‘We’re Still Paying for Failed Projects’ —

Popular businessman and social commentator Isaac Fayose has criticised the condition of some major government-funded infrastructure projects, arguing that Nigerians are still repaying billions of naira in loans for investments that, according to him, have failed to deliver lasting benefits.

Speaking in a video that has since gone viral on social media, Fayose expressed concern over what he described as the poor state of projects financed through foreign borrowing, particularly those executed during the administration of former President Muhammadu Buhari.

He specifically questioned the value of the railway project financed with loans from China, alleging that despite the huge sums borrowed for its construction, the infrastructure has deteriorated while Nigerians continue to shoulder the burden of repaying the debt.

According to Fayose, the situation reflects a broader pattern of poor project execution and weak accountability in the management of public funds.

“Late President Buhari borrowed money from China for the railway line from Nigeria to Niger about eight or nine years ago. We are still paying for the loan, but the rail tracks are gone now,” he said.

The businessman also turned his attention to Nigeria’s state-owned refineries, claiming that successive governments borrowed substantial amounts for their rehabilitation without achieving the expected results.

He argued that although public funds and borrowed resources had been committed to restoring the facilities, the refineries have remained largely non-operational while the country continues to service the associated debts.

“Same thing we did with our refineries. We borrowed a lot of money that Nigerians are still paying up till today, but our refineries are still down. This is what happens when we elect incompetent people because Rotimi Amaechi was in charge of railways back then. We have faults, and our government also has faults,” Fayose stated.

His remarks have generated widespread reactions on social media, with many Nigerians debating the country’s increasing debt profile and whether borrowed funds have translated into meaningful improvements in infrastructure and public services.

The comments also come amid renewed public scrutiny of Nigeria’s borrowing strategy following the approval of fresh multilateral loans intended to support economic reforms, infrastructure development, and job creation. While government officials maintain that such facilities are necessary to finance critical projects and stimulate economic growth, critics continue to call for greater transparency, stricter oversight, and improved accountability to ensure borrowed funds are used effectively and deliver measurable benefits to citizens.

Fayose’s comments add to the growing national conversation about infrastructure, public spending, and the long-term economic implications of government borrowing, with many stakeholders insisting that future loans should be tied to projects capable of delivering sustainable value and improving the lives of ordinary Nigerians.