In today’s world, where everyone has an opinion on social media, it’s easy for people to comment without fully understanding the situation. Yes, everyone is entitled to their views, but as Nigerians, it’s time for us to dive deeper into reading and understanding the policies that shape our future. The government is working hard to put Nigeria on the global map, and there are plenty of policies that are truly designed to benefit us all.
Nigeria’s economy is often the talk of the town, especially when the government looks to borrowing to fund important projects. With limited resources, finding the right balance between borrowing and generating revenue is important. Recently, the federal government’s request for a $2.2 billion loan sparked debates about how sustainable such borrowing is. However, the government has made it clear that borrowing is a well-thought-out tool for development, one that comes with legislative approval and clear economic goals.
Dr. Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), recently shared his thoughts on this issue and helped clarify why borrowing remains part of Nigeria’s financial strategy. Speaking at a session on the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), the Tax Boss explained that borrowing is not a random decision. Each loan request is based on laws passed by the National Assembly, ensuring the process is transparent and aligns with the country’s financial goals.
So, what does this mean for Nigerians?
One thing is certain: borrowing helps the government fund projects like roads, schools, hospitals, and power plants. These are the tangible outcomes of strategic loans. Without these investments, the pace of development in a nation could slow down, leaving many areas behind. The key is balance. Borrowing should focus on projects that improve our lives, while efforts to grow Nigeria’s internal revenue continue, helping reduce our reliance on loans in the long run.
Under the Tax Boss, the FIRS has consistently exceeded revenue targets, setting new standards for efficiency in tax collection. Dr. Zacch has redefined what it means to lead with purpose, transforming the tax system into a powerhouse of innovation and effectiveness. His efforts have elevated Nigeria’s revenue generation to new heights, showcasing his ability to drive growth and financial stability for the country.
Dr. Zacch doesn’t shy away from tough truths. Even with impressive revenue generation, borrowing is still necessary to meet the nation’s ambitious goals. For him, it’s not just about borrowing money; it’s about making sure that the fund is used wisely to improve Nigeria’s future. Every loan is an investment in infrastructure and reforms that will benefit us all.
Dr. Zacch offers a clear path. His approach is not just about fixing today’s problems; it’s about setting up a stronger, self-sustaining future. He shows that with the right leadership, borrowing can be a tool for progress when used carefully and transparently.
This is an opportunity for both the government and citizens to work together. While the road to economic transformation has its challenges, with President Tinubu’s strong leadership and sound policies, Nigeria has the potential to thrive and build a brighter, more sustainable future.
Arabinrin Aderonke Atoyebi is the technical assistant on broadcast media to the Executive Chairman of the Federal Inland Revenue Service
