By Dele Sobowale
To begin with, it must be stated clearly that the Tinubu administration is not the accused in this matter. The alleged mismanagement of N20 trillion was reported in 2017, during Buhari’s first term. The Senate Committee, under Senate President Bukola Saraki was asked to look into the allegations; but, no report was issued on it.
“The DMO said as of March 31, 2024, the
country’s domestic and external debts stood at N121.67 trillion ($91.46
billion). Nigeria’s debt rose by N24.33 trillion within three months – from
N97.34 trillion ($108.23 billion) in December 2023 to N121.67 trillion ($91.46 billion).”
Channels Television.
Nigerian government leaders,
Presidents and Governors, are addicted to loans the same way drug addicts
cannot kick the habit; and become increasingly hooked. What Dr Ngozi
Okonjo-Iweala persuaded Obasanjo to do in 2004, that is paid off Nigeria’s
external loans was so alien to our government leaders that one late former
Governor called her “stupid”. Since then, no President or Governor has repeated
it – even when opportunities made it possible. The years 2010 to 2013 were
Nigeria’s second golden years since the oil boom of the 1970s. Despite the
monumental waste, Nigeria went from 1973 to 1978 without borrowing a cent.
Instead, the country ran positive balances of trade. We were lending not
borrowing.
Many horrible things started
with Obasanjo – borrowing instead of looking inwards was one of them. The $2.8
billion loan he took as Military Head of State (with assurances that the debt
would be easily repaid) started the ball rolling until the debt load reached
$36 billion; and Nigeria was seeking debt relief. Since then, borrowing has
become such an unshakable habit that when crude prices averaged $110 per barrel
under Yar’Adua/Jonathan, instead of saving more for the rainy day and borrowing
less, the President and all the Governors went on a borrowing binge. Till
today, it has been difficult to understand what the Ministers and Commissioners
of Finance were telling their principals.
What is clear from records
available everywhere was the notion that reducing the FG’s or states
outstanding debts was out of the question. Curiously enough, so was recovering
all the assets looted by government officials at federal and state. I was shocked
when a former Governor told me that the noise made about his predecessor going
away with official vehicles was a cover up for a deal. He did not actually want
to take action against his predecessor. Otherwise, he might invite the same
measure from his successor. So, they don’t go after corrupt officials as
diligently as they should.
But, to every rule, there is an
exception. And, given Nigeria’s devastating debt burden, I am strongly
convinced that we have an exception on our hands for President Tinubu to probe;
N20 trillion is a lot of money in any currency.
THANK
GOD FOR WHISTLE BLOWERS
“When evil men must seek to
perpetuate an unjust status quo, good men must try and bring into being real
order of justice.”
Rev Martin Luther King, Jr,
1929-1968, VBQ, VBQ, p 51.
Honest, not mercenary, whistle
blowing is one of the most patriotic services anybody can perform for his
country; only serving in the armed forces ranks higher in my opinion. I have no
aptitude for it. But, when those with noses as good as those of blood hounds
think that they have made a great discovery, I strongly believe that it is the
duty of every media practitioner to act as the microphone. That is why the
allegation about N20 trillion Stamp Duty funds, un-remitted to the Federation
Account is so important – especially when placed within the context of
Nigeria’s alarming debt burden going out of control.
I was sent a copy of a letter
sent to President Tinubu in early June titled: CALL FOR PROBE OF 20 TRILLION
NAIRA STAMP DUTY FUND UNREMITTED TO FEDERATION ACCOUNT.
To begin with, it must be
stated clearly that the Tinubu administration is not the accused in this
matter. The alleged mismanagement of N20 trillion was reported in 2017, during
Buhari’s first term. The Senate Committee, under Senate President Bukola Saraki
was asked to look into the allegations; but, no report was issued on it. The
Senator Lawan-led Senate never touched it; and the Akpabio-led Senate has also
treated the matter with benign neglect. That is where the matter stands. That,
exactly, is not where it should stand. N20 trillion is a lot of money in any
currency. Nigerians must know if, indeed, some conspirators, during Buhari’s
disastrous regime looted N20 trillion of public funds. To be quite candid, I
expect all patriotic Nigerians to join in this crusade to determine if indeed
that sort of monumental embezzlement of public funds took place. Whether we
like it or not, we all share in the devastating repercussions of crushing debt
burden. N20 trillion, if available, could solve the problems associated with
Minimum Wage, backlog of entitlements owed to ASUU and Resident Doctors and
even restore the Benin-Okene Road back to its old glory. In my younger days,
that was a two and half hour trip – not two days.
Ordinarily, after interrogating
the letter writers and being convinced that there might be a great deal of
merit to the claims made, the next step would have been to contact the
organisations mentioned as accomplices. But, Nigeria’s media operates under
extra-ordinary circumstances. Any of the organisations could get the Chief of
Army Staff or the Inspector General of Police or DG-DSS to arrest all of us
using the Cybercrime Act as excuse in order to stop further inquiry. One might
even be accused of attempted extortion. That was why none was contacted. That
said; I need to remind readers and allay the fears of the managers of the
organisations mentioned that everything still remains an allegation. President
Tinubu is merely being asked to probe and determine if N20 trillion, or 16% of
our total debt, of public money is in some private pockets somewhere – waiting
to be fished out and temporarily halt our fixation on borrowing. That is all.
NAMED
CULPRITS
“In its report, the Committee
regretted that there was a lack of cooperation from the government agencies,
including the Central Bank of Nigeria (CBN) and the Nigerian Inter Bank
Settlement System, (NIBSS)…”.
The letter sent to President
Tinubu, and copied to me, mentioned two government agencies, CBN and NIBSS, as
the culprits. Readers need to be reminded that the current Governor and
Management of the CBN are not involved because the matter started in 2017. Yemi
Cardoso just inherited one more mess created by the previous management of the
bank.
I don’t know if the same people
in charge of NIBSS in 2017 remain in their positions today. If not, they are
also inheritors of a monumental problem. However, neither the Governor of the
CBN nor the Managing Director of the NIBSS can disclaim responsibility for
helping the country to determine whether or not there is N20 trillion hanging
somewhere belonging to Nigeria. Unlike the CBN, there are other documents
alleging shady dealings in the NIBSS – whose contents need not delay us here.
I have no doubt that they would
cooperate more if a probe panel is instituted by Tinubu to unravel the mystery
behind this matter. N20 trillion is a lot of money in any currency.
Follow me on Facebook @ J
Israel Biola
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