with

Ben C. Abraham.

LOANS AND MORE LOANS

A week ago, President Tinubu wrote the National Assembly requesting approval to secure external loans of $21.5m, Y15bn and E65m as part of the 2025 – 2026 external borrowing plan. The request contained a breakdown of the loans which was not made public. The presidency stated that the emphasis was on infrastructure, agriculture, health, education, water supply, growth, security and employment. It further stated that the implementation would cut across the entire 36 states of the federation. In a telling show of Nigerians’ indifference to the announcement and growing frustration, few people commented on it, irksome as it sounded. Even more exasperating is the fact that the approval sought from the NASS is as good as done, even with the speed of light. However, according to the Debt Management Office (DMO), as of 31 December 2024, Nigeria’s total public debt stood at N144.7 trn (approximately $94.2 bn). About 51.4 per cent of the total debt (N74.4trn) is domestic debt while 48.6 per cent (N70.3 trn ) is external debt. This rising debt has resulted in increased debt servicing costs. In 2023, Nigeria spent N7.8 trn on debt servicing, a 121 per cent increase compared to N3.52 trn in the previous year. The amount spent on debt servicing rose to N13.12 trn in 2024, a 68 per cent increase from the 2023 figure. And here we are with more borrowing and of course higher debt servicing figures. It is elementary to know that with such upswing in debt servicing, less and less funds will be applied to the real thing – infrastructure, social services and what else. With such an ‘ambitious’ budget that projects crude oil to sell at $75 per barrel, the present slump to a little over $60 has surely precipitated a situation where something has to be done to bridge the shortfall. As is always, albeit unfortunately, the case with succeeding regimes, instead of an amendment of the appropriation Act, they resort to borrowing. Borrowing provides a leeway for political actors working with civil servants to prepare for the next cycle of elections – stashing expendable funds. This round of borrowing is coming at a time when it is obvious to even the blind that living standards have dropped to an all-time low. The Tinubu Government is laboring hard to show us that we have never had is so good and so the Government must be supported to do whatever it can to improve our lives even if that includes borrowing until Nigerian lives are literally used as collateral. This is certainly Buhari 2.0 super.

THE AVOIDABLE KANO TRAGEDY;

Ogun State hosted the National Sports Festival in Abeokuta and when the meet ended, tragedy struck in faraway Kano State. A coaster bus conveying athletes, officials and mechanics who were part of the Kano State contingent to the sports festival was involved in a road mishap. News have it that the bus which had about 31 passengers fell off a bridge in a part of Kano State about 50 km from the main city. There is no certainty about the cause of the tragic incident. Speculations range from driver fatigue to overloading and mechanical issues. The vehicle was said to have stopped for repairs in Kogi and later somewhere in Abuja. What, however, is not speculation is that at the time of recovery, 22 out of the 31 passengers had died. The survivors have nothing concrete to say about what transpired before the incident. As the souls of the departed are being prayed for, the Kano State Government has announced the gift of N1m and food items to each surviving family. Ogun State has also made a similar donation to the families. Beyond the gifts, the incident calls for interrogation into road safety, contingent management and above all the value we place on lives. Grapevine has it that the bus involved in this incident had become a general utility vehicle away from the specific use it was procured for. Even as a utility bus, how serviceable was it? In a country where corruption has eaten deep into its moral fabric, it is not unheard of how monies meant for maintenance are diverted into private purses or how substandard parts are used for refurbishing of vehicles and all. And even more, what premium do we put on the lives of our sportsmen and women? In a world where sports have been elevated to an instrument of international State diplomacy, beyond the big bucks it generates for countries and families, Nigeria is still stuck in the old ways. Let us shed tears for the 22 talents and officials who paid the price for neglect. Let us, even much more, occupy the strategic spaces through which we can advocate and fight for change – NGOs and other groups that bring the plight of sports people to the fore. In the wake of the Kano tragedy, a friend quipped, ‘is it too much for the various State Governments to airlift their contingents to the fiesta?’ Again may the souls of these great talents RIP.

……AND ONE OTHER THING:

 SANWO OLU AND HIS BOSS LATEST;

On 29^th May 2025, the much publicized first phase of the 700km Lagos to Calabar coastal highway was commissioned by President Bola Tinubu. The commissioning was heralded by so much fanfare. Dignitaries, State Governors, political heavy weights and captains of industry were present. With the assemblage of such eminent personalities one had thought that the entire 700km was being commissioned. For where? It was to celebrate the completion of 30km of the highway. Well it is not out of place because the project had started on a controversial note with costing, appropriation, approval and EIA issues trailing it. When I applied my elementary school math, I discovered that 30km out of 700km is 4.29%. In the midst of the celebrations, hugging and back slapping, one image stood out. It was the brushoff meted to our dear ‘working’ Governor Babajide Sanwo Olu by no less a person than his boss President Tinubu. The images which have since gone viral showed President Tinubu being welcomed by standing guests whose hands he shook as he was being ushered to his seat, and when he got to Gov Sanwo Olu’s turn, Tinubu simply sidestepped him and went on to shake the next guest’s hand. Our dear Governor momentarily looked lost and out of place, obviously flabbergasted. Tinubu and his disciples, na wa. Many commentators have weighed in on the snub and said many things. One thing is clear which is that unless something is done quickly, a kind of actus interveniens, Sanwo Olu may be heading to the gulag. It may not be the Ambode treatment; it may be much more. Already, undercurrents had it that the Governor was being investigated by EFCC in connection with socialite Aisha Achimugu and the disappearance of some hundred million dollars. It took the EFCC a public statement to disclaim the news. For daring to tamper with the power calculus in Lagos State without express approval, our Governor has fallen on the wrong side of his boss. And his boss is not hiding his feelings; a kind of preview of the script written, unless something intervenes. For now, it’s weep not child.