Popular television host Rufai Oseni became emotional on Friday as he spoke about how Nigeria moved from being a country that once supported global financial institutions to one now caught in constant borrowing.
Speaking during the Arise Television Morning Show, Oseni fought back tears while showing historical records to explain how Nigeria went from being a creditor to a debtor.
“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 before reading the documents.
He pointed to Nigeria’s past financial position, saying, “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 went on to explain the country’s role at the time, saying, “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.
His tearful remarks reflected his concern that Nigeria, which once had enough resources to fund the World Bank and the IMF, is now among the world’s regular borrowers, relying on the same institutions it once helped.
Oseni’s emotional comments come as worries continue over the Federal Government’s repeated borrowing. With Nigeria’s debt burden still rising, many Nigerians remain concerned about how a nation once seen as a global lender ended up in its current financial position.
“What happened to this country?”
Oseni’s question remained in the minds of many even after the programme ended, expressing a feeling that millions of Nigerians have carried for years but rarely heard spoken so openly on national television.
