From lender to borrower: Arise TV’s Rufai Oseni weeps over Nigeria

By Omeiza Ajayi

Popular television host, Rufai Oseni, on Friday became emotional while lamenting how Nigeria transformed from a nation that once financed global development institutions into a country now trapped in a cycle of chronic borrowing.

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During the Arise Television Morning Show, Oseni broke down as he traced Nigeria’s journey from creditor to debtor, holding up historical records to show viewers just how far the country’s fortunes have fallen.

“I cried for Nigeria this morning. Let me read something to you and show why I sometimes raise my voice about this country,” he said, his emotion evident as he began to speak.

He then laid out the evidence of Nigeria’s former financial strength. “On December 24, 1974, Nigeria signed a long-term borrowing agreement with the World Bank. Under that agreement, Nigeria provided $240 million in net resources to the World Bank Reserve,” Oseni said.

He continued, underscoring just how significant Nigeria’s role once was on the global financial stage. “We were lending money to the World Bank to support development in other countries. We also lent $120 million to the International Monetary Fund IMF. What happened to this country?” he asked.

That question, delivered through tears, captured the essence of Oseni’s lament, a nation that once had the resources to bankroll the World Bank and the IMF now finds itself among the world’s most persistent borrowers, dependent on the very institutions it once supported. Oseni’s emotional moment comes amid ongoing concerns over continuous borrowing by the Federal Government, as Nigeria’s debt profile continues to rise deepening public unease over how a country once counted among global lenders arrived at its present fiscal reality.

“What happened to this country?” Oseni’s question lingered long after the cameras stopped rolling, a simple line that said what millions of Nigerians have long felt but rarely heard voiced so starkly on national television.

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