**Nigeria's Development: The Borrowing Conundrum** As Nigeria continues to navigate its economic trajectory, the question of borrowing has become a subject of intense debate. Senator Jimoh Ibrahim, a key figure in the Senate Committee on Finance, recently urged President Bola Tinubu to explore borrowing options from the global market to fuel national development. With the lending market potentially drying up, the senator believes it is essential to secure sufficient resources now to avoid future constraints. Nigeria's debt profile, currently standing at around $103 billion, may seem alarming, but it is essential to put this figure into context. Compare this to Dubai, a city with a population of just 12 million people, which owes a staggering $186 billion. The key difference, however, lies in Dubai's ability to repay its debt, thanks to its robust revenue streams. This is a crucial lesson for Nigeria, which must strike a balance between borrowing and debt repayment. The United States and the United Kingdom, two of the world's leading economies, have debt-to-GDP ratios of 127 per cent and 95 per cent, respectively. In contrast, Nigeria's ratio stands at around 40 per cent, indicating that there is still room for additional borrowing. However, this must be done prudently, with a clear plan for debt repayment over an extended period. The previous administration's reliance on the Ways and Means policy, which involved domestic money creation to finance the economy, has long-term implications for inflation, unemployment, and currency depreciation. Senator Ibrahim warns that excessive monetary financing can have far-reaching consequences, making it essential to adopt a more balanced approach to borrowing. In conclusion, Nigeria's development trajectory depends on its ability to navigate the borrowing conundrum. While borrowing is a necessary gear in development, it is crucial to do so in a way that ensures debt repayment and avoids excessive monetary financing. With the lending market potentially drying up, President Tinubu must act swiftly to secure sufficient resources for national development. By striking a balance between borrowing and debt repayment, Nigeria can unlock its full potential and achieve sustainable growth.