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Nigeria back to the debt trap

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5 years ago

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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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Wazobia Family Funfair AT 10 – Decade of Family, Culture, and Community

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1 week ago

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June 8, 2026

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On July 25, 2026, families from across Houston will gather at the West Oaks Mall on 1000 West Oaks, Houston, to celebrate a milestone that extends far beyond food, music, and entertainment. The 10th Anniversary of the Wazobia Family Funfair represents a decade-long journey of community building, cultural preservation, entrepreneurship, and family-centered engagement.

What began as a customer appreciation initiative has evolved into one of the most recognizable African community events in Texas. For ten years, the Funfair has provided a space where families reconnect with culture, children experience heritage, entrepreneurs build relationships, and communities strengthen the bonds that define them.

The story of the anniversary begins with the story of Wazobia itself. Founded in 2013 by entrepreneur Tunde Fashina, Wazobia was created with a vision that stretched beyond commerce. According to Fashina, the goal was never simply to sell products.

FASHINA, OHAZURIKE: For Fashina, leadership carries responsibility. “The feeling is fantastic because you’ve achieved something,” he explained. “But it is also frightening because every decision affects many people.” He added: “The higher you are in an organization, the more people are affected by your decisions.” Those values influence the company’s culture and community engagement efforts.

“The emphasis was not more on getting the products,” he explained. “The emphasis was on creating a feeling of belonging to the customer, so that they feel at home any time they come to our place.”

That philosophy became the foundation of the business. Fashina spent nearly two years developing the business plan. The challenge was enormous. He had limited financial resources and relied heavily on relationships, determination, and faith.

“The business plan had to involve getting this business up with absolutely no money, because I didn’t have any,” he recalled.

The early years tested every aspect of his resolve. He performed multiple roles simultaneously.

“I was a cleaner. I was a restocker. I was a cashier. I did all the work,” he said. “I slept in the shop throughout for almost 18 months because I was working around the clock.”

Despite the challenges, growth came quickly.

“God showed up in ways that I could not describe,” Fashina said. “People started coming in little by little, and the growth rate exceeded everything in the business plan.”

Yet even as the company expanded, community remained central to the mission. “We created a sub-plan,” he explained. “How do we give back to those who built us? How do we let our customers know that we appreciate them?”

The answer became what is now known as the Wazobia Family Funfair.

 

 

Over the years, the event evolved from a modest appreciation day into a major annual celebration featuring cultural performances, African music, dance, games, food vendors, business showcases, and family activities.

For Paula Ohazurike, Project Manager at Wazobia, the event represents much more than an annual gathering. Her experience since she joined Wazobia reflects a recurring theme in conversations with employees and customers: Wazobia is viewed not merely as a business but as a community institution.

That philosophy is visible in the Family Funfair. The event creates a rare space where generations come together. Children born in America are introduced to African traditions through music, dance, language, fashion, and food. Parents and grandparents reconnect with memories of home while sharing those experiences with younger family members.

In a city as diverse as Houston, such gatherings carry significant cultural value. Houston is home to one of the largest African immigrant populations in the United States. Yet many families often struggle to maintain cultural connections while navigating modern American life. Events like the Wazobia Family Funfair help bridge that gap.

The significance of the Funfair extends beyond cultural preservation. It serves as a platform for economic empowerment. Small businesses, vendors, artists, and service providers use the event to connect with potential customers. Community organizations engage residents. Entrepreneurs build networks. Relationships formed during the event often extend throughout the year.

According to Ohazurike, the event has become one of the most effective community-engagement platforms within Houston’s African diaspora. The atmosphere itself reflects the spirit of family. Children enjoy games, bounce houses, and face painting. Families participate in contests and group activities. Music fills the air. Food vendors showcase culinary traditions from across Africa.

The result is an experience that feels both festive and deeply personal. Fashina believes that sense of belonging remains the event’s greatest achievement. “There is no reason for us not to provide an environment that people can be proud of,” he said. “A place where they can bring their friends and enjoy themselves.”

 

 

That vision continues to guide the organization. Today, Wazobia has expanded significantly, operating multiple locations and employing approximately 250 people. “It is something we are immensely proud of,” Fashina noted. “But this is only the beginning.” Growth, however, is measured by more than financial success.

For Fashina, leadership carries responsibility. “The feeling is fantastic because you’ve achieved something,” he explained. “But it is also frightening because every decision affects many people.” He added: “The higher you are in an organization, the more people are affected by your decisions.” Those values influence the company’s culture and community engagement efforts.

The Family Funfair embodies that philosophy by bringing people together in ways that strengthen relationships and encourage collective progress. Perhaps that is why the event has endured for ten years. Many community events emerge with enthusiasm but struggle to survive. Sustaining a large-scale annual celebration requires trust, consistency, and a genuine commitment to service. The Wazobia Family Funfair has achieved that longevity because it has remained focused on people.

Over the past decade, families have returned year after year. Children who attended the first Funfair now return as young adults. New immigrants have found friendships and support systems. Businesses have launched partnerships. Countless memories have been created.

 

 

The anniversary therefore represents more than a milestone date on a calendar; it represents ten years of shared experiences; ten years of preserving culture; ten years of supporting businesses; ten years of strengthening families; and ten years of building community.

As Houston prepares for the 2026 celebration, organizers are looking toward the future while honoring the past. For Ohazurike, the mission remains simple. “We want people to feel welcome,” she said. “We want families to come together and create memories.”
For Fashina, the broader vision remains rooted in possibility. “We can do it,” he said. “We just have to have a goal in mind and take it one step at a time.”

Those words capture the spirit of the Wazobia Family Funfair. At its heart, the event is not simply a festival. It is a living expression of community resilience, cultural pride, and family unity. It demonstrates how a business can become a community anchor. It illustrates how relationships can create opportunities. It reminds us that culture thrives when it is shared. Ten years after its inception, the Wazobia Family Funfair continues to embody the meaning of its name—an invitation for everyone to come together.

In a world increasingly defined by division and isolation, that invitation may be more important than ever. And as families gather once again this July, they will celebrate more than an anniversary. They will celebrate a decade of belonging.

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Burbank Marriage Unravels After Woman Allegedly Used Tracking Devices to Monitor Husband

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6 months ago

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December 27, 2025

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Burbank, Calif. — What began as a seemingly happy two-year marriage ended in confrontation and police involvement after a Burbank woman allegedly used multiple electronic tracking devices to monitor her husband’s movements, authorities and sources familiar with the situation said.

According to information obtained by this outlet, the marriage between Amos and Yolanda deteriorated after Yolanda allegedly placed Apple AirTags, Tile trackers, and a GPS tracking device on Amos’ vehicle and personal belongings without his knowledge. The devices reportedly allowed her to monitor his location in real time and reconstruct his daily movements across the city.

Friends of the couple said the marriage appeared stable during its early years, with the pair often seen together at community events and social gatherings. However, tensions reportedly escalated when Yolanda began confronting Amos about his whereabouts, referencing locations and timelines he had not shared with her.

The situation reached a breaking point when Yolanda allegedly tracked Amos to an apartment complex in Burbank, where she believed he had gone without informing her. Sources say she arrived at the location shortly after he did, leading to a heated confrontation in the parking area of the building. Neighbors, alarmed by raised voices, contacted local authorities.

Burbank police responded to the scene and separated the parties. While no arrests were immediately announced, the incident marked the effective end of the couple’s marriage, according to individuals close to Amos.

Legal experts note that the unauthorized use of tracking devices may raise serious privacy and stalking concerns under California law, depending on intent and consent. Law enforcement officials have not publicly disclosed whether an investigation remains ongoing.

The case underscores growing concerns about the misuse of consumer tracking technology, originally designed to help locate lost items, but increasingly implicated in domestic disputes and surveillance-related allegations.

As of publication, neither Amos nor Yolanda had publicly commented on the incident.

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Kaduna Governor Commissions Nigeria’s First 100-Building Prefabricated Housing Estate

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7 months ago

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November 14, 2025

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Kaduna, Nigeria – November 6, 2025 — In a major milestone for Nigeria’s housing sector, the Governor of Kaduna State has commissioned a 100-unit mass housing estate developed by Family Homes and executed by Karmod Nigeria, marking the first-ever large-scale prefabricated housing project in the country.

Completed in under six months, the innovative project demonstrates the power of modern prefabricated construction to deliver high-quality, affordable homes at record speed — a sharp contrast to traditional building methods that often take years.

Each of the 100 units in the estate is designed for a lifespan exceeding 50 years with routine maintenance. The development features tarred access roads, efficient drainage systems, clean water supply, and steady electricity, ensuring a modern and comfortable living environment for residents.

According to Family Homes, the project represents a new era in Nigeria’s mass housing delivery, proving that cutting-edge technology can accelerate the provision of sustainable and cost-effective homes for Nigerians.

“With prefabricated technology, we can drastically reduce construction time while maintaining top-quality standards,” said a spokesperson for Family Homes. “This project is a clear demonstration of what’s possible when innovation meets commitment to solving Nigeria’s housing deficit.”

Reinforcing this commitment, Governor Uba Sani of Kaduna State emphasized the alignment between the initiative and the state’s broader vision for affordable housing.

“The Family Homes Funds Social Housing Project aligns with our administration’s commitment to the provision of affordable houses for Kaduna State citizens. Access to safe, affordable and secure housing is the foundation of human dignity. We have been partnering with local and international investors to frontally address our housing deficit,” he said.

Also speaking at the event, Mr. Ademola Adebise, Chairman of Family Homes Funds Limited, noted that the project embodies inclusivity and social progress.

“The Social Housing Project also reflects our shared vision of inclusive growth, where affordable housing becomes a foundation for economic participation and improved quality of life.”

Karmod Nigeria, the technical partner behind the project, utilized its extensive expertise in prefabricated technology to localize the process, employing local artisans and materials to enhance community participation and job creation.

Industry experts have described the Kaduna project as a blueprint for future housing initiatives nationwide, capable of addressing the country’s housing shortfall more efficiently and sustainably.

With this pioneering development, Kaduna State takes a leading role in introducing modern housing technologies that promise to reshape Nigeria’s urban landscape.

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