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Obasanjo, Not 'Wise' To Pay Off Nigeria Debts - Tinubu
https://osazuwaakonedo.news/obasanjo-not-wise-to-pay-off-nigeria-debts-tinubu/21/11/2024/
#Economy #Achebe #Bola #Chinua #Debts #news #Nigeria #Obasanjo #Olusegun #ParisClub #Tinubu #USA #Yale ©November 21st, 2024 ®November 21, 2024 4:51 pm Nigeria apex lawmaking body, the Senate under the leadership of Godswill Akpabio has approved the sum of $2.2 billion fresh loan application by President Bola Ahmed Tinubu, few days after the President said the former Nigeria President from 1999 to 2007, Olusegun Obasanjo was not wise to have paid off Nigeria $15 billion debts he inherited, a statement the President made in reaction to Obasanjo speech at the Leadership Forum held in honour and memory of one of the country great literary icons, late Chinua Achebe at Yale University, United States of America, USA, and the new loan, if accessed, has made Nigeria debts profile to rise above ₦136 trillion, just as the country is currently and apparently borrowing money to finance recurrent expenditures especially borrowing funds to pay back previous loans. #OsazuwaAkonedo
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0:00
Nigeria Apex lawmaking body the Senate
0:03
under the leadership of godsville aabo
0:05
has approved the sum of $2.2 billion
0:08
fresh loan application by President B
0:10
andu few days after the president said
0:13
the former Nigeria president from 1999
0:16
to 2007 uass was not wise to have PA off
0:20
Nigeria $15 million debts he inherited a
0:23
statement the president made in reaction
0:25
to a benger speech at the leadership
0:27
Forum held in honor and memory of one of
0:29
the country great literary icons let
0:31
chin a atel University United States of
0:34
America USA and the new loom if accessed
0:39
has made Nigeria Deb's profile to rise
0:41
above 136 trillion Nas Just as the
0:45
country is currently and apparently
0:47
borrowing money to finance recurrent
0:48
expenditures especially borrowing funds
0:50
to pay back previous loans Sahar repter
0:54
News Network in a report few hours ago
0:57
stated that the the Nigerian Senate has
1:00
finally approved a fresh $2.2 billion
1:03
about 1.77 trillion nairas request met
1:07
by President Bola tinubu the legislative
1:10
approval was given by the Senate after
1:13
the submission of a report by Ali waku
1:15
chairman of the committee on local and
1:17
foreign dates the sum equivalent to 1.7
1:22
trillion nairas using the exchange rate
1:24
of 800 nairas to a dollar will be used
1:27
to finance the 9.1 trillion nairas
1:30
deficit in the 2024 budget earlier
1:34
Nigerian media space was awashed with
1:36
criticisms from former Nigerian
1:38
president olaso who strongly criticized
1:42
president binu's leadership stating that
1:45
Nigeria is becoming a failing State due
1:48
to widespread corruption poor leadership
1:50
and immorality obas met the remarks
1:54
during his keynote address at the chin a
1:56
leadership Forum held at yel University
2:00
amasser emphasized that the country's
2:02
situation is dire with corruption
2:05
insecurity conflict and disunity On The
2:09
Rise he attributed Nigeria's problems to
2:12
the reign of Baba golow president
2:15
muhamadu bhari and Amon president bolu
2:20
citing the consequences of perversive
2:22
corruption mediocrity immorality
2:26
misconduct mismanagement and Injustice
2:30
the former president urged the
2:31
leadership to prioritize the betterment
2:34
of the people rather than succumbing to
2:36
foreign
2:37
influences he went against State capture
2:41
by vered interests which he described as
2:44
one of the most perversive forms of
2:46
corruption a basser noted that public
2:49
institutions are being manipulated for
2:52
personal gains undermining the country's
2:54
progress a massenger expressed concern
2:57
about Rising insecurity and F food
3:00
scarcity emphasizing that addressing
3:02
these issues is crucial to preventing
3:05
instability he accused politicians of
3:08
exploiting vulnerable citizens instead
3:10
of providing Concrete Solutions to their
3:13
problems in response to aass criticism
3:16
the presidency countered with
3:18
allegations of hypocrisy cting a
3:20
basser's own leadership shortcomings
3:22
during his ten Tino speaking through the
3:26
office of the special advisor to the
3:28
president by on manuga stated that
3:30
obasan Administration was mared by
3:33
corruption including the haribon brde
3:35
Scandal and the filled $6 billion power
3:40
projectas also called for the dismissal
3:42
of the chairman of in mmud yakubu and
3:46
officials of the commission at all
3:48
levels as part of a reform of the
3:50
electoral process in Nigeria he
3:53
delivered the address titled leadership
3:56
failure and state capture in Nigeria in
3:59
a PR speech played at the event a
4:02
massenger described the 2023 general
4:05
election as a travesty adding that the
4:08
reform of the electoral system is a key
4:11
agenda for the country the former
4:13
president also called for shorter tenur
4:16
for Inc officials and a more rigorous
4:18
voting process to prevent the
4:20
appointment of partisan
4:22
individuals as a matter of urgency we
4:25
must ensure the I chairperson and their
4:28
staff are thoroughly vetted the vtin
4:30
exercise should produce dispassionate
4:33
nonpartisan actors with impeccable
4:36
reputations Nigeria must ensure the
4:38
appointment of new credible Inc
4:40
leadership at the federal state local
4:43
government and Municipal City town and
4:48
Village levels with short ten years to
4:51
prevent undesirable political influence
4:53
and Corruption and to reestablish trust
4:56
in the electoral system by its citizens
4:59
he said
5:00
he argued that the in chairperson must
5:03
not only be absolutely above board but
5:05
must also be transparently independent
5:08
and Incorruptible aaseng just said the
5:11
commission willfully failed to utilize
5:13
two men technological tools at its
5:15
disposal the bodal voter accreditation
5:18
system bvas and the in election result
5:21
viewing portal IR during the 20123
5:24
presidential election despite the
5:26
promises made by yakubu the BV as and
5:30
irev are two technological innovations
5:32
that prior to
5:34
2023 were celebrated for their potential
5:37
to enhance the accuracy and transparency
5:40
of our election results eliminate the
5:42
threat of election ring and boost public
5:45
trust in electoral outcomes these
5:48
Technologies were Ted by the Inc
5:50
chairman himself in the end these
5:53
Technologies did not fail I willfully
5:56
failed to use or Implement them which
5:58
resulted in widespread voting
6:01
irregularities it was a case of inviting
6:04
the fox into the H house he said details
6:07
of President B and metable response to
6:10
obas criticism titled former president
6:13
obasan was not an ideal needer to
6:16
emulate read the button Below in a
6:19
recent display of his characteristic
6:21
self-importance former president uun
6:24
obas Jo once again took to the public
6:26
stage to bestow his unsolicited wisdom
6:29
on leers and governance in Nigeria from
6:32
his ly plge he blamed those who served
6:35
after his tenure for the nation's mad
6:38
challenges unfortunately the former
6:41
leaders habit of casting aspersions on
6:43
every subsequent Administration has
6:45
devolved into a recurring Pastime
6:48
overshadowing the expectation of an
6:50
elder Statesman to join a constructive
6:52
Dialogue on attaining National progress
6:55
in his latest critique of the
6:57
administration of President Muhammad
6:59
bohari whom he pejoratively called babal
7:03
goow and president bolu who he
7:07
ton Chief ofas used the platform
7:10
provided by chin ACH leadership Forum at
7:13
yel University to unfold his latest
7:15
treaties on leadership and public
7:17
morality he also used the Forum to write
7:20
of Nigeria as a faing country the irony
7:24
of Chief obas using the platform that
7:26
celebrates a CH to summize on the idols
7:29
of good governance statecraft economic
7:32
management and Corruption should be
7:34
apparent to Discerning Minds when he was
7:38
alive chin AE was a universally
7:40
acclaimed moral cultural and literary
7:43
icon with SC regard for obasanjo it is
7:46
on record that Professor a rejected the
7:49
third highest National Honor bestowed on
7:51
him by the obas Le Administration in
7:54
2004 on the grounds of the prevalence of
7:56
abuse of power corruption po leadership
8:00
and in particular state sponsored
8:03
brigandage endorsed by Chief obas Joo in
8:06
A's home state of anambra in anambra the
8:10
former president actively supported the
8:12
Abduction of a city Governor Dr Chris in
8:16
by nonstate actors led by Chris uba a
8:19
younger brother of obas Jo's senior head
8:23
in rejecting the 2004 National Honor by
8:26
the obas administration aii declared
8:29
Nigeria's condition today under your
8:32
watch is too dangerous for silence I
8:35
must register my disappointment and
8:37
protest by declining to accept the high
8:40
honor awarded me in the 2004 honors list
8:44
Brazen illegality and assault on the
8:46
constitution of Nigeria reached a
8:48
disturbing height under the leadership
8:50
of Chief obasan during ofers era the
8:55
unconstitutional impeachment of four
8:57
Governors who belonged to his party of
8:59
called the governors impeached by
9:02
minority members of the houses of
9:04
assembly were Joshua Dar of plateau
9:06
Rashid L of oo a of eity and Alia of
9:12
Bosa a man under who watch all of these
9:15
egregious infractions or cour should
9:17
certainly not be the one to give any
9:19
lecture on leadership and Corruption he
9:22
should not be taken seriously as he RS
9:25
of profound hypocrisy of the worst form
9:28
former president of basso has
9:30
continuously pumped himself up as the
9:32
economic wizard of Nigeria but a reality
9:35
check showed he was nothing of such he
9:38
left unresolved many if not all of the
9:42
problems of Nigeria which he itemized in
9:45
his lecture he even recently admitted
9:48
that his government made a mistake by
9:50
not focusing on gas development as the
9:53
table Administration does today all oil
9:56
and gas players know that Nigeria has
9:59
more gas down oil The only positive of
10:02
the obasan Jo era was fiscal and
10:04
monetary policy management boid by a
10:06
consistent rise in crude oil prices
10:09
throughout his 8year tenue this rise in
10:12
crude oil prices started in 200 and P in
10:15
2013 when it reached over $100 per
10:18
barrel before a decline in 2014 which
10:21
set the O dependent economy downward the
10:25
current economic crisis the all
10:27
progressives Congress Administration
10:29
have been battling since 2015 is the
10:31
product of the PO choices in economic
10:34
management met by obasan Jo and the two
10:36
successors from his party a massenger
10:39
Prides his government on paying the $15
10:42
billion debt owed to the Paris Club
10:45
still it was not a wise decision as it
10:48
was done when the country's critical
10:50
economic infrastructure across sectors
10:52
was in
10:53
shambles while o receips brought money
10:56
into the country aaser failed to f F the
10:59
deplorable Federal roads or expand the
11:02
National Road Network he did not repair
11:05
the Legos ion Expressway the Legos abuta
11:08
Road leading to his hometown in abuta
11:11
the Oto Road and many others his
11:15
administration also should have paid
11:17
more serious attention to universities
11:19
and poly technices in a joint vote of no
11:23
confidence in our tertiary Institutions
11:26
obas and his Deputy ATU abub baka sought
11:29
to profit from their weaknesses by
11:31
establishing their private
11:34
universities as a sitting President
11:36
Chief of basser abused his office to
11:39
advance personal interest against the
11:41
spirit and letters of our constitution
11:43
when he coralled leading businessmen
11:45
women and government contractors to
11:47
donate millions of Nira for his U
11:50
Ambassador Presidential Library and
11:52
resorts in auta and his b University in
11:55
OT after wasting millions of naira on a
11:59
F third term project in 2007 Chief ofas
12:03
hardly organized a sham electoral
12:05
process that would go down in history as
12:08
the most fraudulent election held in
12:10
Nigeria since
12:11
1960 the beneficiary of the Sham
12:14
election umaru yadua admitted that the
12:17
election was seriously flawed and as
12:20
Justice Muhammad O's pel recommended
12:23
worked towards electoral reforms it is
12:26
hypocrisy Rate large when a man who
12:28
present Ed over the worst election in
12:30
Nigeria demands the sck of the
12:32
leadership of the independent National
12:34
electoral commission for eight years the
12:38
obasan administration made no
12:40
significant investment in security by
12:42
modernizing the Armed Forces he did not
12:45
redesign the National Security
12:47
architecture or change the military
12:50
Doctrine the most critical investment in
12:53
our Armed Forces especially the military
12:56
since the administration of President sh
12:59
shagari in 1980 was met by the APC Le
13:02
administration of president bohari from
13:04
2015
13:06
2023 when President bhari assumed office
13:10
in 2015 the Air Force had fewer than
13:13
three
13:14
serviceable fighter jets and the nav
13:17
Valley had one serviceable vessel within
13:19
8 years president bohari acquired over
13:22
14 new fighter jets of different
13:25
capabilities including 12 Tano Jets he
13:28
also acquired naval ships to strengthen
13:31
the Navy the APC administration of
13:34
bohari developed the ear wings of the
13:36
Army and Navy and changed the entire
13:38
Armed Forces into one of the most potent
13:40
fighting forces in the world president
13:43
Tino has continued to sustain the same
13:46
support and funding to the military and
13:48
other security agencies it is the reason
13:51
the country is winning in the multi
13:53
promp fight against Boko Haram
13:55
terrorists Bandits kidnappers and other
13:59
P trators of violent crimes in the last
14:02
year over 400 Terror and Bandit kingpins
14:05
have been eliminated and thousands of
14:08
Nigerians have been freed from their
14:10
abductors the insecurity that engulfed
14:13
Nigeria started under the Ober
14:15
Administration with militancy and
14:17
kidnapping of exportal Oil Workers in
14:19
the Niger Delta which later became a
14:22
festering wound from which the nation
14:24
has not recovered bah Haram which became
14:27
a violent movement in 2009 began its
14:31
buildup under obasan Jo's regime on
14:34
matters of Integrity honesty and
14:37
morality in public leadership Chief ofas
14:41
is certainly not a paragon of virtue for
14:43
anyone to model after Nigerians can
14:46
still remember the messy public Spar
14:49
between Chief obasanjo and his then vice
14:51
president aiku abaka over ptdf money
14:55
that led to a senate public Hearing in
14:57
2004
14:59
the sudden details of the public hearing
15:01
included unsettling evidence of how aaso
15:04
instructed his vice president to BU
15:06
sport utility vehicles for his
15:08
Mistresses with ptdf funds there was
15:12
also the haribon bribe Scandal which the
15:15
US Congress probe revealed briad
15:18
payments were made to the highest
15:20
political authorities at the Villa while
15:22
obas was in charge Nigerians will also
15:26
remember how the obas administration in
15:28
Ed $16 billion on electricity which left
15:32
the country in utter Darkness the
15:35
Colossal amount spent on power was so
15:37
embarrassing that President umaru musara
15:40
obasan successor ordered a probe
15:44
similarly obasan privatization program
15:47
was scandalous it did not deliver real
15:50
value for the country his administration
15:53
cheaply sold National Assets to cronies
15:55
who stri the assets of the state-owned
15:58
Enterprises
15:59
a case in point was the aluminium
16:01
smelter company asone in eot Abassi Aqua
16:04
iom State built by the military
16:07
government at the princely sum of $3.2
16:10
billion it was sold for
16:13
$130 million our massenger also sank
16:17
money into turnaround maintenance of our
16:19
refineries which never worked leading to
16:22
the massive importation of refined
16:24
petroleum products such was the masma of
16:28
corruption on obasan that the former
16:30
Governor of ABIA o oku his party member
16:35
petitioned the efcc accusing aaser of
16:38
gross abuse of office if Chief obass had
16:42
addressed the many problems he critiqued
16:44
in his poly WR young lecture when he
16:46
ruled Nigeria for 8 years president
16:49
bhari and president tinubu would have
16:51
had a much lighter burden of fixing the
16:54
country while the tinal administration
16:57
diligently Works to overcome the
16:59
country's economic challenges it would
17:01
be better and more advisable for former
17:03
president oaso to temper his
17:05
self-righteousness in his public
17:07
discussions regarding our nation's
17:09
temporary
17:10
difficulties instead his remaining years
17:13
would be better spent reflecting on the
17:15
missed opportunities during his own time
17:17
in leadership both as military head of
17:20
state and civilian president May Ona
17:24
special adviser to the president on
17:26
information and strategy stated in
17:28
aortal on behalf of President B on
17:31
November 18
17:36
2024 bringing you the news in a more
17:40
Digital Way
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