Today, across nations of the world, citizens and lovers of freedom are expected to gather for democracy. They are to engage in diverse forms of deep and far-reaching national and global dialogue aimed at strengthening democratic ideals, measurable impact on citizens, imperatives of protecting human rights and inclusive international cooperation as the world celebrates International Day for Democracy.
There is no doubt that democracy, adjudged to be the best form of government to have been instituted by man draws its strength from the people: their voices, their choices, and their participation in shaping their societies.
Democracy has earned universal accolades for the principles of accountability, rule of law, participation through representation, electoral credibility for leadership emergence and encouragement for freedom of speech and press freedom. The local application of these key principles have varied with local colorations, national idiosyncrasies, developmental exigencies and situational adaptations that sometimes end up with watered down or corrupting influences.
It however has remained a universally accepted truth that the care of human life, quality living and happiness anchored on the welfare of the citizens and not their destruction should be the first and only object of good government which democracy represents.
Democratic culture flourishes when rights are protected, particularly for those most often left behind. Oppositions are not eliminated but allowed to thrive presenting therefore valid and varied choices for the people. Remove the right of the people to freely make and express their choices and nothing is remaining in any given democratic culture.
Democracy therefore should not be an excuse for the enthronement of mediocrity, the cost could be monumental. Those indeed are the ideals. Herein, however, lies the intriguing manifestation of Nigeria’s brand of democracy which caters, rather sadly, for a privileged minority while the majority of the citizens are fed on diets of hope richly garnished with political slogans. They are in reality suffering from political exclusion and policy making axphization.
Nigeria’s democracy has proven in the past 26 years that it has very limited room for merit and forthrightness, standard is diminished while compromises are played up The system is the victim. The citizens, the major casualties.
Days like these are therefore to be celebrated beyond the rituals and razzmatazz of staged conferences. The people’s voices should be heard and voices should translate into action for the emphasis of democracy to be steadied on the lane of development and guided on the path of impact on the people.
Nigeria, rather urgently needs a leader that can inspire renewed nationalism and change in a political trajectory that tends towards plutocracy. The people should be in a position to interrogate a system that churns out policies that are against their common interests. The principle of accountability remains central to democracy and therefore should not be swept under the carpet. It is indeed reprehensible and poignantly preposterous to be embarking on a borrowing spree now dubbed responsible borrowing which we had earlier been told is no sin.
Truth however, be told, profligacy in governance makes policy implementation for today shifty and tomorrow’s economic projections uncertain. The cost of servicing a huge national debt profile can be towering and discomfiting. And if it turns out that the economic base of a system is not strong enough to bear the weight of governance and political institutions, then even the future of democracy itself is predictably periled. That is why it remains our collective responsibility as citizens, especially on a day like this, to articulate ways of strengthening our democracy.
It is in that light that I commend the courage demonstrated by the Speaker, House of Representatives , Abbas Tajudeen who last week raised alarm over Nigeria’s rising debt profile which currently stands at N149trn considered to be a critical point.
A viable and responsible democracy should be concerned about fiscal stability, development, and the welfare of future generations as economic and policy decisions are anchored on transparency, prudence, and tangible social impact.
Available data shows that our debt trajectory has indeed reached a critical point of ₦149.39 trillion, equivalent to about US$97 billion, as in the first quarter of 2025, with domestic borrowing making up 53 per cent and external borrowing accounting for 47 per cent.
This represents a sharp rise from ₦121.7 trillion the previous year, underscoring how quickly the burden has grown.
Equally of growing concern is the debt-to-GDP ratio, which now stands at roughly 52 per cent, well above the statutory ceiling of 40 per cent set by our own laws. Many indeed are yet to see the compelling responsibility in borrowing on behalf of a people without subjecting such proposals to public hearing.
Major borrowing proposals should indeed be subject to public hearings while simplified debt reports are made available to the general public. The National Assembly ought to be more alive to its oversight responsibilities.
Citizens have the right to know, and the government of the day has the duty to inform. Nigeria’s history of borrowing follows a familiar trajectory of debt facilities secured to service the greed of a bloated government. Responsibility demands that borrowing should always be channelled towards infrastructure, health, education, and industries that create jobs, reduce poverty and secure the future.
Reckless debt that fuels consumption or corruption must be seen for what it is; a danger both to the present and future development initiatives. The essence of separation of power is that the National Assembly should not be a rubber stamp but be firm in a position of protecting the nation’s future by rejecting indiscriminate borrowing.
The National Assembly has in recent years approved several external borrowings without proper scrutiny. This ought not to be so.
The International Day of Democracy provides an opportunity to review the state of democracy across nations of the world. It recognizes that democracy is as much a process as a goal, and only with the full participation of the people, support by the international community, national governing bodies, civil society and individuals, can the ideal of democracy be made into a reality.
Nigeria’s debt burden has given rise to the palpable fear that the nation is gradually collapsing under the weight of borrowed survival which is tantamount to a steady postponement of an imminent doomsday. Many, however think the time has come for Nigeria to opt for a diversified, functioning economy instead of the current avid penchant for continuous borrowing to fund a non performing national budget.
The increase in accumulated national debt has been attributed to both external and domestic borrowing, a consumptive economy amidst rapidly growing population. Agriculture has suffered significant setback with increased wave of untamed insecurity.
The nation’s debt profile has been predicted to hit N187.8trn this year amid rising borrowing costs and servicing implications .
The Nigerian economy in particular has continued to experience strains and stresses arising largely from debt burden and debt overhang.
In the first quarter of 2025, debt servicing consumed over 90 percent of federal retained revenue.
