Security Expert Bulama Bukarti to Tinubu: “Where Is the Subsidy Money?” as $21 Billion Loan Sparks Outrage

 

As President Bola Ahmed Tinubu’s administration seeks parliamentary approval for a colossal $21.5 billion and €65 million loan—amounting to roughly ₦34 trillion—questions are mounting over the government’s handling of funds purportedly saved from the removal of fuel subsidies. Prominent among the voices calling for transparency is security analyst and public affairs commentator, Bulama Bukarti, who is urging the president to account for the use of these funds before further plunging the nation into debt.

The fuel subsidy, a longstanding policy that kept petroleum prices artificially low, was discontinued early in Tinubu’s tenure under the banner of economic reform. According to the president, this decision was a strategic move designed to redirect public funds toward critical sectors such as infrastructure, healthcare, and education. The narrative was framed around reducing waste and making room for growth. However, many Nigerians now question whether those promised dividends of reform have been delivered—or even begun.

Bukarti has taken this concern public, challenging the government to explain how the so-called savings from the subsidy removal have been used to benefit citizens. He described the hardships Nigerians have endured since the policy was scrapped, painting a bleak picture of rising poverty, surging inflation, and growing food insecurity. The security expert warned that public patience is wearing thin, especially as the administration seeks to secure another massive loan without clearly demonstrating the gains from previous economic sacrifices.

Fuel and foreign exchange subsidies were both removed under the guise of promoting long-term economic recovery. Yet, a year on, the average Nigerian is still grappling with skyrocketing prices, stagnant wages, and increasing costs of living. Bukarti noted that despite promises of redirection of subsidy funds, there has been little evidence of infrastructure development or social investment on a scale that justifies the pain endured by ordinary citizens.

“President Tinubu plunged Nigerians into hardship by removing fuel and foreign exchange subsidies, claiming the funds would be redirected toward infrastructure and growth,” Bukarti said in a public statement on Wednesday. “Yet today, Nigerians are grappling with unprecedented levels of hunger and poverty, without any clear justification. Worse still, the government continues to accumulate debt—just like previous administrations that maintained those very subsidies.”

His criticism comes at a time when Nigeria’s debt profile is spiraling. The ₦34 trillion proposed loan represents more than 60% of the nation’s 2025 national budget, raising alarms among economists and civil society groups about the sustainability of the country’s borrowing strategy. The fear is that Nigeria may be walking into a debt trap without a visible path to repayment or development.

Bukarti’s remarks have struck a chord with many citizens, who have also expressed their frustrations through social media and public forums. The recurring theme is one of betrayal—Nigerians were told to brace for temporary hardship in exchange for long-term prosperity. Instead, they see worsening economic indicators and a government continuing down the same borrowing path as its predecessors.

“Where are the funds saved from the subsidy removal?” Bukarti asked pointedly. “Why is the country still resorting to massive borrowing, both domestically and internationally? And most importantly: What tangible benefits have Nigerians seen from the removal of fuel and dollar subsidies?”

The government has yet to provide a detailed breakdown of how subsidy savings have been allocated or used. Without such transparency, skepticism about new loan requests is likely to grow, potentially fueling resistance from both the public and within the National Assembly.

As the administration pushes forward with its borrowing agenda, it faces an uphill battle in convincing the populace that it has learned from the past. Until then, the question remains: Where is the money that was supposed to be Nigeria’s economic lifeline?