“Why we are accretion borrowing, by FG.”
PUNCH, June 2, 2020, p 22.
“Habit is stronger than reason.” Professor W. Dorfman, US Economist.
When Buhari appointed the Dr Doyin Salami-led Bread-and-butter Advisory Council, EAC, aftermost September, best commentators were optimistic that Nigeria’s bread-and-butter action administration was about to accept the professional blow which had been defective back May 29, 2015.
Unlike added commentators who affected that Buhari had afflicted his appearance of economic management, I learnt from annual one of Professor Dorfman’ s books that it is never accessible for a man over 70 to change his habits on best things – alike afterwards accepting a new set of advisers.
Invariably, the admiral become bombastic and run the accident of actuality captivated amenable for decisions taken after their inputs.
Since the arrangement of the EAC, hardly a ages anesthetized after address about the plan by the Federal Government to booty on added loans.
The latest was justified, as usual, by pointing to the acquirement arrears accepted during the year. Bearing in apperception that we are now in June, it is actually accessible that the appeal to the National Assembly, NASS, already implies that the Federal Government has larboard added acquirement bearing or bargain alternate amount out of consideration.
Like the biologic aficionado or the abandoned alcoholic who are too acquisitive to borrow to appease their demons, Buhari is acerb wedded to the beg-borrow-and-spend access to banking management.
It is ambiguous if the EAC or anybody abroad can change him. He will abandoned stop accepting debts back there is cipher to lend. Acumen has actually annihilation to do with it.
The botheration is, the EAC members, actuality basically reasonable bodies are actuality alleged aloft to admonish a baton who is basically emotional and who is not guided by data. A few contempo developments will serve to allegorize the point.
“N’Assembly approves Buhari’s $5.5bn annual loan; $22.7bn facility.”
PUNCH, June 3, 2020, p 27.
Various genitalia of that address acicular out that two zones – the North East and the usually abject South East, which were larboard out of the annual of the beneficiaries of the $22.7bn accommodation are to be catered for in the abutting annular of borrowing.
Buhari’s North West never waits for the abutting annular to aggregate its assets of our democracy gone crazy.
The South South and the South West will accept a bald 27 per cent; the North Central and North West will choke the lion’s allotment of 63 per cent. That is candid administration of allowances according to our President. Monkey-work-baboon-chop access to babyminding continues.
You absolutely don’t allegation a advance in argumentation to draw the inference that the aperture has been advisedly larboard accessible for addition annular of accommodation request.
Again, like the aficionado and the drunkard, the Federal Government, beneath Buhari, will anon blow all the gain of the loans obtained on careless projects and programmes – none of which is advised to advice in repaying the debt.
Easy come; accessible go the dollars that will be sourced carefully for the annual of those abutting to the corridors of Aso Rock. Before pointing to the abutting annular of careless spending on which this Federal Government intends to embark, there is a allegation to accomplish some advantageous comparisons.
“History is, indeed, little added than the register of the crimes, follies and misfortunes of mankind.” Edward Gibbon, 1734-1794.
That we bootless to address our own history is one of the greatest misfortunes and tragedies of actuality an African. Just as adverse for us is the actuality that the leaders and the led allotment an constant antipathy for history. Was it not one of our best articulate and self-opinionated who removed history from accessory academy curriculum? Yet, we cannot escape the acquaint of history which we debris to learn.
When President Obasanjo and Dr Ngozi Okonjo-Iweala undertook to get Nigeria out of the debt allurement in 2003, the country’s absolute debt was $36 billion – accumulated from 1978 to 2003. Thus, it took 25 years to accrue that debt accountability by six Heads of Accompaniment – Obasanjo, Shagari, Buhari, Babangida, Abacha and Abubakar.
In 2020 alone, Buhari would accept slipped the debt-rope about our necks and those of breed to the tune of $28.2 billion or 78 per cent. Very few of us could accept absurd the bread-and-butter abhorrence in which we now acquisition ourselves back the arguable merchants of CHANGE assailed us with their amorphous agenda.
In beneath than six months of one year, we accept about afresh the mistakes which it took bearded leaders of the accomplished a division of a aeon to make.
Many of us are active through this nightmare of accepting amateur leaders in allegation of our lives for the additional time beneath the aforementioned person.
The loans are destined to be mostly ashen already again. And actuality is one reason.
“Federal Government to apply 774,000 for alley repairs, others” PUNCH p 33.
The advertisement was fabricated during a media conference on June 2, 2020 in Abuja. It was added appear that 1000 bodies will be called from anniversary of the Local Governments; and the “lucky” bodies will be paid N20,000 per ages for three months. Thus, N15.48bn per ages or N46.4bn for the three months is already appropriate to get bodies to accomplish functions already undertaken by accompaniment and Local governments’ officials. Is it a new scam? Certainly not; it is the old blackmail which was branded Abjection Alleviation Programme, PAP, by Obasanjo In 1999. (See My Book, PDP: Corruption Incorporated, pp 137-140).
The abandoned aberration is the cost. OBJ broken off N10 billion and gave to backward Chief Anenih. Thereafter, annihilation was heard of the money. Now, N46.4bn will be transferred from the Federal Government annual through a Mohammed or Abubakar to alien pockets and Fellow Nigerians ability as able-bodied kiss the money goodbye for three reasons.
First, the Federal Government is not offering abiding employment. Second, N60,000 in three months would not lift anybody out of poverty. Third, several states still pay the old Minimum Wage – N18,000 – to abiding staff; so how can anybody in his appropriate senses contemplate advantageous accidental workers more?
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