The Nigerian Senate has been on recess due to the novel Coronavirus, resumed plenary today at the Upper Chamber with one agenda - approve 850 Billion Naira loan proposal for President Muhammadu Buhari. This must have been a more pressing issue to reconvene the Senate and approving same in record time. Few media houses were allowed to cover the swift event. Recall that the Senate in this dispensation has been tagged "rubber stamp" because they all seem to do the bidding of the Executive arm of Government, instead of being an arm to checkmate the excesses of the Executive Arm.


According to Debt Management Office (DMO) as at 31st December 2019, our total debt stood at 27,401,381.2 US Dollars or 1.06 Trillion Naira.


Almost no country in the world today is debt free and this is as a result of collecting loans. Let us take two countries with leading economy for example: China debt profile as at June this year stood at 1.6trillion USD and that of United States of America as at February this year, their debt stood at about 1.09Trillion US Dollars. While the aforementioned countries can account for the loans they collected. There are checks and balances and corruption is very low compared to Nigeria. These countries have functional heathcare systems, 24 hours of electricity supply, motorable roads, potable running water, good schools, and many more, Note that all these are done to better the lives of people rather than to sore cheap political points as it is here in Nigeria. We hear about revenues generated by government and loans taken but all these have little or no impact on the ordinary citizen of Nigeria. Since independence, Nigeria has been borrowing loans but the Aso Rock Clinic does not have paracetamol, according the the Aisha Buhari, wife of the current President of Nigeria, no motorable roads, no good hospitals (that even recently, the late Abba Kyari was quoted to say that he didnt know the decay in the health sector of Nigeria until recently, just before he died of coronavirus), no electricity, no pipeborne water and so on.


Suffice it to say that loans are not given without conditions attached. There is a saying that he who blows the piper dictates the tune. China has 'bought' Zambia to the extent that sometime ago, Chinese nationals were commissioned police officers in Zambia but widespread outcry made the government to decommission them. More like modern day slavery. Ironically, Simon Nwansa Kapwepwe, a former Vice President of Zambia from 1967 to 1970 was quoted to say that, "If we don't handle our independence very well, colonizers will come back in form of investors''. Well many years on, ''colonisers'' are not only coming as investors but lenders. We have heard how some loans came with the condition of Nigeria adopting same sex marriages, and so on. Neo colonialism is the order of the day as China is really undermining USA's interests in Africa (well, one colonizer is edging out the other in Africa). In Zambia, China partially control the mining industry, which is the mainstay of the economy.


How can we continue to borrow while looting the monies as soon as we have been given the loans? Are we not mortgaging the futures of the current and future generations? We only know of how much is borrowed but we do not know how it is spent (and accounted for) and the conditions the lenders (now China) gave Nigeria as conditions of the loan. You might ask, wetin consign us? But take for example the present Tanzanian President, John Magufuli who found out that his predesessor, Jakaya Kikwete had into a $10 billion contract with some Chinese contractors (or agents) to build a port at Mgbegani creek in Bagamoyo. It was agreed that after China built the Port, China would own it for 99years, with a 33years guarantee. Did I hear you say rip off? Well it is a land grab! It doesnt stop there, even today, China is taking more assets and natural resources in Zambia because Zambia have not been able to pay their debts.


Please, let us not sell our dear nation to Neo-colonisers - China. A lender is a master to the borrower so says the Holy Bible. If we must borrow, let it be used for the good of man and country. God bless Nigeria.

jojomario:
there is no way out in this level of corruption and qouta sytem mess we found ourselves until disintegration. Many will be suggesting way out for some regional or personal gains.