By Erewunmi Peace

Former Chief Economic Adviser to ex-President Goodluck Jonathan, Professor Precious Kassey Garba, has blamed so-called “development partners” and internal lobbying for Nigeria’s escalating external debt crisis.

Speaking during her valedictory lecture at the University of Ibadan, Professor Garba warned that foreign actors and elite domestic influencers aggressively pushed Nigeria toward unsustainable borrowing, often under the guise of development support.

“They packaged loans as if they were gifts,” she said. “Development partners, working with politically connected lobbyists, discouraged prudent fiscal management and encouraged a debt-led development model that left Nigeria vulnerable.”

Garba stated that during her tenure, her office repeatedly raised red flags about the country’s increasing reliance on foreign loans. However, those warnings were ignored. She also criticized the Debt Management Office, National Assembly, and the Fiscal Responsibility Commission for their failure to impose checks and balances on external borrowing.

According to Garba, Nigeria’s debt service obligations now consume a dangerously high proportion of national revenue, leaving little room for investment in critical sectors like health, education, and infrastructure.

Broader Implications:

Garba’s remarks come at a time when Nigeria is grappling with rising inflation, currency devaluation, and high unemployment—all symptoms of a struggling economy weighed down by debt.

Analysts believe her statements raise fresh concerns about the transparency of foreign loan agreements and the long-term impact of debt-funded governance.

The former adviser urged the next generation of policymakers and economists to advocate for fiscal discipline, reduce over-reliance on external funding, and prioritize sustainable development strategies.