The Lagos State Deputy Governor, Obafemi Hamzat, has faulted Peter Obi and other critics of the Federal Government’s borrowing policy, insisting that loans remain a legitimate tool for financing infrastructure and driving national development.
He argued that borrowing should not be seen as a weakness but rather as a strategic financial instrument, noting that the United States currently carries a national debt of about $34 trillion.
Speaking during the 2025 Independence Lecture and Award Night hosted by the Island Club on Lagos Island, Hamzat stressed the need for a more informed national conversation on Nigeria’s borrowing practices.
He disclosed that the Federal Government’s 2025 budget of ₦54 trillion is the largest in the country’s history, while the overall national budget stands at about ₦100 trillion, roughly $65 billion.
The Deputy Governor drew a sharp comparison with the city of New York, which has a budget of $114 billion for a population of just eight million people.
He noted that this reality should guide public commentary, rather than the uninformed arguments that often dominate national discourse.
According to him, too many self-styled experts engage on television with little understanding of economic realities, making every national discussion toxic—especially those on finance.
Speaking further, Hamzat questioned why Nigeria’s borrowing should be seen as unusual, recalling that New York City was built through municipal bonds, while the United States today carries a national debt of about $34 trillion.
“We have too many experts on television talking about things they don’t understand. Every discussion in our country is very toxic. Today, we see people talking about finance without truly understanding it. Why can’t we borrow? How was New York City built, was it not through municipal bonds? What is the U.S. debt today? About $34 trillion,” he added.
Hamzat also recalled that during President Bola Tinubu’s tenure as Governor of Lagos State, a proposal was made to borrow $2 billion to expand the Opebi Link Bridge.
According to the Deputy Governor, the decision was overruled at the time, but in hindsight, it was a costly mistake.
“If we had borrowed then, the project would have been completed and fully paid off by now. Today, the expansion costs have risen to ₦34 billion, far exceeding what would have been required had the borrowing been approved,” he asserted.
Speaking at the Award Night, the Deputy Governor also emphasized the importance of rethinking education in Nigeria.
He noted that education is evolving globally and argued that the perceived decline in quality should be assessed more thoughtfully.
“The real question is: what exactly are we measuring? Nigeria has produced professors who are respected worldwide, but the way we teach today must change,” he said.
Hamzat explained that education should no longer be about memorizing static knowledge, since information is now readily available. Instead, the focus should be on how quickly students can access and apply knowledge effectively.
He pointed out that technological tools such as ChatGPT and Microsoft’s CoPilot are already reshaping learning, adding that, for the first time in years, even professors have expressed concerns about the implications of such innovations.
“The reality is that the knowledge available today is far more than any undergraduate can study in a lifetime. With our position as a country, I believe Nigeria can adapt to this changing educational landscape and not be left behind,” he stated.
Reacting to the ongoing controversy surrounding building permits, Hamzat identified poor economic and physical planning as one of the greatest challenges facing West Africa.
According to him, no society can achieve prosperity without proper spatial planning. “The biggest challenge for us in West Africa is economic and physical planning. If you cannot plan your physical space, you cannot prosper,” he stated.
Hamzat questioned how, in 2025, individuals and organizations still attempt to erect structures without securing building permits, describing it as a clear disregard for the rule of law and a major obstacle to sustainable urban development.
