By Abba Dukawa
“As a result of our inability to cultivate financial discipline and prudent management of the economy, we have come to depend largely on internal and external borrowing to execute government projects with attendant domestic pressure and soaring external debts, thus aggravating the propensity of the outgoing civilian administration to mismanage our financial resources.” Major General Muhammadu Buhari in 1984.
History always repeats itself exactly 36 years after then Major General and now President Buhari justified the coup against late Shehu Shagari government. More than times in the history of Nigeria our dear country became a debtor and beggar nation relying on loans to execute infrastructural projects.
When President Buhari came onboard Nigerians hopeful the administration would diversify the nation’s economy.
Mr President and his administration need to remember that before 2015 elections, APC promised to grow the nation’s economy including reduction of power supply deficit and dependence on imports of petroleum products; provision of a country-wide multi-modal transportation network that integrates the economy using roads, railways, air transport, inland waterways, and seaports with modern equipment and services; implementation of a National Industrial Policy that grows the domestic economy, increases the stock of locally made products, keeps the people in paid jobs, reduces our trade deficits, and strengthens the value of the naira.
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The administration vows to strengthen agriculture in order to provide food security, as an instrument for national security, industrialization, job creation and provide a guaranteed market for agricultural produce at a competitive market commodity exchange linked prices.
With this promise, the government has consistently assured that it is working hard to grow the nation’s economy each passing days.
However, Nigerians have been facing high debt profile as scary economic situation throws up some salient questions, all begging for answers.
Nigeria is using 24% of its total budget to service its debts! this is unsustainable. This is just part of an economic malaise that has consigned millions of Nigerians to multidimensional poverty even as a few ones continue to enjoy the nation’s wealth.
To compound the situation, most of these promises cannot be achieved in this administration as it has no clear-cut policy initiative to stem the nation external and internal debt, high level of inflation and falling value of the naira against the United States dollar.
Many Nigerians with foresight are complaining about PMB’s administration penchant for debts believing that it could put the future of the country in jeopardy.
Nigeria’s rising debt profile is fast becoming a worrisome trend. Debt servicing gulps N7.04 trillion under President Buhari’s administration. The government claims, it had no choice, seeing its oil revenues fail to meet up with the target and thus unable to fund Nigeria’s huge infrastructural deficit required to propel economic growth.
Most of these debts were borrowed in just 5 years of the President Muhammadu Buhari’s administration via multilateral, development, bilateral and commercial loans (Eurobonds and Diaspora bonds).
On the eve to mark one year in office of PMB administration of the second term, Nigerians were caught unaware with another efforts to continue jeopardizing our lives and that of generations ahead’s future. President Muhammadu Buhari wrote to the Senate and the House of Representatives, seeking approval for a fresh loan of $5.513 billion.
The request comes weeks after the National Assembly approved a loan of N850bn. Already last year, Senate approved another $22.79bn loan which is currently pending before the House. Even though the loan was to finance the 2020 budget deficit, financing of critical projects, and supporting some states of the federation. Is this necessary for the government?
The administration and its Supporters believe the borrowing was necessary to invest in critical sectors of the economy particularly infrastructure but there not been any efforts on ground.
Abba Dukawa, writes from Kano and can be reached at abbahydukawa@gmail.com
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