National Issues
At 76, IBB Sustains His Essential Rhythm
The month of August is special to former military president, General Ibrahim Badamosi Babangida (IBB). It was on the seventeenth of the month in 1941 that he was born in the dusty town of Minna. He assumed presidential power on August 27, 1985 and stepped aside on August 27, 1993, after spending eight years in the saddle. So, essentially, the eighth month in the calendar holds a great deal of attraction and significance for his admirers in the contemplation and celebration of the IBB persona.
By stepping aside amid the ballyhoo that greeted the annulment of the June 12, 1993 presidential election won by the late Chief M.K.O. Abiola, IBB cleverly negotiated his survival against so many forces which engaged him in supremacy battles. For instance, with the support of a carefully selected crop of academics and brilliant minds, he survived the dialectics and polemics of intellectual interrogations of the contents of his transition programme from the wider community of the nation’s anti-military eggheads.
IBB also surmounted the political confrontations by the old guard of barely principled politicians, who piled pressure on him to surrender power to civil authority, as well as the tangible strain by his own military constituency, which was ready to explore the coup option as a last resort to bring his regime to a terminus.
In the peak of the commotion, the army general who survived a bloody coup masterminded by Major Gideon Orkar, decided to stop the seeming unending mesmerisation of the polity, characterised by continuous shifts of and adjustments in the transition timetable. In the face of obvious loss of popular support and national goodwill, the famed Maradona of Nigeria’s political landscape, threw in the towel, emplaced an Interim National Government headed by Chief Ernest Shonekan and retreated to his Hilltop mansion in Minna.
Since 1993, the avuncular IBB has ministered to his loyalists and cult of followership from the mythical Hilltop mansion, which, at an intersection, typified a safe haven – a sanctuary of protection – for his followers against all manner of onslaughts by successive administrations and officialdoms. But that myth was shattered in 2006 when the then president, General Olusegun Obasanjo, unleashed the Economic and Financial Crimes Commission (EFCC) on IBB’s first son, Mohammed, for his alleged 24 percent shareholding in Globacom under the chair of Otunba Mike Adenuga.
The melodrama of Mohammed’s invitation by the EFCC happened about the eve of IBB’s 65th birthday in 2006. It was also a prelude to the widespread agitation by IBB’s followers to have him join the race for the presidency in 2007. Between hunting down Adenuga, who is believed to be a trusted business ally of IBB and Mohammed, IBB’s son, was IBB himself who, although was untouched, got the message that he should not attempt to vie for the presidency on the platform of the Peoples Democratic Party (PDP) or any other party’s platform for that matter.
Since that incident, which saw IBB withdraw his interest after picking the expression of interest form, he has remained a kingmaker with a perceptive oracular divination. His influence in shaping the direction of leadership and governance has not been diminished by the reality of the socio-economic and political condition that served as an endgame to his regime in 1993.
Indeed, the political ferment that culminated in the anti-climax of his historic egress is an inalienable part of the corpus of knowledge that underpins the nation’s ill-fated Third Republic, over which his regime superintended. Notwithstanding, he chose to be his own prophet, declaring that he was stepping aside. The simple deduction from his “step aside” agreement was that he would or could return to power some day. He actually tried but his prophecy did not come to fruition.
The year 2007 marked a dramatic retreat by IBB into his shell. It was a denouement of sorts. There were views in political circles that the political razzmatazz (of announcing his interest in the presidency and picking the PDP expression of interest form) was his last. Validation: in 2007, he was 66 years. That was the year the late President Umaru Musa Yar’Adua emerged as president of Nigeria and succeeded Obasanjo.
But, surprisingly, in 2010, following the death of Yar’Adua, he was one of the northern aspirants shortlisted by some northern leaders for the choice of a consensus candidate that would be supported by the north in the PDP presidential primary. But Atiku Abubakar, the consensus choice of the northern elders, could not stop Goodluck Jonathan from picking the PDP ticket for the 2011 presidential election.
Despite his quiet, intense craving for the presidency, there were reports that IBB did not give the 2010 quest his best push like Atiku. IBB understands the efficacy of support by the federal government in the contestation for and wresting of presidential power from an incumbent president who knows his onions.
But then, how did the Maradona of Nigerian politics get stuck in the mud of his own political calculations (or is it miscalculations)? With his awesome influence and stranglehold on the mechanics of control of successive military governments after his, IBB had been largely, for instance, instrumental to the emergence of Obasanjo as president in 1999.
In 2003, IBB associates’ claim that he allowed Obasanjo to seek a second term in office was understandable. But in 2007, opposition to his presidential aspiration came from Obasanjo. As a passionate and strategic power player, he would have entered the race if he had the support of Obasanjo’s presidency. But because he did not secure the critical support, he decided to withdraw from the race.
In his letter of withdrawal from the race which he sent to Obasanjo, he said he was taking that step because of the moral dilemma occasioned by the entry of General Aliyu Gusau and Alhaji Umar Yar’ Adua both of whom he described as a friend and a younger brother respectively into the race.
There is no doubt that IBB, as an Army General, knows when to advance and when to retreat in the battlefield. A master of his political environment, he is used to having things working or worked out as planned. His decision to step aside from office on August 27, 1993 was hard but expedient. It was a personal sacrifice he had to make in the interest of peace, stability and unity of the nation.
Perhaps, after the 1993 experience, he considered and still considers no sacrifice too difficult to make. This must have been at the bottom of his resolve to quietly ease out of the race without embracing the idea of confronting Obasanjo in a witty and gritty succession battle.
This has been his disposition thus far. Even at the present moment, the gap-toothed general understands the dynamics of the Nigerian political landscape. He knows how to sustain his own political rhythm or relevance. His recent call that Nigeria should embrace restructuring was in apple-pie order and perfectly presented him as a true and perceptive statesman.
At 76, there is nothing more to fear. This is not the time for him to speak tongue-in-cheek. He must continue to speak forcefully and fearlessly. His position on restructuring, regardless of the scathing attacks from some quarters, reinforces the popular agitation for it. IBB, like Atiku Abubakar, has hit the bull’s eye with his advocacy. He must necessarily use his awesome influence and experience to help define and redefine the future and destiny of a restructured Nigeria. For his essential advocacy and numerous legacies in government, I wish IBB well on his 76th birthday.
*Ojeifo, an Abuja-based journalist, contributed this piece via ojwonderngr@yahoo.com
The Nigerian government spent a staggering $3.58 billion on servicing foreign debt within the first nine months of 2024, marking a significant 39.77% increase compared to the $2.56 billion expended over the same period in 2023.
This data, drawn from a recent report on international payment statistics by the Central Bank of Nigeria (CBN), reflects a concerning rise in the country’s foreign debt obligations amid depreciating currency values.
According to the report, the most substantial monthly debt servicing payment occurred in May 2024, totaling $854.37 million. This is a substantial 286.52% increase from May 2023’s $221.05 million.
Meanwhile, the highest monthly payment for 2023 was $641.7 million in July, underscoring the trend of Nigeria’s escalating debt costs.
Detailed analysis of monthly payments further illuminates the trend.
In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million, a significant rise from $112.35 million in January 2023. However, February saw a modest reduction of 1.84%, with costs decreasing from $288.54 million in 2023 to $283.22 million in 2024. March also recorded a decline of 31.04%, down to $276.17 million from $400.47 million the previous year.
Additional fluctuations in debt payments continued throughout the year, with June witnessing a slight decrease of 6.51% to $50.82 million from $54.36 million in 2023. July 2024 payments dropped by 15.48%, while August showed a 9.69% decline compared to 2023. September, however, reversed the trend with a 17.49% increase, highlighting persistent pressure on foreign debt obligations.
With the rise in exchange rates exacerbating these financial strains, Nigeria’s foreign debt servicing costs are projected to remain elevated.
The central bank’s data highlights how these obligations are stretching national resources as the naira’s devaluation continues to impact debt repayment in dollar terms.
Rising State Debt Levels Add Pressure
The federal government’s debt challenges are mirrored by state governments, whose collective debt rose to N11.47 trillion by June 30, 2024.
Despite allocations from the Federal Accounts Allocation Committee (FAAC) and internally generated revenue (IGR), states remain heavily reliant on federal transfers to meet budgetary demands.
According to the Debt Management Office (DMO), the debt burden for Nigeria’s 36 states and the Federal Capital Territory (FCT) rose by 14.57% from N10.01 trillion in December 2023.
In naira terms, debt rose by 73.46%, from N4.15 trillion to N7.2 trillion, primarily due to the naira’s depreciation from N899.39 to N1,470.19 per dollar within six months. External debt for states and the FCT also increased from $4.61 billion to $4.89 billion during this period.
Further data from BudgIT’s 2024 State of States report illustrates how reliant states are on federal support. The report revealed that 32 states depended on FAAC allocations for at least 55% of their revenue in 2023.
In fact, 14 states relied on FAAC for 70% or more of their revenue. This heavy dependence on federal transfers underscores the vulnerability of states to fluctuations in federal revenue, particularly those tied to oil prices.
The economic challenges facing both the federal and state governments are stark. The combination of mounting foreign debt, fluctuating exchange rates, and high reliance on federally distributed revenue suggests a need for fiscal reforms to bolster revenue generation and reduce vulnerability to external shocks.
With foreign debt obligations continuing to grow, the report emphasizes the urgency for Nigeria to address its debt sustainability to foster long-term economic stability.
Engr. Aderemi Oseni, representing Ibarapa East/Ido Federal Constituency of Oyo State in the House of Representatives, has called for a prompt investigation into the increasing occurrences of building collapses in major cities across Nigeria.
In a motion presented to the House on Wednesday, Oseni expressed deep concern over the alarming frequency of building collapses, emphasising the threat they pose to the lives and property of Nigerians.
The APC lawmaker, through a statement by his media aide, Idowu Ayodele, cited the recent collapse of a two-storey school building at Saint Academy in Busa Buji, Jos, Plateau State, on July 12, 2024. The tragic incident, which trapped 154 people and claimed 22 lives, is the latest in a series of similar disasters, raising serious concerns nationwide.
Oseni also referenced a report from The Punch newspaper, which revealed that Nigeria had recorded 135 building collapse incidents between 2022 and July 2024.
“This figure is alarming and unacceptable,” he stated, stressing the urgency of preventing further occurrences.
The Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), Oseni reminded the House that the Council for the Regulation of Engineering in Nigeria (COREN) and other relevant professional bodies are responsible for ensuring compliance with building standards and practices.
“Despite these regulatory frameworks, the recurring collapses suggest that enforcement is lacking. The loss of lives, properties, and resources is staggering, and this disturbing trend must be addressed immediately,” he remarked.
He proposed the formation of an Adhoc Committee to investigate the underlying causes of these collapses and recommend both immediate and long-term solutions.
Also, he urged the House Committee on Legislative Compliance to ensure swift implementation of any recommendations.
The House agreed to deliberate on the motion and is expected to present its findings and proposed actions within eight weeks.
The Vice-chairman of the Oyo Council of Obas and Chiefs, Oba Francis Olusola Alao, has expressed deep concern over the increasing involvement of religious leaders in material pursuits, accusing them of abandoning their spiritual duties in favour of wealth and influence.
Oba Alao, who is also the Olugbon of Orile Igbon, made this statement during a visit from the leadership of the Cherubim and Seraphim Church Movement “Ayo Ni O,” led by Baba Aladura Prophet Emmanuel Abiodun Alogbo, at his palace in Surulere Local Government on Thursday.
The monarch accused some religious leaders of sharing part of the blame for the moral and political crises that have engulfed the nation. According to him, spiritual leaders, once seen as the moral compass of society, have become compromised by corruption, aligning themselves with the very forces they should condemn.
Oba Alao was unapologetic in his criticism, stating, “Ninety-five percent of Nigerian leaders, both political and religious, are spiritually compromised.”
He argued that this moral decay among clerics has made it impossible for them to hold political leaders accountable or speak the truth to those in power, as their integrity has been eroded by their pursuit of material wealth.
“Carnality has taken over spirituality. Our religious leaders can no longer speak the truth to those in authority because their minds have been corrupted. Most of the so-called General Overseers (G.O.) are corrupt and perverted,” Oba Alao added.
He stressed that this shift towards wealth accumulation at the expense of spiritual values has greatly contributed to the country’s stagnation in development and social justice.
Olugbon urged both religious leaders and traditional rulers to reflect on their actions, reminding them that they would be held accountable for their stewardship, both in this world and the next.
“The prayers of sinners are an abomination before God, hence the need for our leaders to rethink,” he warned.
The monarch concluded by reiterating the transient nature of power and the importance of staying true to sacred duties, regardless of the temptation to indulge in worldly gains. “I am a traditional ruler. I don’t belong, and will never belong, to any occultic groups,” he emphasised, drawing a clear line between his position and the corrupt practices of some leaders.
In response to the Cherubim and Seraphim Church Movement’s request for collaboration on community development projects, Oba Alao assured them of his support.
“Your requests are aimed at the development of the Orile Igbon community. I am assuring you that necessary assistance will be provided in this regard.”
Earlier, Prophet Alogbo requested the monarch’s collaboration on a range of community development projects. These initiatives include the establishment of a women and youth empowerment center, clean drinking water initiatives, a bakery, animal production facilities, and farm produce processing.
Other proposals included a diagnostic and medical center, a full-size recreational sports facility, and a home care facility for the elderly.
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