Governors are plunging their states into crippling debt, borrowing without accountability while the citizens they swore to serve languish in poverty. Instead of investing in essential sectors like education, healthcare, and infrastructure, these leaders squander public funds on luxury vehicles, extravagant airports, and other white elephant with no real economic impact.

Many states are effectively bankrupt after debt repayments, leaving them unable to pay workers’ salaries, pensions, or contractors working on critical infrastructure projects.

Meanwhile, governors cruise around in convoys of multimillion-naira SUVs, flying in private jets, and awarding themselves outrageous severance packages

The latest National Bureau of Statistics data shows that the 36 states and the FCT generated a combined N2.43 trillion in IGR in 2023, a 26.03 per cent increase from N1.93 trillion in 2022.

Alarmingly, 18 states that failed to attract any foreign investment between 2021 and 2023 now owe more than their total IGR over that period.

Given these precarious fiscal conditions, it is appalling that many governors continue to misplace governance priorities.

Public schools are in a shambles, with students sitting on bare floors under leaking roofs. In November 2024, Universal Basic Education Commission’s Executive Secretary, Hamid Bobboyi, revealed that 34 states and the FCT had yet to access the N263 billion UBEC matching grant for 2024, undermining primary and junior secondary education

In 2023, Nigeria’s 36 states allocated N1.39 trillion to healthcare representing just 58.16 per cent of their total N2.3 trillion budget, according to BudgIT’s 2024 State of States report.

Debt is not inherently bad as governments worldwide use borrowing to finance development and economic growth. However, prudent management is crucial.

Singapore’s national debt reached $926 billion in December, despite years of budget surpluses and an $800 billion sovereign wealth fund.

Nigerians must demand accountability from their state governments. Civil society organisations must intensify pressure on governors to publish detailed financial records, clearly showing how public funds are spent.

The Federal Government and financial institutions must enforce stricter borrowing conditions, ensuring that loans are used for critical infrastructure rather than wasteful projects.

Most importantly, voters must wake up. The era of electing politicians based on empty promises and party loyalty must end.
Nigerians must demand competent, transparent, and fiscally responsible leaders who prioritise development and public welfare over personal enrichment.

BY

AYODELE OLAWUYI
ADMIN/H.R MANAGER,
SUCCESS 105.3 FM, IBADAN.