By Zik Gbemre
The mounting World Bank loans in billions of dollars Nigeria is swallowing under President Bola Tinubu leaves many questions than answers.
When will these loans be paid? What exactly have they done with the loans? Are these loans gotten to Nigeria or being shared by individual politicians?
Before Obasanjo left government as President in his second term Nigeria was debt free. I, Zik Gbemre, Charles Soludo, Ngozi Iweala though in the World Bank and few others were strong advocates of Nigeria debts cancellation.
Then it was Adamu Ciroma who was the Finance Minister under Obasanjo for his first tenure. I voiced out the need for Nigerian debts to be cancelled arguing that the so-called loans were not accounted for by the past military administrations and money didn’t get to Nigeria as they were shared among selves in military power then.
All these efforts by few of us have been rendered useless today. I remember we suggested to the federal government of PDP led by Obasanjo to set up a debt cancellation office and it was established to manage Nigeria’s debts.
The purpose of establishing the debt cancellation office is defeated since the debts have been re-accumulated after Obasanjo left office. It became worse in Buhari and Tinubu.
I still remember when IMF replied one of my letters urging Nigeria’s debts to be cancelled outrightly accusing IMF, World Bank and International Finance Corporation of collaborating with Nigerian leaders to borrow more and more and told them that these loans were diverted to western bank vaults.
I said the western countries are lending Nigerian government with left hand and receiving loots with right hand from corrupt Nigerian leaders. IMF replied that they would share my opinion with all relevant stakeholders.
Today Nigeria is borrowing to pay politicians and foot bills of politicians. Nigeria is borrowing under Tinubu to buy presidential aircrafts and yacht.
Nigeria under Tinubu is heavily indebted. Tinubu is always hopping round the world and borrowing more and more to foot bills of politicians. Tinubu who was once finance director of Mobil has become a reckless borrower.
Tinubu doesn’t cut down his frequent foreign trips. Do you think foreign investors will take him serious? Of course no. Insecurity and lack of power supply will drive away investors.
The unrestrained borrowing by Tinubu’s led APC administration is a cause for concern for all Nigerians.
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
