 |
| President Muhammadu Buhari |
On
November 30, 2017, the Minister of Finance, Mrs. Kemi Adeosun, had explained in a statement from her media
office that the amount was borrowed to cover the 2016 and 2017 budget periods.
A year earlier, President Muhammadu
Buhari had requested for accelerated approval of a whopping sum of $29.960
billion or N9.12 trillion which, economic analysts believed, would increase the
nation’s external debt by as much as 150 per cent.
The
President had argued that the humongous borrowings would be devoted to the
rapid upgrade of our national infrastructure, which has seriously fallen far
behind the needs of our ever-increasing population. The Federal Government and
its apologists have always hinged their argument on the assertion that the
nation’s debts are low compared to the nation’s Gross Domestic Product, GDP,
which hovers around $405bn. While true, it does not quite present a holistic
justification for our unguarded and impulsive piling-up of our debt stock.
Nigeria’s
N405bn GDP, for a country with a population now approaching 190 million,
compares unfavourably with several countries. For instance Argentina, with a
population of 43.85 million has GDP of $546bn; Turkey with a population of 80
million has a GDP of $858bn. Brazil, which has a population of 208 million, has
GDP of $2tn or four times that of Nigeria. None of these countries has borrowed
the equivalent of a year’s budget for any reason. They wouldn’t do it because
they are aware that debts are not repaid from GDP but from income earned. A
nation that perpetually spends more than it earns is digging a debt grave for
its citizens.
Buhari’s
government needs to be kept on its toes on the danger that this portends for
Nigerians, including our future generations. More worrisome to us is that as we
approach the general election year of 2019, the Federal Government has suddenly
chosen to walk away from its austerity mode of keeping the government as small
it could afford to. It is reconstituting the boards of Federal agencies. It is
giving more jobs to politicians, stoking the fear that the bulk of the moneys
we are borrowing might end up in private pockets as emoluments.
Hmmm!!! Folks, have you ever
imagined how the financial status of your firm will be when more than 20,000
CEOs and other key decision makers of blue-chip corporations pay for your
products and services or even give you very juicy deals. The link below will
tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
Have you heard this? Many
Nigerian exporters have been defrauded of huge amount of money in the process
of exporting commodities to foreign countries. Do you know why? They were not
trained on export operations, management, documentations and the best methods
of payment in export trade. This is terrible!!! Nigerians cannot continue to
lose money to foreigners in the course of export business. Exporters, why don’t
you get a practical manual that teaches the stages of export trade from
processing and packaging of commodities to receipt of payment by the foreign
buyers. It teaches export operations, export management, export documentations
and methods of payment in export trade? It is a contemporary step-by-step guide
to export trade. It tells all the contemporary dynamics in export trade. To get
it, click on the link below:
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