In defence of Buhari’s borrowing spree | The Guardian Nigeria News - Nigeria and World News

1/26/2022 8:20:00 AM

In defence of Buhari’s borrowing spree | The Guardian Nigeria News - Nigeria and World News

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In defence of Buhari’s borrowing spree | The Guardian Nigeria News - Nigeria and World News

Nigerians have read, over and over reasons the President Muhammadu Buhari administration usually gives to back what seems like its ‘Oliver Twist’ appetite for more loans.

However, in whatever way or manner the ruling government tries to make borrowing look inevitable or to earn sympathy and support from the public, it remains so foggy in the eyes of some overzealous Nigerians. Indeed, most economists, public affairs analysts and well-meaning Nigerians have expressed serious concern about the dangers of the continued borrowing expedition by the Buhari administration.

Many ask, why is it impossible for our political leaders to for once, try to look away from borrowing-I mean think outside the box? The pundits argue that Nigeria cannot afford to be governed by loans knowing the consequence if payback is defaulted. Particularly, for such loans with conditions that seems to mortgage the future of generations yet unborn.

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[FILE] Nigeria’s President Muhammadu Buhari poses as he arrives for the 75th anniversary celebrations of The United Nations Educational, Scientific and Cultural Organization (UNESCO) at UNESCO headquarters in Paris on November 12, 2021.At the event, Governor Abubakar Bagudu called on APC members to massively vote for its candidates in the February 5 local council polls.Paris Saint-Germain’s Argentinian forward Lionel Messi (R) fights for the ball with Reims’ French defender Andreaw Gravillon (L) during the French L1 football match between Paris Saint-Germain (PSG) and Reims at the Parc des Princes stadium in Paris on January 23, 2022.Yahaya Bello.

(Photo by JULIEN DE ROSA / POOL / AFP) However, in whatever way or manner the ruling government tries to make borrowing look inevitable or to earn sympathy and support from the public, it remains so foggy in the eyes of some overzealous Nigerians. Indeed, most economists, public affairs analysts and well-meaning Nigerians have expressed serious concern about the dangers of the continued borrowing expedition by the Buhari administration. The governor also stated that the rally in Kamba was organised for three main reasons, including to commiserate with the victims of the recent fire incident in the town. Many ask, why is it impossible for our political leaders to for once, try to look away from borrowing-I mean think outside the box? The pundits argue that Nigeria cannot afford to be governed by loans knowing the consequence if payback is defaulted. But three of the teams just behind them lost. Particularly, for such loans with conditions that seems to mortgage the future of generations yet unborn. We are also here to flag off the campaign for the forthcoming local governments polls for the APC,” he added. For those with the above thoughts, perish the ill-feelings and get this right into your heads. Members of NUJ passed confidence vote on the chairman, Alhaji Adeiza Momohjimoh, for transparent leadership.

Loans are handouts the government could hardly reject in this trying period. “It’s good that a player who doesn’t score often, does,” said Pochettino. We should be grateful that God sent good Samaritans to our rescue when in need. How do you expect the government to survive without money to execute capital projects and bring the dividends of democracy to the masses? Tell me, who among you that did not benefit from handouts as an undergraduate? Take it or leave it, loans have become one of the most significant ways in which the Buhari government can bring Nigeria up to speed in infrastructural developments. Never mind the requisite, how or when the nation would payback. The central defender reacted quickest to a loose ball from a PSG corner. As far as the government is concerned, seeking loans from whoever, wherever or at whatever condition is a great experience waiting for the future generation to exploit.

In fact, it would be one of their first major lessons in understanding the sociology of Nigeria’s government. Without mincing words, the government see loans as the most uplifting kind gesture from the ‘shylock lenders’. “It’s been three weeks since I started playing normally with the group,” he said. Nevertheless, the loans go a long way to rescue Nigerians from abject poverty and take the country to the next level. Therefore, it would not be inappropriate to describe Buhari’s administration appetite for more loans as ambitiously desperate. The loans and indeed, being indebted to all and sundry has provided the Buhari administration its finest opportunity to bring government closer to the people. “It’s good that he scored like Marco.

Hence, listening to detractors is not an agenda of the Buhari administration. But like the agama lizard’s self-appraisal after a fall from an Iroko tree. Since no one would appreciate President Buhari’s efforts in rescuing Nigeria’s economy from a state of quagmire. In the 67th minute, Messi set up Verratti for a shot that deflected off two defenders and into the top corner. He recently said in an exclusive NTA interview that, “I have given my best to Nigeria” and for you pundits, the President added that, he is not expecting any appreciation from Nigerians. Of course, it would surprise you that, many a Nigerian are not weaned from their petty-accusations of incompetence of the government.

But, we have it on the authority of Lai Mohammed, the honourable minister of information that, this government has achieved a feat no other administration have ever done in decades. Khephren, the 20-year-old son of World Cup winner Lilian, opened the scoring in the 58th minute while a late spot-kick from Amine Gouiri completed the victory with a cheeky Panenka. It has taken infrastructural development to the highest level. It upgraded transport infrastructure to international standards and in essence, the government sees transport as the closest infrastructure to the people because it is economically efficient, socially equitable and environmentally sustainable. Therefore, go no further in search of evidence, as the Abuja-Kaduna, Lagos-Ibadan train are back on track, do not mind the occasional breakdown in the middle of nowhere or a recent minor fire outbreak in a coach. I’m more concerned by what’s coming up behind us,” said Nice coach Christophe Galtier. It is the handiwork of the oppositions who are poised to discredit the achievements of the government.

What else but the loans acquired by government that could have vanished the potholes on the Lagos-Ibadan expressway, Abuja-Kaduna expressway, Kaduna-Kano expressway among others as motorists enjoy a smooth and safe drive, irrespective of the fact that kidnappings has become the order of the day on most of these roads. It made no difference that the government chose to be ignorant of the fact that some of these loans may have poisonous policy implications. Bordeaux, who had not scored in three league and cup games this year while conceding 10, hit three in the first 38 minutes but were made to sweat for their victory as their defence then leaked three goals. Indeed, whatever condition surrounding the loans is not for us to worry presently. If for any reason there is a hidden agenda, the future generations would unravel the puzzle. All we need do is to join the public office holders, especially the National Assembly that approves every loan request without hesitation, in a grandstand ovation to celebrate the loans as they come. “I am sorry that we let in three goals,” said Petkovic.

Never mind that, public office holders vehemently refuse to purge themselves from their huge earnings as sacrifice to salvage the country. Notwithstanding the limited time left for the Buhari administration, the government is bent on making more giant strides in infrastructural developments. It is therefore, heartening and demands everyone’s support that the federal government is proposing to borrow N620 billion from the pension fund. Former Rennes player Lucas Da Cunha levelled in the 59th minute and Jordan Tell struck in the 70th minute. Again, petty-pundits found themselves a job as public defender, senior advocate of the masses and got busy like bees opposing the request. They are quick to remind Nigerians that sometime in December 2020, the eyes of the 36 state governors were glued to the pension fund.

At that time, they wished to borrow 17 trillion Naira from the pension fund, but for the public outcry, the governors withdrew or suspended their demand. Wissam Ben Yedder and Vanderson scored for Monaco, who drop to seventh. However, the question begging for answer is: why is it that almost every tier of government wants to borrow from the pension fund? Understandably, the pension fund takes care of workers after they might have retired. Opinions suggest that should government be allowed to borrow from it and fails to payback it would endanger the pensioners. Anyway, irrespective of the fears and whatever the misguided busy-body pundits, needless to say, they can only delay and may not prevent granting the loan this time. Did I hear you say why? Well, the pension law allows Pension Fund Administrator (PFA) to invest in federal government bonds.

As I write, the matter is now in the public court despite the fact that Nigerians are constantly entertained by drumbeats of government faithful, that, the masses still have hope and optimism, such that greeted Buhari’s first tenure. Quite frankly, Nigerians are somehow caught between anxiety and ecstasy in counting the remaining days. And as for hope, it has become a scarce commodity in recent time. In this article .