverage to secure the release of Nnamdi Kanu, who faces terrorism charges in Nigeria's capital, Abuja. IPOB, which campaigns for the secession of the southeast and has been labeled a terrorist organization by Nigerian authorities, suspended the weekly protests shortly after their inception, citing a "direct order" from Kanu and limiting them to days when their leader would appear in court.

However, various armed groups claiming IPOB allegiance and internal factions have continued enforcing the weekly shutdowns, launching attacks on government facilities and individuals perceived as pro-government. While compliance rates were initially high at 82.61% in 2021, surveys now reveal that actual support has plummeted to just 29%, with most compliance driven by fear rather than solidarity.

Denials and Government Response

An IPOB spokesperson denied the group's responsibility for the deaths, claiming "those causing the killings are the kidnappers and criminals recruited by government to blackmail and demonize IPOB." The group has also denied responsibility for recent high-profile attacks, including a 2021 prison assault and the murder of over 30 travelers earlier this month, despite police accusations.

Some state governments have attempted to restore normalcy through various measures. Enugu Governor Peter Mbah imposed penalties for compliance with the sit-at-home orders, contributing to a tentative return to normal activities in his state. Similar crackdowns and enforcement measures have been implemented in other states like Ebonyi.

Historical Context and Ongoing Impact

The current crisis echoes the region's turbulent past, particularly the civil war that engulfed the former Biafra region in the late 1960s, which claimed over one million lives. The persistent sit-at-home protests represent the latest chapter in ongoing tensions over marginalization and self-determination in Nigeria's southeast.

"Initially rooted in legitimate grievances over marginalisation and the detention of Nnamdi Kanu, the movement has been hijacked by violence, criminality, and internal fragmentation, eroding public support and deepening instability," the SBM report concludes.

The four-year crisis has fundamentally disrupted education, governance, and livelihoods across the region, transforming a symbolic act of dissent into what researchers describe as "a protracted crisis with devastating socioeconomic and security consequences" for Southeast Nigeria.