National Issues
Failure of governance and communication breakdown
THE inability of any government to provide basic necessities of life for the masses without recourse to justifiable reason(s) is best described as a typical failure of governance. Hence, the untold socio-economic hardships which the overwhelming populace of the Nigerians are subjected to and which still persists at present exemplifies failure of governance.
Albeit, every successive governments in Nigeria have always contended with one form of socio – economic crisis or the other. In retrospect, Shagari government was faced with a serious economic crisis leading to the introduction of austerity measures. Also, Babangida regime introduced SAP, SFEM and FEM to cushion the effects of the economic hardship which made scanveging paupers of the Nigerians.In all the cases it has always been the masses that were made to bear the brunts of pains and pangs of these unfortunate and sordid developments.It is paradox of monumental proportion when the hapless citizens suffers from hunger, poverty and diseases in the midst of abundant economic and financial resources being gleefully mismanaged by the privileged few on the corridors of power.
This brings us to the present ravaging economic recession in Nigeria. President Muhammadu Buhari-led administration has not found it easy since its inception.
Yet,the media team of the government has failed woefully to explain in concrete terms the meaning of this terminology. Rather, it heaped the failure of goverment to provide succour to the suffering masses on the door steps of the Goodluck Ebele Jonathan gross mismanagement of the nation’s socio-economic affairs during its ill fated tenure in office. According to the PMB-led government, GEJ and his co-travellers in governance plundered the nation’s vast financial and economic resources in a manner that is unprecedented in the annals of political history. To all intent and purposes, the explanations are still vague and ambiguous to an ordinary hungry and angry Nigerian.
The inability of our governments at various levels to educate and enlighten Nigerians of all cadres regarding the concept, meaning, causes, consequences and solutions has dampened their collective morale.The high expectations of Nigerians on the ability of the PMB-led government to make life more abundant for them gave way to despair. All the information ministries in Nigeria, NOA, NAN, etc, have failed in the all important task of keeping the young and old adequately informed and educated on the concept of economic recession. Our education departments too ought to have introduced it as a topic in our school curriculum. An uninformed mind is a confused mind.
Reasonably, had the government done the needful, the effects of the economic recession could not have been that biting as experienced by the populace.
Yes, the PDP-led government of yesterday looted the treasury. But, the information as to the exact amount of money recovered is still missing.What percentage of the recovered loot shall be ploughed back into the economy and for what specific purpose is still a mystery.Yet the information ministry at the centre has refused to do the needful by keeping the citizens abreast of all these developments. To the best of my knowledge, a government’s information department is not for image laundering only, but, disemination of information in all fronts about the activities of the government. It is only a government without focus and strategy that plays undue politics about information dissemination. After all, people deserves to know how they are governed.
To this end, adoption of damage control measures should be put in place to assuage the feelings of Nigerians in respect of the psychological trauma they have been subjected to. The unprecedented sufferings, hunger, poverty, diseases, death, indebtedness and pains must stop today. Short term measures such as quick wins must be introduced to arrest the ugly trend. It is even better to act now!
Akeem Adebiyi writes from Ibadan, Oyo State.
National Issues
Nigeria’s Foreign Debt Servicing Hits $3.58bn in Nine Months, Pressuring Budgets
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.
National Issues
Rep. Oseni Urges Urgent Action on Rising Building Collapses in Nigeria
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.
National Issues
Corruption Among Political, Religious Leaders Stalls Nation-Building – Olugbon
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.
-
Politics1 week ago
Oyo Rep. Member, Akinmoyede Appoints Three More Aides
-
Crime & Court1 week ago
EFCC Chair Raises Alarm on Rampant Fraud in Nigeria’s Electricity Sector
-
Health1 week ago
Oyo: Tragedy As Bride-to-Be Among Four Dead in Suspected Lassa Fever Outbreak
-
Politics6 days ago
#OndoDecides2024: Rep Oseni Hails Aiyedatiwa’s Victory, Commends Residents for Peaceful Polls