…As citizens rile over impunity, inordinate wealth acquisition
…Ruling class flaunts ‘un-earned’ wealth amid widespread poverty
…Nation’s debt burden gets heavier
After four days of turmoil in Nepal, a landlocked Himalayan country in South Asia bordered by India and China, a new Prime Minister has been named on an interim basis.
The new PM, Sushila Karki, is a former chief justice of Nepal.
A country with a population of 30 million people boiled over last week following a deadly unrest sparked by bad governance and high-level corruption in government.
About 51 people were reportedly killed in the worst unrest since the end of a decade-long civil war and the abolition of the monarchy in 2008.
High on the list of expectations is that the new PM would address Nepal’s “fight against corruption and take good governance forward.”
According to reports, the main issue for the people, especially young people, at this time is corruption.
“It doesn’t matter whether it is Gen Z, or anyone older in politics who tackles it — it just needs to stop,” a report quoted a citizen as saying.
The report added that “A fifth of people aged 15-24 are unemployed, according to the World Bank, with GDP per capita standing at just $1,447.”
The country has had long-standing economic woes. Despite obvious incompetence and inability to move the nation forward, Khadga Prasad Sharma Oli, popularly known as KP Sharma Oli had served as the 38th prime minister of Nepal from 2015 to 2016, 2018 to 2021, and 2024 to 2025 before he was stampeded to resign on Tuesday, September 9, 2025.
“They were playing a game of musical chairs. There was no possibility for younger people to come into power,” Kathmandu businessman Shikhar Bajracharya, 32, was quoted as saying.
A nation burdened by debt
Nepal’s debt repayment moved from $218million in 2012 to $610million in 2025, and the worst is yet to come for them. In 2023, Nepal spent a total of $10.3billion on import, while receiving a paltry sum of $1.21billion from exports. It was said that the country in that year ranked among the highest import-dependent nations. The status has also not changed.
India accounted for $7.25billion of their total import while $1.76billion imports came from China in that very year.
They have trade imbalance with India which happens to be the highest buyer of their palm oil. They are almost wholly dependent on India for a living.
The economic ties between the two countries could be responsible for the early response to the emergence of a new PM by the Indian Prime Minister, Narendra Modi, who on Saturday offered his “best wishes” to Karki, adding that New Delhi was “firmly committed to the peace, progress and prosperity of the people of Nepal.”
Despite the high poverty level and the high level of suffering the citizens are being plunged into, the ruling class is ostentatious in its living. While the masses wallow in abject deprivation, the politicians and their families revel in unbridled enjoyment.
When the pictures of the children of the leaders in their reveling moments began to flood the social media space with the attendant comments, the government quickly banned the use of social media to avoid such posts and the comments they elicit. That appeared to be the tipping point that caused the conflagration. To say it plainly, Nepal is deeply in debt.
Read also: Nepal reels from deadly protests as army takes control of the streets
Nigeria in same shoe
Nigeria’s situation is not different from Nepal’s. Citizens are hungry and angry while politicians and their families live like kings under the same economy.
Decades of petrodollar have not changed the fortune of most citizens. The more the money rolls in, the more they are frittered away.
While the government preaches belt-tightening and moderation, their lifestyles speak the opposite.
Every now and then, politicians upload the graduation pictures of their children from Ivy League institutions in the United States and other first-rated educational institutions in Europe, while they have made a nonsense of education in-country.
They also advertise themselves while on the bed in first class hospitals in London and other choice places across the globe, but they have killed government health institutions in Nigeria and incapacitated privately-owned health facilities by making operating environment unconducive. Their lackadaisical attitude to improving the lots of the citizens is the reason for the increasing wave of brain drain.
While Nigerians die in their thousands on daily basis, they fly over their bodies to have a nice time in places where the air is friendly and insecurity is not a threat.
Heavy debt burden
Nigeria’s rising debt has been a concern to many citizens. Tajudeen Abbas, speaker of the House of Representatives recently raised the alarm that the country was borrowing excessively.
Abass made the observation at the annual conference of the West Africa Association of Public Accounts Committees in Abuja. He warned that Nigeria’s debt stock, now standing at about ₦149 trillion had become worrisome. He also pointed out that the country’s debt-to-GDP ratio has jumped to around 52percent, above the 40percent mark that is generally considered safe.
Abbas spoke from the point of knowledge as part of the decision members of the current administration. He is not an opposition member, which also made his observation both potent and weighty.
In his published article in May 2025, Ibukunolu James, writing on ‘Nigeria’s debt crisis: How did we get here?’ he noted that Nigeria’s debt predicament has intensified to concerning heights, with forecasts suggesting that the nation’s overall debt could reach N187.79 trillion by the end of 2025.
According to him, “This scenario has arisen from a complex combination of factors, including extensive borrowing practices, currency devaluation, and inadequate financial governance. To understand how Nigeria reached this vulnerable economic position, it is crucial to analyse the historical background and the primary factors contributing to the crisis.
“The trajectory of Nigeria’s debt has changed dramatically over time. The federal government’s borrowings increased by 658percent between 1999 and 2021, from N3.55 trillion to N26.91 trillion.
“This expansion was noticeable when foreign debt increased by more than 291percent under former President Muhammadu Buhari’s administration. Following the 2023 general elections, Nigeria’s debt deteriorated significantly, increasing from N49.85 trillion to over N134.30 trillion within a short period. As of September 2024, Nigeria’s public debt totalled N142.3 trillion, equivalent to approximately N624,527 per person.”
Hunger, anger in Nigeria
Despite the denials and efforts to dismiss with a wave of the hand the excruciating pain Nigerians are nursing on account of government policies that have not yet started to bring the dividends, the incontrovertible truth is that the situation is dire in the country. While Abuja rationalizes its policies and points to the hefty allocations to state governments, the fact remains that things are not trickling down to the people causing a lot of frustration and anger.
A warning
In what seemed a warning to the ruling class, a worried and concerned Nigerian posted on the wall of his Facebook, “It was Bangladesh a year ago. Now, it’s Nepal. Corrupt leaders run to their wit’s end as oppressed people turn on them when pushed to limits. Don’t say it can’t happen here.”
