By Sanco Ese
Nigerians are suffering today because of the huge debt profile hanging over our heads like the sword of a debacle.
It is regrettable that the APC government is not only wicked to its citizens but also fantastically corrupt and clueless.
Every country indeed borrows, but when you borrow for consumption, it is wrong. Sadly, Nigeria borrows to share. They only think of sharing the formula without thinking of the production formula.
In 1999, when President Olusegun Obasanjo came to power under the umbrella of the PDP, he met 1.5 billion USD in our foreign reserves. Yet, by the time he left office in 2007, eight years later, he had built up those reserves from 1.5 billion to 67 billion USD. Out of that 67 billion, he deducted 20 billion and used it to pay off a large chunk of our foreign debt. That is how we arrived at the figure of 47 billion USD, which was left in our foreign reserves in 2007 when Obasanjo left office and handed over power to the incoming government.
It is also worthy of note that President Obasanjo inherited a foreign debt of over 30 billion USD from the Abubakar administration. Yet by the time he left power in 2007, he had paid off that debt fully, and for the first time in the history of the world, sub-Saharan Africa had a completely debt-free country.
There is no doubt the PDP government came up with a sound economic blueprint and employed some of the best hands that made our economy one of the leading economies in Sub-Saharan Africa and the world.
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It is sad, as of today, the country’s debt profile has risen to N49 trillion without anything to show for it.
This scenario is a sad commentary on the life of our nation and Nigerians must rise and ensure a credible leadership is put in place in 2023.
As it is today, Nigeria currently sits at the bottom of the global Human Capital Index. It’s per capita investments in health and education—two critical sectors that grow human capital—are among the lowest in Africa, with South Africa and Egypt, its key economic competitors, far ahead.
Nigerians are worried that President Buhari and the APC government’s reckless borrowing could mean that Nigerians won’t have a country and a heritage that they can freely call their own after the APC, which has less than a year left in office, leaves government.
The current levels of debt are already at an unsustainable threshold. If over 80 percent of revenue is used to service debt, this is bad and unacceptable with regard to our future, our children’s future, and that of generations yet unborn.
Ironically, the federal government agencies are declaring billions and trillions of revenue generated, and at the same time, the government is busy taking foreign loans.
It is laughable that the Nigerian government has even gone to the extent of borrowing from countries like China, India, and Brazil. This is the height of irresponsibility and cluelessness.
It seems to be the APC knows it will not be around after May 29, 2023. That is why it is pushing our nation into a deeper economic quagmire with foreign loans, which are largely diverted to the personal pockets of their corrupt leaders.
Statistics from the Debt Management Office that our reporter got showed that the country’s external debt went from $10.32 billion on June 30, 2015, to over $93 billion as of June of this year.
The window of opportunity to deliver the promised strong economy and a secured nation is now a mirage as they have left us more indebted and unsecured than when they met us.
The truth is that we have nothing to lose anymore. We have lost it all already. Our nation in the next 60 years may not be able to recover from this economic quagmire we have found ourselves in.
It is time to vote out this incompetent APC government. May God hear our cry.
My name is
God’s Pen of Intervention
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