Political commentator, Mahdi Shehu has criticized successive Nigerian governments for borrowing billions from the Japan International Cooperation Agency (JICA) for the power sector.
He described the loans as toxic monies that will bring future regrets.
In a post on X, Shehu pointed out that in 2022, the late President Muhammadu Buhari’s administration secured $200 million from JICA under the guise of improving power transmission, with a ten-year repayment plan starting November 2025.
However, instead of beginning repayment of that loan, President Bola Tinubu recently negotiated a new $238 million loan from the same lender for the same purpose.
Shehu described the move as merely semantics.
He noted that both governments were aware that over N30 trillion allocated to the power sector since 1999 had been misappropriated, stolen, or diverted, leaving Nigerians in darkness.
“Leaders of countries that squander borrowed monies end up destroying the entire future of the country,” Shehu said.
“Luckily nothing lasts forever, and such toxic monies will be the source of agony, pain, and regret on judgement day. Before the judgement day, a day of shame is coming soon.”
