In
2016, the federal government under President Buhari wanted to take a 30.54
billion dollar (9.61 trillion naira) loan, which is believed to be the biggest
single external loan request by any government in recent history and the
highest in Nigerian history including a 575 million dollar loan from the World
Bank.
Sometime
ago the federal government decided it needed a 3.5 billion Naira loan and sent
it to the National Assembly for approval. No one heard about the end of that
and it was assumed that it did not happen again. But what if it did? Even
though the 2016 one was not as talked
about as the 2017 one the fact remains that Nigeria or rather, it’s leaders have borrowed a lot and as
people say, another loan is not the way
out. We should be thinking of how to get
out of the debts and not get in more. I think we should focus more on
raising money internally both to fund us and pay off external debts. There are several industries or places in Nigeria where funding can be
raised but they should be invested in now so as to reap rewards in the nearest
future. We should not be too nearsighted or shortsighted and give as excuses
for borrowing money the problems left behind by past leaders and the inability
of industries to start giving out profit so fast, then postpone starting the industries after
loans have been gotten. What we really need to get is a way to move forward
paying the debts and even having leftovers for the incoming regimes.
Most of the matters
discussed that this monies will be used for have not been implemented. A lot of
the programs it was planned for would never be mentioned again once the loan
has been gotten; one “major” project
will be done or the government will mention another project the money is
needed for urgently and the rest will be forgotten. Our leaders are reputed to
be wise, should they not consider this
problem before anything is done? For
example IMO state, a state deep in debts both internally to its workers and
externally to several loan facilities had a statue of about 50 billion naira made in honor of President Jacob zuma of South
Africa. This debacle led to a lot of controversies within the state and abuse
since the man had no relation with the state or Nigeria in general and was considered a
failure and a scanner even in his own country.
This led to a comparison of the two men with people insulting them. All
this happened while the people in the state had not been paid salaries, wages
and entitlements for quite some time. On and on goes the list. The country and each of its states are
extremely deep in debts and is said to be just “out of recession “ as a result
of this, another loan is not the way to
go.
Currently Nigeria is said to be the
highest borrower in Africa and one of the highest in the world, meanwhile it is
also one of the most naturally endowed countries in the world. I think Nigeria
needs to look inwards for more productive strategies for the improvement of the
economy and stop comparing and copying other countries, and if possible call in
favors owed past leaders in the international community in order to restore and
even strengthen the economy. This should be considered a way forward for the
country instead of going for more and more loans which would be just like digging the economy deeper into the grave.
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