Skip to main content

NEWS FROM NIGERIA - THE NATION IS BROKE and NEAR BANKRUPTCY

Buhari's government has finally ruined Nigeria in less than 8 years in office, our monthly debt servicing is now more than our revenue... Very soon, Nigeria will declare bankruptcy.... soon, we will not be able to pay salaries again and our creditors will begin to take over our country. How can a country so blessed be this poor?

When Buhari's government was borrowing money for white elephant projects (projects that are not bringing return nor advancing our economy in a way to bolster the nation's revenue) and the likes of Fashola and Amaechi (who have allegedly become billionaires in dollars) were justifying the need to borrow to stupor, we told them they are selfish.

The corruption that ruined Nigeria is not just from the politicians alone, most of it comes from ordinary Nigerians - civil servants. Civil servants entrusted with the duties of administration have created artificial bottlenecks in order to fleece everyone they are supposed to serve including other parastatals - research institutes, universities, etc., pay to get their monthly subvention. They inflate and pad budgets, and you will never hear leftover budget being sent back to the ministry of finance in Nigeria, the money grow wings and fly away by the end of the year. You cannot do anything at the highest level in Nigeria without paying bribes. I have first-hand recent experiences.

Those in the presidency, executive arm, and legislature waste taxpayers' money on frivolous activities - unwarranted trips, flying the president's daughter to pictures in Bauchi from Abuja, the president's wife living in Dubai for months - most likely on taxpayer's back, travel abroad for training that can be facilitated at home, they and their family go abroad for medical treatments on taxpayers' back while they neglect our hospitals, their kids go to school abroad on corruption proceeds, their allowances are bogus. ASUU better call off their strike, Nigeria is broke.

... all this wasteful spendings create a government that cannot pay its bill. We said Jonathan's government was corrupt, but Buhari's government will go down in history as the most corrupt government ever since independence.

The nation is going down the drain - if our monthly debt servicing is more than our revenue, it implies that the nation's debt will continue to balloon, and we will default on our loan payments. If we default on Chinese loans, we will see a take-over of our infrastructures. It is coming except something drastic happens quickly....

That drastic thing is to choose wisely in 2023. If we vote in the same set of wickedly corrupt people in the next election.... they will ruin what is left and take a flight when it all falls apart...

Comments

Popular posts from this blog

DARWANIAN Theory - The Driving Force Behind American Capitalism Philosophy

Communism died, and capitalism survived. Capitalism is a supposed system that allows freeness in an economy - market forces in the hands of private owners control what happens to the economy with minimal influence by the state. Capitalism has produced enormous wealth in the West. There are so many millionaires and billionaires. The question is, what is the ratio of the stupendously rich and those who are just scraping by - living from pay check-to-pay check? The gap is huge between the rich and the poor in most capitalist states. When President Trump was going to deliver his tax reform, it favored the rich with about 80% of the tax benefits going to the top 1% richest people in America. The argument was that they create jobs, they should benefit more - money is being given to those who really do not need the extra cash but those who need it the most, aids is been taken away from people who are at the bottom of the ladder because of a few who lie on their social welfare claims. I h...

STATE of THE NATION (NIGERIA) - February 2020

For 16 years, Nigerians believed that their problem was a political party called PDP. The other side agitated for those 16 years to wrestle power from PDP and many of us supported them. That other side has been in power for almost 5 years now, and things have gone from bad to worse compared to the PDP years. The money APC government has borrowed in 5 years is multiple of what PDP borrowed in 16 years, and the economy has gone down the drain. Nigeria has become the poverty capital of the world, and millions of children are out of school, there are no hospitals, unemployment is double digits and it has remained so for the better part of Buhari's time in office. The security situation has gone worse because the president is complicit due to the involvement of his kinsmen - he has shown zero will to tackle the problem decisively. The consequences of this is crack in the wall of the entity called Nigeria - with Amotekun launch in the South West and the US ban of Nigerians from ce...

Lagos - Calabar Coastal Highway, Another White Elephant Project by the Nigerian Government?

Except Nigeria changes its approach to project execution fundamentally, I do not see the Lagos - Calabar Coastal Highway project finishing in my lifetime. This project was conceived in 2006 by OBJ, 18 years ago. They are just starting today... 2024. If things are done properly, it will take 8 years - 8 years oh... that could be 80 years in Nigeria. How many decades since the Ibadan - Ilorin highway was conceived (since 1979) - it was restarted in 1999 during OBJ who conceived the road during his first stint in government as a military head of state. The road is yet to be completed, and the portion completed is already dilapidated, worse than the old road. Lagos - Ibadan expressway is yet to be fully completed 25 years since it was awarded. There have been several awards and re-awards since 1999 and billions of dollars have been wasted on a major road that links the commercial hub of Nigeria to the rest of the nation. There are so many other Federal highways like this, especially those ...