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By Henry Uche
Upon public outcry over the unprecedented incessant borrowing by the federal government of Nigeria, the Director- General of Budget Office of the Federation, Ben Akabueze has justified the over N41.tr debt burden resting on the shoulders of Nigeria.
In a keynote speech titled “The National Debt Burden: Causes, Effects and Realistic Economic Solutions” delivered at the 46th Annual conference of Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN) in Lagos, the Director -General who was represented by Professor Olumide Ayodele, maintained that debt was not an issue to worry about but hoe to increase revenue generation.
Akabueze maintained that the federal government needed to borrow to meet some salient challenges. He revealed that the loans were obtained to cushion the effects of COVID-19, save Nigeria from series of recessions from 2016, tackle insecurity, fix capital projects and other problems was besetting the country.
“There was a drop in oil revenue, so in other to meet exigencies the federal government needed to borrow. But we can get out of the woods if financial leakages are blocked across board, if there are adequate and accurate remittances from both private and public sectors, if we cut cost of governance, discontinue oil subsidy, address pipeline vandalism and oil theft, suspend new salary increase from some quarters, implement e- customs project and many other actions,”
On his part, the president/ chairman of council of ICSAN, Taiwo Gbenga Owokalade, also decried the level of indebtedness of Nigeria saying, “Our country has not only amassed a gargantuan amount of debt but has kept borrowing at a fast, if not alarming rate. The nation seems to be progressively getting deeper and deeper into the debt quagmire amidst the clamour of many concerned stakeholders that the trend should be arrested. This is against the background of the weakening power of the Naira”
ICSAN’s president stressed that Nigeria is yet struggling to service the interest on debt, not to talk of repayment of the principal. He added that with such grim of statistics portraying huge fiscal deficits, there was no gainsaying the fact that the matter becoming unbecoming.
“Incurring debit is not by itself a negative development, the size of the debt vis-à-vis the national income, cum the nature of the projects to which the obtained loans are applied constitute the pertinent issues for serious consideration.
“Many stakeholders are very concerned because our current debt profile prognosticates an inauspicious omen for national progress, development and sustainability. We cannot talk of national sustainability if we cannot survive except by taxing the resources that should be available for the future.
“But is the borrowing spree sustainable?” How do we break free from this debilitating burden of debt?” “What governance model can we adopt to soar above this debt trap and still manage to procure growth and development? He queried.
Owokalade who described the ugly situation as perplexing howbeit expressed optimism in the restoration of Nigeria’s lost glory, saying that he would not give up on Nigeria, assuring that the much desired positive change would come when key decision makers do the right things at the right time.
ICSAN’s president charged other professional bodies in Nigeria to rise to the occasion and show themselves approved in line with the mandates and extant laws establishing them. “We are not giving up on Nigeria and we must not stop engaging relevant stakeholders to do the right things. We can’t sleep while things go wrong in the country. Professional bodies must rise and defend the course they pledged to pursue, and at all time the government must be kept on their toes because Nigeria belongs to all of us,” he affirmed.
Speaking on: Beyond Governance: The Role of Dedicated Followership in Participatory Democracy, a Professor of Political Science, Sylvester Odion Akhaine, asserted that there had been a dominant strain of misapplied blame, saying, “To put the blame of the problems of Nigeria on the followers is to equate them with causality. The followers, in my opinion, are in a Rousseauan dilemma.
“The people have willed into existence the general ‘Will’ and still wish to retain their ‘will’ once there is a mission creep on the part of the state. That was solved by the constitutional provision of recall in liberal democracy. This has been impossible in Nigeria because of the coup against the people. The state has become roguish without respect for the rule of law. The charges against the followers are the objective manifestations of the struggle against the strictures imposed by the rogue state”
He added that followers are being wrongly blamed for the ills of the country; “Followers are not to be blamed. Their docility and lethargy to reclaim their destiny in dramatic ways is a function of their repression by the ruling elite. But the unity of the subjective and objective factors will lead to the restoration of popular power and fulfilment of the social needs of society under a democracy that is truly participatory,” he affirmed
For Head of the Civil Service of the Federation (HOS), Folashade Yemi -Esan, who was represented by Yusuf Babatunde, Nigeria’s economy would grow and develop further for the betterment of every citizen through sustainable developmental policies being deployed by the Government, supported by a motivated and efficient public service. “Well thought- out sustainable economic and development policies by both federal and state governments with the support of altruistic, motivated and efficient public service will undoubtedly turn around everything for the good of everyone,” he asseverated.
Meanwhile, stakeholders at the conference lamented over what they called “budget padding” which successive administrations have been accused of, resulting in unnecessary borrowing. The concerned Nigerians issued caution to the Independent National Electoral Commission (INEC) over the 2023 general elections, noting that Nigerians are wiser and better informed and would not tolerate any form of electoral fraud and malpractices by anybody irrespective of class.
“Nigerians, especially the young people have woken. They are now much interested in the political affairs than ever. They are ready to stand up to defend their votes. INEC must not joke with the future of Nigerians at all. The back and forth statements from them regarding the coming elections are making Nigerians lose hope in their ability to conduct free, fair and credible elections.
“We cannot take any excuse whatsoever. INEC must put eery necessary things in place. We’re tired of affliction, and it shall not rise a second time. Let political merchants and violators across party lines and the other side steer clear because we shall fiercely resist any intimidation from any quarter, all we want is “the Will” of the masses to prevail after the pool, not the sinister interest of few,” they averred.
