The Federal Government has formally admitted that foreign loans are seamlessly scammed from the Central Bank of Nigeria by economic saboteurs who sold them to Bureau de Change (BDC), operators and who in turn sold the foreign exchange to criminals who use it to import weapons to harm Nigerians and promote different forms of terrorism!
According to CBN Governor, Godwin Emefiele, the institution under his watch “won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it Boko Haram, banditry and other nefarious activities!”
Emefiele who made the startling revelation at the Monetary Policy Committee meeting held in Abuja on Friday 17th September, 2021, also queried, “Why will CBN give people our forex to go and buy arms? And this is what people want us to continue to do. We cannot do that,” he added. Earlier he had disclosed that unpatriotic Nigerians purchased forex from CBN but end up selling them to BDC that promote illegal activities and who are involved in graft and corrupt practices.

PURPOSES OF FOREIGN LOANS!
And whereas foreign loans should have injected fresh life into the very heart beat of Nigeria’s economy, support Small and Medium Scale Enterprises (SMSEs) to flourish under the watch of the National Economic Council (NEC), and provide succor for the generality of the masses who suffer the brunt of maladministration at every turn of events!
Without expatriate loan, the Federal Government could neither plan annual Mid Term Expenditure Framework (MTEF), activities nor execute regular Budgets!
BUT all critical infrastructures in the various sectors of the economy, which should produce basic necessities of life have remained comatose because scammers in government regard loans as veritable sources of corruption!

ADMINISTRATIVE INTERVENTION FROM THE NCC!

The Nigerian Communications Commission (NCC), a Federal Government Agency had since August 2021, consistently warned citizens to BEWARE of Cyber Scammers who were on the rampage to rob citizens’ accounts through dubious financial offers!
One NCC Cyber Alert read, “DO NOT carry out financial, transactions or any activity you consider sensitive on public WiFi. Your data can be stolen. #BeCyberAware.”
Another warned: “Do not click on links offering free credit, Data, Gifts, Lottery Wins, etc. If something seems too good to be true, it usually is!” #BeCyberAware.”
And yet another sms alerted the citizens in similar manner: “DO NOT respond to any call/message that says you get a bonus after making a number of financial transactions. It is a SCAM!” #BeCyberAware.”

WE regard all of the above advertisements as NCC’s corporate social responsibility initiative which should portray it as a caring and responsible outfit; BUT IT TURNED BLIND EYE TO THE EXPOSURE OF THE most offensive, obnoxious and worst SCAMMERS who are the very corrupt key players at both the Federal and State levels of Government and who are OBSESSED with the idea that POLITICS is the surest avenue to get wealthy overnight without QUERY FROM ANY QUARTERS!
AND IN THEIR DESPERATION, HAVE MORTGAGED THE DESTINY of present and unborn generations with A CURRENT DEBT BURDEN OF N33.107 TRILLION NAIRA (about USD$87.239 billion dollars), AS AT 31ST MARCH 2021, according to the Debt Management Office (DMO)!

ALSO between the end of March 2021 (Quarter 1), and July-September (Q 3, 2021), the Federal Government under the watch of PMB has made fresh overture through the National Assembly (NASS), on 14th September, 2021, for additional foreign loans to the tune of USD$4 BILLION DOLLARS and 710 Euros?
BUT surprisingly, NCC, under the watch of the untouchable Minister of Communications, ISA PANTAMI, did NOT alert citizens that the worst scammer was the Federal Government because he would not want to lose his job!

ALL LOANS ARE BEING “SERVICED ANNUALLY”, NOT PAID BACK!

The deficit-riddled and debt-ridden 2021 Federal budget which totaled N13.6trillion naira was not only higher by 26% above the N10.8 trillion 2020 figures but DEBT SERVICING financing was thrice above total allocation to Education and Health combined at 24.5% of the total budget!
New borrowings were 12% higher than 2020 levels at N4.7trillion naira, shared equally between domestic/foreign.
Projected internally-generated revenues, over the years had been very infinitesimal due to over-dependence on oil and gas above agriculture/natural mineral resources AND for budget year 2021, it was not clearly specified but believed would be 37% higher than 2020 through increase in oil prices and sundry incomes from revenue-generating agencies, taxes etc.

DOMESTIC DEBT- FEDERAL GOVERNMENT’S SHARE!

Federal Government’s share includes FGN Bonds, SUKUK and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promisory Notes!
Source: Debt Management Office (DMO) of Nigeria .

HOW MUCH LOAN HAS BUHARI COLLECTED IN SIX YEARS?

From China alone Buhari’s Government has borrowed N830 Billion or USD$2.02 dollars and still counting!
Who will pay back all these loans?

WHAT SAYS THE FISCAL RESPONSIBILITY ACT IN RESPECT OF BORROWING?

All of the above boil down to the fact that the 1999 Military Constitution bequeathed to the people of Nigeria has metamorphosed into a yahoo worksheet document that makes millionaires of deft/smart politicians who capitalize on loopholes deliberately created through quasi-conspiracy by the duo to perpetually keep dumb Nigerians in servitude by playing them on their Corruption Chessboard and by MIGRATING seamlessly through wholesale DEFECTION unchallenged from one political to another in spite of the unconstitutionality of the process!

THREE PDP STATES: EBONYI, CROSS RIVER AND ZAMFARA, MOVE EN-MASS TO APC AND CELEBRATED BY PRESIDENT BUHARI!
AND OF ALL PEOPLE FANI KAYODE ALSO?
Controversial politician, Femi Fanikayode defected to APC from PDP in spite of his BRAGGADOCIO! “Kaka ka dobale fun Gambari ka kuku ku!” [ It is preferable for a Yoruba man to die than prostrate before a northerner!]
FOREX EXCHANGE LATEST – As at the date of this publication forex rate was N570 naira to USD$1 dollar!
BUT MUST THE MAN OF INTEGRITY, PRESIDENT BUHARI LEAD THE BAND WAGON OF THE SCAMMERS AS APC ENDORSES PMB’S ADDICTED BORROWINGS?
The fresh USD$ 4 Billion AND 710 Euro external loan being sought by Nigeria’s addicted borrower, President Muhammadu Buhari, and which is generating massive public condemnation has been laid before the National Assembly (NASS), for consideration and urgent approval in spite of the fact that his All Progressives Congress (APC), has only 20 months to get booted out of office!
Party members, who had beneficiaries of all previous loans [external/internal], have given thumbs up for the retired military Major General whom they described as a man of integrity who would deploy the “gbese” (debt), to finance (1) development projects, (2) critical infrastructure projects for economic growth, (3) create jobs in the nation’s interest, (4) to reduce poverty and (5) improve the general well-being of the citizenry!

FINANCE MINISTER CONCURS WITH APC!

In August 2021 the Minister of Finance Budget and National Planning, Zainab Ahmed, claimed that the borrowing level at 23% of GDP was quite sensible and responsible. She also claimed that government borrowed to invest in critical infrastructure, including power, water roads and rails required to enhance business productivity in the country in accordance with Fiscal Responsibility Act 2007, No. 31 Section 3 (1a-e).

BUHARI GOVERNMENT HAS NO CLEAR STRATEGIES TO SAVE THE AILING ECONOMY!

There are no clear national strategies nor major investments to justify APC CLAIMS in spite of all the propaganda and shenanigans! – There MUST be deep cut in EXPENDITURES at all level of government from the Executive –Legislature –Judiciary; from the Federal through to the States and the Local Government Areas (LGAs)!
FOR THE UMPTEENTH TIME, WE DEMAND THAT COST OF PRESIDENTIAL SYSTEM OF GOVERNANCE BE CAST OVERBOARD THROUGH THE DISBANDMENT OF THE SENATE BEFORE 2023!
Nigeria should opt for a PARLIAMENTARY system from 2023 with a reduced membership of 74!
There should be a very CLEAR INDUSTRIAL CUM NATIONAL STRATEGY BASED ON massive investments and PRODUCTION!
It has become imperative that international and foreign lenders should BLACKLIST NIGERIA FROM FURTHER BORROWINGS!

“For the LORD thy God blesseth thee as He promised thee; and thou shalt lend onto many nations but thou shall not borrow; and thou shalt reign over many nations but they shall not rule over thee.”
NIGERIA WILL NOT BE RE-COLONIZED OVER DEBT BURDENS IN JESUS NAME. .

I am, yours sincerely, Dr. David B.A. Olufon. 08130669886, 08080243066. g-mail-dvdolufon@gmail.