In a concise historical critique, Aja outlined how successive post-independence regimes transitioned from infrastructure-linked capital financing to structural debt reliance, concluding with a sharp assessment of current fiscal dynamics under President Bola Ahmed Tinubu. General Sani Abacha (Military Era): Maintained low official foreign borrowing while sequestering vast state funds into private international accounts (the “Abacha Loot”). Maintained low official foreign borrowing while sequestering vast state funds into private international accounts (the “Abacha Loot”). Goodluck Jonathan: Expanded foreign debt issuance through eurobonds (e.g., JP Morgan Bond Index inclusion) while depleting the Excess Crude Account (ECA) reserves. Expanded foreign debt issuance through eurobonds (e.g., JP Morgan Bond Index inclusion) while depleting the Excess Crude Account (ECA) reserves.