Mr. Donald Duke, former governor of Cross River State, has noted that Nigeria is technically a failed state, as it cannot meet the basic expectations of its citizens, which according to him, is the hallmark of a failed nation.

Mr. Duke said this while delivering his opening remarks as chairman of the occasion during the Prince Emeka Obasi Inaugural Memorial Lecture held on Thursday at the Muson Centre Onikan Lagos, with the theme, ‘If This Giant Must Walk; Manifesto for a New Nigeria.’

He noted that Nigeria has been moving backwards since the 1970s, while remarking that the question is not whether the country will walk, but whether it’s walking backwards of forward.

“Between 1979 and 1983 when Shehu Shagari was president, Nigeria’s annual budget hovered around $25bn. Our population was about 80 million to 90 million at the time. That was over 40 years ago. Today, our population as they say is over 200 million, but our annual budget is $19bn,” he said.

“I said this to bring into context where we are as a people. It’s not not for Nigeria to walk, it’s how are you walking? Are you moonwalking or are you walking forward? Moonwalking is what we’ve been doing for the last 40 years. We’ve been moving backwards. So, you can now put into context the pressure if the annual budget of our nation is $19bn 40 years after it was $25bn and the population has more than doubled. Then you can understand the challenges we’re facing, whether it’s banditry, or farmers herders clashes and everything in-between. The fact is that there are more people sharing smaller resources. We have not grown.”

Mr. Duke argued that growth is not about adding zeros to the currency, and presenting budgets that run into trillions, which he said is mere deception. According to him, the country is simply living a lie.

“You can put all the zeros behind the currency, but we’re deceiving ourselves because we’re living a lie. Recently, treasury bills were sold at about 22 percent in dollars. Where in the world will you get 22 percent under 12 months? So, they now turned around to say it was oversubscribed by 245 percent. Of course, It would be oversubscribed, but at the end of the day, can you pay back? What are you doing with the money that will generate 22 percent to enable you pay back in 12 months? He wondered.

“So, you could see a nation that is walking itself into a trap with eyes wild open. What are the policies that would generate growth? You are fighting inflation, it’s good to fight inflation, but which is more important? Inflation or growth? You can’t get a loan from the bank for less than 35 percent. That’s enemical to growth to start with. Then, you are micromanaging the exchange rate, yet you are not producing. If you are going to import everything as we do, and there are those very sexy economists that would say, let’s have marked forces. For you to have marked forces, there must be some equity.

“You can’t have an open, competitive system with countries whose economies are much stronger than yours. It doesn’t work that way. In life, water finds its level. We have to manage what we have; we have to be productive. In the 70s and early 80s, we had some level of competition. We had industries that were trying to thrive, but today we are importing toothpick. So, it’s an economy that’s not productive, yet it wants to reign in on its foreign exchange. We’re still living as if everything is okay. We’re are sending our children at the age of nine to school abroad, then you go to London for medical check when your eye is hurting. It’s a tough one.”

The former governor noted that contrary to the popular belief, Nigeria has one of the smallest economies in Africa despite being the most populous on the continent.

“We turn around and say we’re the largest economy in Africa. That’s a lie. If you are 200 million people, and you are producing almost nothing, you can be big in absolute terms, but if you take it per capita, you are one of the least economies in Africa, and that’s the truth. So, we have to be real. We have the potential to be one of the greatest nations on earth, but it remains a potential if you don’t take it to actuality,” he said.

“We have to recaliberate our thinking. We can’t go on this way. We’re are a failed state, that’s the truth. Failed state doesn’t mean that you can’t exist any longer. Somalia is still existing, but when you fail to provide the basic expectations of your people, you are technically a failed state. Which sector have we not failed in? Is it education? Is it healthcare? Is it infrastructure?”


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As if this man wasn't part of the people who brought us to this stage

It's only when they are complete 💯 out of power before they think straight...

But when in power... The brain 🧠 is kwarupt

It's a bitter pill

I agreed with him totally

[b]
You can put all the zeros behind the currency, but we’re deceiving ourselves because we’re living a lie. Recently, treasury bills were sold at about 22 percent in dollars. Where in the world will you get 22 percent under 12 months? So, they now turned around to say it was oversubscribed by 245 percent. Of course, It would be oversubscribed, but at the end of the day, can you pay back? What are you doing with the money that will generate 22 percent to enable you pay back in 12 months? He wondered.

“So, you could see a nation that is walking itself into a trap with eyes wild open. What are the policies that would generate growth? You are fighting inflation, it’s good to fight inflation, but which is more important? Inflation or growth? You can’t get a loan from the bank for less than 35 percent. That’s enemical to growth to start with. Then, you are micromanaging the exchange rate, yet you are not producing. If you are going to import everything as we do, and there are those very sexy economists that would say, let’s have marked forces. For you to have marked forces, there must be some equity.
[/b]

Where is omohayek and his co-travellers? The expansionary approach to lack that involves expanding volume of money in circulation has triggered inflation. Inflation has in turn triggered public wage increase - a reaction which is as good as a defeat to the expansionist move. I have said it and will repeat it, Tinubu has no history of boosting productivity or production level anywhere. His approach to boosting IGR is aggressive taxation of the prospering and the many hungry survivors around. He doesnt have what it takes to boost IGR through boosting GDP. His latest approach of adding zeros to digits to boost money level in the system doesn't amount to boosted GDP.

I like how Domald Duke exposed that by juxtaposing 80-90m people sharing $25b in 1983 to 200m people sharing $19b in 2024. It exposes the folly of the corn-team.

Most handsome governor ever from south south. Justice for Edo state governors lol

Fira09 justice for your state governors

And they even stole DONALD DUKEs picture to actually prove beyond doubt that they are a worthless and useless gathering of failures.

A gathering of liars and failures who open their putrid mouths and cho cho cho ceaselessly without using their expired brains.

The country has failed on all positive developmental ramifications and a certified criminal that pays worthless bigots to push Propaganda is called President.

Tinubu is a certified failure as President.. NO CAP.

Imagine a President without

Childhood pictures

Certified and confirmed educational qualifications

Shrouded parenthood

A man that attended a School 4yrs before the school was established?

An identity theft merchant..

How can a man use DONALD DUKEs picture as his own?

They said Obasanjo is not their preferred choice and they supported TINUBU enmass as a disaster. Now same TINUBU is deporting them from AWA LAGOS.. that they claimed he built.

Shameless people.. extremely shameless and dull.

See picture wey Dem thief. Useless omo ales..

Where is the link to this lie

Celestialsword:

Nigeria has always been a failed state.

Hmm Donald dupe.

softtorce:
Where is the link to this lie

digest the message, you are fond of looking for what is not lost,this attitude if yours will truncate your progress in life

chiiraq802:
Nigeria has always been a failed state.

yes,he realizes it very late

Message of lies n fraud

Celestialsword:
digest the message, you are fond of looking for what is not lost,this attitude if yours will truncate your progress in life

COMRADES, Buhari has laid the foundation for Tinubu to make Nigeria a living hell for us
You can see that apc is evil

We pray God turns things around for this country

CodeTemplar:

Where is omohayek and his co-travellers? The expansionary approach to lack that involves expanding volume of money in circulation has triggered inflation. Inflation has in turn triggered public wage increase - a reaction which is as good as a defeat to the expansionist move. I have said it and will repeat it, Tinubu has no history of boosting productivity or production level anywhere. His approach to boosting IGR is aggressive taxation of the prospering and the many hungry survivors around. He doesnt have what it takes to boost IGR through boosting GDP. His latest approach of adding zeros to digits to boost money level in the system doesn't amount to boosted GDP.

I like how Domald Duke exposed that by juxtaposing 80-90m people sharing $25b in 1983 to 200m people sharing $19b in 2024. It exposes the folly of the corn-team.

I have always preached a tight monetary policy. I have always advocated higher MPR so as to soak up excess funds in the system and bring down inflation.

You on the other, unknowingly has always been a keen supporter of an expansionary monetary policies. You want low interest rates which is expansionary as it encourages spending rather than save. The more you save, the less money in the system and vice-versa.

In addition you support that the fuel subsidy be retained. This will an extra 6tr the government either has to borrow with expensive bonds or use Ways and Means. The latter is very expansionary as it involves printing of money by the central bank to lend to the federal government.

Why not educate yourself? Donald Duke isn't an economist, so why be held spellbound by a few inaccuracies in his speech? It is people like him many Nigerians listen to and that is why they have a poor understanding of economics.

I prefer to listen to true Nigerian economists like Pat Utomi, Okomji-Iweala and Charles Soludo.

Kukutente23:
We pray God turns things around for this country

With Apc in Power??

Apc has no plans to make Nigeria better,the standing ground for their coming together was to grab Power from pdp and win elections at all cost.

May the strongest survive.

grandstar:


I have always preached a tight monetary policy. I have always advocated higher MPR so as to soak up excess funds in the system and bring down inflation.

You on the other, unknowingly has always been a keen supporter of an expansionary monetary policies. You want low interest rates which is expansionary as it encourages spending rather than save. The more you save, the less money in the system and vice-versa.

In addition you support that the fuel subsidy be retained. This will an extra 6tr the government either has to borrow with expensive bonds or use Ways and Means. The latter is very expansionary as it involves printing of money by the central bank to lend to the federal government.

Why not educate yourself? Donald Duke isn't an economist, so why be held spellbound by a few inaccuracies in his speech? It is people like him many Nigerians listen to and that is why they have a poor understanding of economics.

I prefer to listen to true Nigerian economists like Pat Utomi, Okomji-Iweala and Charles Soludo.

Your ideas have been implemented and turn out disastrous. Focus on that and stop trying to twist the narrative or meaning of my ideas. I don't support wuru-wuru expansionism. Your lame attempt at pinning expansionism on me is DOA because increased wage for workers puts less strain on the lending demand level, making increased MPR of lesser concern to borrowers, and arms workers with interest free money to fuel spending and thus inflation.
Secondly, my support for subsidy being retained was conditional. The govt and your likes preferred to accept corruption and move on with punitive measures for the masses. I opposed that and still oppose corruption laced policies.

Moving forward from your petty allegations, I think it is best the govt looks at the unproductive civil workforce and say to them, "we are just paying you, you are not generating anything commensurate with what we spend on you guys and that leaves us with fewer producers trying to cover the material needs of the populace. That's a strong cause of inflation, therefore we need to change approach.

The issue of naira strength is not one for chess like moves by oo e CBN governor. It is a issue of demand and supply. Policies should be made to reduce demand for foreign goods and increase supply of local ones. Foreign good demand is the number one legal cause of forex. Lack of local alternative is the number one reason for foreign good demand.

CodeTemplar:

Your ideas have been implemented and turn out disastrous. Focus on that and stop trying to twist the narrative or meaning of my ideas. I don't support wuru-wuru expansionism. Your lame attempt at pinning expansionism on me is DOA because increased wage for workers puts less strain on the lending demand level, making increased MPR of lesser concern to borrowers, and arms workers with interest free money to fuel spending and thus inflation.
Secondly, my support for subsidy being retained was conditional. The govt and your likes preferred to accept corruption and move on with punitive measures for the masses. I opposed that and still oppose corruption laced policies.

Moving forward from your petty allegations, I think it is best the govt looks at the unproductive civil workforce and say to them, "we are just paying you, you are not generating anything commensurate with what we spend on you guys and that leaves us with fewer producers trying to cover the material needs of the populace. That's a strong cause of inflation, therefore we need to change approach.

The issue of naira strength is not one for chess like moves by oo e CBN governor. It is a issue of demand and supply. Policies should be made to reduce demand for foreign goods and increase supply of local ones. Foreign good demand is the number one legal cause of forex. Lack of local alternative is the number one reason for foreign good demand.

Explaining economics to you is like explaining sex to a toddler.

grandstar:


Explaining economics to you is like explaining sex to a toddler.

your policies is are returning 0/10 score.