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$30billion Loan: Governance Incompetence Hitting The Roof

By Good Governance Advocates
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It is now a crystal clear to all sane that President Buhari lacks what it takes to govern a complex nation like ours in this 21st century. I'm standing on his admission to abscond from his elected obligations after few weeks of his ascension to Aso Rock. I think it would have been better if he had resigned than flip flopping with our economy. If President Buhari's assertion is anything to consider, is that it shows how unprepared him and his acolytes are for business of governance. This is because his recent assertion is in consonant with his earlier agreed diminishing return on his age.

No wonder every outing on economy or politics has been with one punch or the other. At least for someone that has been pursing a singular goal for 12years to lack what it takes to manage the goal is disheartening. Since advent of democracy in 1999, President Buhari is the only person that wanted to be President and later became President. Thus he should have got many options to solve any possible event that may occur.

$30billion loan!!! This is the easiest way for an incompetent government to ply. I keep asking where are those billions they recovered from looters? What happened to N3trillion they celebrated as success through TSA? ....More than N3 trillion has been saved by the federal government from the Treasure Single Account (TSA)..

https://www.naij.com /780004-presidency-opens-buhari-will-n3trn-saved-tsa.html

Have they forgotten those money they found in soak away, those billions of dollars returned by looters? www.vanguardngr.com /2016/01/200bn-stolen-money-stashed-in- dubai-shehu-sani /

What happened to N6trillion stole by a former Minister under immediate past administration? Where are those billions of naira returned by their ghost looters? Where are billions saved from fuel subsidy removal and ghost workers elimination?

Here is the position of BudgIT, "the 2017-2019 MTEF as provided to BudgIT through the National Assembly is incomplete as it does not include Federation targets as well as clear classification from revenue lines. It also does not include a detailed 2016 budget

performance report as at Q3 2016. In terms of comprehensiveness as

previously seen, this is a setback.
We also noticed that there was not
enough heft in the macroeconomic
indices as expected for a medium term fiscal document".

From the above submission, this proposed loan is a voodoo economy gambling that will mortgage the future of this country. It is disheartening that this government wanted loan by all cost without proper planning. They just want loan before thinking of what to do with it which made them to publicly announce that they will resubmit the loan request. Why must they resubmit every proposed policy? From budget to loan and now to ambassadorial list.

From the foregoing, it is obvious that Nigerians have bequeathed this nation on the wrong hands. If not why this current government is always in confusion when it is been confronted with vital businesses of governance. It seems they are only good at politicking while becoming helpless when task to govern show case.

Let me categorically state here that there is nothing bad in taking loans. But when purpose for it is having k-leg and repayment parameters cannot be ascertained then we need to ask more questions. A situation where the position of Debt Management Office is at arms length with government's position on loan request is a pointer to ineptitude of President Buhari led government.

President Buhari and those governors parading themselves as custodians of our Commonwealth should look inward. They should reduce cost of governance to reflect current obtainable system. Mr President, your 5 aides on media and publicity is erroneous in time of recession. Likewise those governors having hundreds of appointees occupying spaces without portfolios should have second thought. Like Abuja like other state houses.

President Buhari, many of our innocent public are dying daily due to your government ineptitude. Let me ask you if trillions locked up in CBN as TSA is yielding interest. TSA is good but your government implementation's timing was wrong while the approach should be reconsidered as well. Let me remind you, Mr President that you were asked while campaigning how to finance your bogus promises. Your response then was that recovered loot will cater for it, you did not promise to resort to $29.9billion loan neither did you foresee the fall in oil price as a blaming tool. If not your level of depth in loot recovery is shallow, you would have learnt from Abacha's loot that is still trickling in after 18years.

As one of well meaning Nigerians, this loan request should not be granted under any guise. This is because the largest chunk of it will end up in the hands of those ignobly celebrated cankerworms in your cabinet. These are people fond of spending N80million for a Nobel Laurel birthday, N78million for N3million website, and other fantasies called projects. They are not different from other Commonwealth robbers that are still parading themselves as lovers of innocent public. It is a matter of time, God will fight for the common man.

Mr President, your $29.9billion loan is not the panacea to our current economy woes. Until you stop blame game and lame excuses your government will never amount to anything good.

Secondly, your nepotism, tribal sentiment, inter and intra religion apology, regional bigotry and ratio 97:5 are another spectra of your failing government. If you don't desist from them and become President of all, Nigeria will not move forward under you.

Thirdly, spending 95% of your government time and resources on politicking for 2019 which started from your inception into Aso Villa will continue to leave governance in disarray.

Economy does not answer to brigandage approach but it respects sound and applicable policies. So stop militarizing our economy.

Lastly, we need an inclusive government where all Nigerians are equally participating. Until we agreed that Nigeria is a nation where tribes and religions are not under threat, our unity will remain on patching mode.

Dear President, you need to think on these factors serving as barricade to a sane government. However, if they are tall order then you should call it a day and quit Aso Villa. No nation becomes great in disunity, apprehension, fears, injustice and official murdering from security apparatus.

Ifedayo Obi
Lead Partner, Good Governance Advocates.