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Nigeria back to the debt trap

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“Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt. As usual, most of such debts that are procured are hardly thought through. Predictably, ability to repay such debts is lacking”   – Chief Olusegun Obasanjo (Former President of Nigeria, speaking at the ‘Why Iam Alive’ Campaign in December 2019).

One recurring ugly decimal of Nigeria’s inexcusable economic paradox ofthe people’s pitiable penury in the midst of abundant God-endowed resources, is the ever-increasing debt profile,at both the state and federallevels.It is sad to note that it has been so over the decades, spanning different administrations with variant political colourations. More worrisome indeed, is that there is inadequate empirical value on ground, that isin terms of infrastructural development, appreciable human development index and economic production for the humungous sums ofmoney so borrowed, year after year.It would seem that our set of successive political leaders have refused to adhere to the biblical admonition that: “The rich rule over the poor, and the borrower is slave to the lender”according to Proverbs 22 verse 7.

It would be recalled that yours truly has over the years raised alarmon the critical issue, as a concerned citizen with some opinion essays. These include the ones titled:“Nigeria’s debilitating debt profile” (January 2013), “Who will pay these huge debts?”(July, 2017),“Nigeria’s dehumanizing debt profile”(July, 2019) and “Nigeria’s free fall into China’s debt trap”( July 2020) as published by different newspapers and magazines. But painfully, things have not changed for the better ever since.

For instance, as at 8th July 2021 the news media was awash with the following headlines:“Fresh loan request pushes Nigeria’s public debt to over N35.5 trillion”. “Buhari gets Senate’s approval for N2.3tr foreign loan request”. “FG to fund N5.62tr deficit in 2022 budget with loans”. “Nigeria on debt precipice, spent N1.8tr on debt servicing between January and May 2021”. “Government records debt service to revenue ratio of  98%”! You should be similarly worried about these scary economic indices, shouldn’t you? Yes, you should.  The reason is simple-one does not want Nigeria, our dear country to go the way of someother African countries that are currently enmeshed in the debt marsh to China. For instance, as of 2020, the countries in Africa with the largest Chinese debts include Angola ($25 billion), Ethiopia ($13.5 billion), Zambia ($7.4 billion), the Republic of Congo ($7.3 billion) and Sudan ($6.4 billion). The warning given here is that our current political leaders should prevent Nigeria from being taken over by the overtly ambitious China because all Chinese loans are tied to infrastructural developments.  In fact, some of the African debtor nations have had to forfeit some to China.  For instance, $7.4 billion of Zambia’s total $8.7 billion foreign debt is owed to China. It was reported in late 2018 that China may soon take over the state electricity company, ZESCO as a form of debt repayment since the country had defaulted!  Also, Kenya may soon lose its largest and most lucrative port, Port of Mombasa to its creditor (China) after it defaulted in the refund. This could force Kenya to relinquish control of the port to China. This unfortunate economic situation throws up some salient questions, all begging for answers. Have we, as a country not been making money from crude oil sales, multiple company taxes including VAT, inflow from the ports and that from the Customs Service? It would be recalled that back in June, 2017 Prof. Pat Utomi and Mr. Bismarck Rewane, both seasoned economists asked questions about the increasing debt burden at both the state and federal levels. As at March that year the nation’s total debt had risen by N7.1 trn to a mind-boggling N19.16 trn.

While as at June 30, 2015 the country’s total debt was N12.12 trillion by September 2018, the debt stood at N22.43 trn.  That means that within the first three and a half years of the current administration the debt rose by N10.31 trn which is 85.06 %. The external debt component of both the federal and state governments including the FCT increased by 109.21% according to the DMO. Are you not worried? Fast forward to 2019.Dr. Akinwunmi Adesina, President of the African Development Bank (AfDB) raised similar concerns to that of Utomi and Rewane. According to him, Nigeria was as at  that year using 50 per cent of its revenue to service its debts, compared to the average of 17 per cent for other African countries! This is unsustainable.  Furthermore, going by the frightening figures made public by the Debt Management Office (DMO) the total debt stock stood at some humongous amount of N24.047 trillion as at March 31, 2019. Reports have it that N560 billion out of these was borrowed in only three months!  In fact, on May 21, 2020 the online platform ‘Nairametrics’ in its ‘Economy & Politics’ page warned about Nigeria falling into China’s debt trap. According to Dr. Bongo Adi, the Director of Centre for Infrastructure Policy Regulation and Advancement (CIPRA), Nigeria lacks accountability, transparency, and responsibility to refund its loans. He is of the Lagos Business School and surely knows his onions. We  surely do not need rocket science to understand that the country’s economic growth is undermined by the huge debt stock as well as other obvious factors include sheer profligacy in running government apparatus. With decrepit infrastructure and some 23 out of 36 states at a point unable to pay 100% salaries to deserving workers there is crass corruption in high places.  This is exacerbated by the huge pay package of political office holders, with that of our lawmakers ranking amongst the highest in the world, even as Nigeria remains the poverty capital of the world.All these have no doubt led to an unprecedented unemployment level and an upsurge in the wave of crimes.

The way forward is for government to cut its economic coat according to available resources.  It should allow for a holistic economic restructuring so that the states can control their resources and pay an agreed percent of income as tax to the federal centre. We have to become more creative now so that the commercial banks can start lending to the real sector to boost manufacturing. Government should ban sundry consumables including textile materials and electronic equipment that are either being imported daily at astonishing rates and giving smugglers a field day.

One’s current concern, however, is who will pay these huge debts? Will the burden being left by the reckless and frivolous political class not be too weighty for the lean shoulders of our jobless children?  Those in government should heed the words of caution by Chief Obasanjo so that generations yet unborn will not be turned to slaves and beggars in their own country by the creditor nations.A word should be enough for the wise

Culled from the  Sun News Nigeria

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Houston

Fifty and Fabulous: Chief Oby Marcel Celebrates a Golden Milestone in Houston

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Houston philanthropist and community leader reflects on five decades of faith, family, resilience and service as friends and well-wishers prepare for her grand golden jubilee celebration on October 31, 2026.

HOUSTON, TEXAS — Turning 50 represents far more than reaching a milestone in age. It is a celebration of maturity, accumulated wisdom, personal accomplishments and the extraordinary journey through life’s challenges and triumphs. For many, the golden jubilee offers an opportunity to reflect on meaningful relationships, embrace renewed purpose and look toward the future with gratitude and confidence.

For Houston-based philanthropist and community leader Chief Oby Marcel, that milestone has arrived with excitement, thanksgiving and an unmistakable sense of fulfillment.

Chief Oby Marcel: This milestone has arrived with excitement, thanksgiving and an unmistakable sense of fulfillment.

All roads will lead to the Trinity Event Center, 8402 Howell Sugarland Road, Houston, Texas, on Saturday, October 31, 2026, when Chief Oby Marcel hosts a prestigious golden jubilee celebration beginning at 7 p.m. The anticipated all-formal gathering will bring together family members, friends, community leaders, associates and well-wishers to celebrate a woman whose life reflects a commitment to family, cultural identity, community engagement and service.

Speaking enthusiastically about her approaching birthday, Chief Oby Marcel described the occasion as a deeply personal celebration of divine grace and the experiences that have shaped her journey.

“Wow! I can hardly believe I’m stepping into the radiant glow of 50! My heart is dancing with joy, overflowing with excitement, and wrapped in deep gratitude,” she declared.

“Fifty beautiful years of God’s grace, unfailing love, abundant blessings, renewed strength, and memories that shimmer like precious jewels. Through every storm and sunrise, every challenge and triumph, every tear and laughter-filled moment, God has remained faithful.”

Beyond the birthday festivities, Chief Oby Marcel’s golden jubilee highlights her active participation in several cultural, religious and philanthropic organizations within Houston’s Nigerian community.

She is a prominent member of Gold Club International, where she holds the distinction of Lady Gold and serves as Admission Chairlady. She also serves as Treasurer of Prestige International and Assistant Financial Secretary of CWO Aquinas. Her community involvement extends to First Umuokpu Anambra USA, the Aguleri-Otu cabinet and the Omambala Cultural Association in Houston. Through these affiliations, Petersen maintains connections with organizations dedicated to cultural preservation, fellowship, mutual support and community development.

As a mother, philanthropist and community leader, she represents a generation of Nigerian women in the diaspora who balance family responsibilities with active participation in organizations that strengthen cultural bonds and promote collective progress.

The Young Shall Grow: From the Innocence of Yesterday to the Golden Glory of Today — 50 Years of Grace, Beauty, and Becoming.

The significance of turning 50 reaches beyond organizational achievements or public recognition. It represents an opportunity to embrace life with greater wisdom, confidence and optimism. According to Chief Oby Marcel, “I’m not simply turning 50; I’m crossing the threshold into a dazzling new chapter filled with wisdom, confidence, happiness, purpose, and endless possibilities.”

“I’m proud of the woman I’ve become, grateful for every mile God has carried me, and thrilled by the beautiful horizons unfolding before me.” Her enthusiasm captures the spirit of the forthcoming celebration: an occasion dedicated not merely to marking five decades but to honoring a journey defined by resilience, gratitude and enduring faith.

As preparations continue for the October 31 festivities, Chief Oby Marcel is approaching her golden milestone with a message of renewed hope and determination. “At 50, I’m not getting older; I’m blooming brighter, standing stronger, growing wiser, and becoming even more fabulous!”

And with that declaration, the celebrant offers a fitting conclusion to her golden jubilee reflections: “Cheers to my golden jubilee! My best years are still ahead of me!”

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Houston

Membership Interest Soars After Sugar Land People’s Club’s Successful Induction

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Branch considers annual induction as August celebration of prestige, culture and comradeship inspires growing community interest

HOUSTON, TEXAS — Membership requests to the Sugar Land Branch of People’s Club of Nigeria International (PCNI) have risen significantly following its successful August induction ceremony, prompting the organization to consider making the event an annual affair.

Group Chairman, Hon. Prof. Chris Ulasi, confirmed the surge in interest, saying the branch has received numerous inquiries from prospective members since the ceremony that formally admitted 16 new members to the organization.

“The response since the induction has been remarkable. We have seen a significant increase in people asking about membership and how they can become part of the People’s Club family,” Ulasi said. “Many of them attended the event or heard about it afterward and were impressed by the fellowship, dignity, cultural pride, and genuine comradeship they witnessed.”

Ulasi said the development, including a possible change from the current bi-annual induction arrangement to an annual ceremony, would be discussed at the branch’s September general meeting.

The renewed interest in membership comes on the heels of an elaborate induction that attracted national officers, patrons, branch chairmen, members, and guests from across the People’s Club family.

National President, Atty. Fidelis Onyebueke, who presided over the swearing-in of the 16 inductees, described the event as a total success and commended the Sugar Land Branch, PCNI’s First International Branch, for what he called an exceptional celebration of fellowship, culture, service, and unity.

During the formal ceremony, each inductee was invited to the podium to take the membership oath and receive a certificate from the national president, who was assisted by PCNI Attorney Chukwuka John Ukadike.

Beyond the admission of new members, however, the event offered guests a public display of the traditions that have historically defined the People’s Club: prestige, love, service, and comradeship. Those characteristics were reflected throughout the ceremony, from the reception of national officers and interaction among members to the formal induction, cultural presentation, and extended social celebration that followed.

Grand Patron, Ide Obinna Nnanyelugo Mbachu, said the growing interest in membership was an indication that the organization’s values resonated with guests who experienced the event.

“What people witnessed was the character of People’s Club—the love among members, respect for one another, willingness to serve, and the comradeship that brings us together,” Mbachu said. “Prestige is not simply about appearance; it is about how we conduct ourselves and how we treat people. When the community sees those values demonstrated, it is understandable that others would want to become part of the organization.”

The cultural presentation was among the most visible features of the evening. Women members and associates appeared in coordinated traditional attire featuring red-pinkish blouses with matching head ties and white wrappers bearing the PCNI logo. The men wore all-white outfits complemented by customized PCNI cap pins and distinctive PCNI sashes worn as neckpieces.

The coordinated appearance created a colorful expression of Nigerian cultural identity while reinforcing the sense of unity that characterized the gathering.

As the formal program concluded, the ceremony transitioned into an extended social celebration. Members, inductees, and guests shared food and drinks before taking to the dance floor, with music and festivities continuing into the early hours of Sunday.

The presence of members and officials from different branches also gave the ceremony broader significance for Sugar Land, whose status as the First International Branch places it prominently in PCNI’s history outside Nigeria.

For Ulasi, however, the strongest indication of the event’s impact came afterward, as inquiries from prospective members continued to reach the branch.

He said that while the organization welcomes the increased interest, prospective members would be expected to understand the responsibilities and traditions associated with belonging to the People’s Club. “Membership is about much more than attending social events,” Ulasi said. “It is about service, friendship, responsibility, and commitment to one another. Those are the values we intend to preserve as the branch continues to grow.”

The September meeting is expected to consider how the branch will respond to increased membership interest and whether the success of the August ceremony provides sufficient grounds to move to an annual induction schedule. For the Sugar Land Branch, the aftermath of the August induction may prove as significant as the ceremony itself: 16 members entered the People’s Club that evening, but the celebration appears to have inspired many more to seek a place within its ranks.

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Houston

People’s Club Sugar Land Celebrates Landmark Induction of 16 New Members

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National President Atty. Fidelis Onyebueke hails First International Branch for a spectacular celebration of culture, fellowship and service

HOUSTON, TEXAS — The Sugar Land People’s Club of Nigeria International (PCNI), the organization’s First International Branch, has been declared a total success following a spectacular bi-annual induction ceremony that brought together national leaders, branch chairmen, patrons, members, and guests from across the People’s Club family.

National President Atty. Fidelis Onyebueke, who presided over the swearing-in ceremony, commended the Houston branch for delivering an outstanding event that reflected the organization’s enduring traditions of friendship, fellowship, service, and community.

Hon. Prof. Chris Ulasi, SLPCNI Chairman, leads the grand entrance of the national leadership during the induction ceremony, followed by National President Atty. Fidelis Onyebueke and his wife.

“The Houston branch has once again demonstrated what People’s Club represents at its very best. This was a beautifully organized and highly successful event, rich in culture, fellowship, dignity, and unity. I commend the leadership, members, and entire Houston family for an exceptional celebration worthy of the First International Branch.”

The ceremony witnessed the formal swearing-in of 16 new members, each of whom was individually invited forward to receive a certificate of membership from the national president. Onyebueke was assisted in administering the oath by PCNI Attorney Chukwuka John Ukadike.

Group Photo: Women Members and Associates of SLPCNI

The inductees joined an impressive gathering that reflected the diversity and strength of the People’s Club community. Members and guests traveled from various branches across the United States and beyond, transforming the Houston ceremony into a truly international gathering.

The cultural elegance of the occasion was equally striking. Women appeared in colorful, coordinated traditional attire, featuring red-pinkish blouses and matching head ties paired with white wrappers prominently designed with the PCNI logo. The ensemble created a distinctive and dignified traditional look. Men complemented the occasion with elegant all-white outfits, customized PCNI cap pins, and special PCNI sashes worn as neckpieces.

Among those in attendance were Grand Patron Ide Obinna Nnanyelugo Mbachu; Hon. Prof. Chris Ulasi, Group Chairman; patrons and chairmen from various branches, and People’s Club members representing chapters across the globe.

The formal proceedings eventually gave way to an extended celebration of friendship and camaraderie. Food, drinks, music, and dancing carried the festivities well beyond the scheduled program, continuing for hours into the early morning of Sunday.

For the Houston branch, the celebration represented more than the admission of new members. It reaffirmed the historic importance of the First International Branch and demonstrated the continuing strength of People’s Club as a transnational fellowship rooted in Nigerian identity, friendship, service, and mutual support.

The successful ceremony also underscored the organization’s ability to bring generations and branches together while preserving the cultural traditions that have sustained its membership across continents.

By the end of the celebration, Houston had delivered more than an induction. It had delivered a memorable demonstration of unity, culture, friendship, and organizational excellence—an event that fully embodied the People’s Club spirit.

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