Former Chief Economic Adviser to ex-President Goodluck Jonathan, Professor Precious Kassey Garba, has accused so-called “development partners” of building a strong support base in Nigeria for unchecked external borrowing, warning that the trend has entrenched the country in a long-term debt trap.
Speaking on Thursday during her valedictory lecture at the University of Ibadan, the renowned development economist and the first female professor in the university’s Department of Economics lamented that political leaders, often influenced by foreign entities and local lobbyists, continue to disregard the financial implications of ballooning external debts.
Reflecting on her experience in government, Professor Garba cautioned political appointees against blindly relying on internal financial advice that encourages inflated expenditure expectations on the assumption that the National Assembly would slash them during budget deliberations.
Delivering her lecture titled “Exploring Development in Africa: My Journey across Academia, the Field and the Public Sector,” Garba stressed that coordination across Nigeria’s public institutions, anchored on efficient use of resources and people, remains critical to national development, peace and stability.
She revealed that during her tenure, her office persistently alerted the Debt Management Office to the dangers of the country’s borrowing spree. However, she said these warnings were often ignored, as the borrowing lobby was too powerful, while the Fiscal Responsibility Commission remained too weak to enforce the Fiscal Responsibility Act, and National Assembly oversight was largely ineffective.
Garba called on academics and citizens alike to actively monitor the country’s public finance decisions, asserting that it is wiser to avoid non-performing loans with excessive long-term economic costs than to manage their aftermath.
She further warned that both Nigeria’s domestic political environment and the global development landscape are “treacherous minefields” that favour “idiots and tribalists” at the expense of capable and committed citizens.
According to her, while in government, politicians often imposed their own preferences in the choice of policies, projects and loan agreements, ignoring the actual needs and desires of the citizens. At the same time, she said, powerful foreign actors — including NGOs, multinational businesses, and bilateral and multilateral organisations — wielded undue influence over Nigeria’s executive and legislative arms of government.
The valedictory event, held at the Faculty of Law Large Lecture Theatre, was attended by prominent scholars and university administrators, including the Vice Chancellor, Professor Kayode Adebowale, represented by Deputy Vice Chancellor (Administration), Professor Peter Olapegba; Emeritus Professor Ademola Oyejide; the Dean of the Faculty of Economics and Management, Professor A.O. Folawewo; and the Head of the Department of Economics, Professor A.S. Bankole.
A book in honour of Professor Kassey Garba was also unveiled at the event by former Vice Chancellor of the University, Professor Abel Idowu Olayinka.
