₦airaland Forum

Oracle23:
Buhari has borrowed 30 billion dollars mostly from china in his first tenure, what exactly did he do with it?

OROSUNBOLB:
Would you open a bank account in a distressed bank ? Even if you do, you wont fund the account. That's the signal coming out of the east,the region is not predictable as some are still calling for war.

Witcher:
Most read
Speech as Nigeria Military Head Of State (1983)
Muhammadu Buhari

In pursuance of the primary objective of saving our great nation from total collapse, I, Major-General Muhammadu Buhari of the Nigerian army have, after due consultation amongst the services of the armed forces, been formally invested with the authority of the Head of the Federal Military Government and the Commander-in-Chief of the armed forces of the Federal Republic of Nigeria. It is with humility and a deep sense of responsibility that I accept this challenge and call to national duty.

As you must have heard in the previous announcement, the constitution of the Federal Republic of Nigeria (1979) has been suspended, except those sections of it which are exempted in the constitution. The change became necessary in order to put an end to the serious economic predicament and the crisis of confidence now afflicting our nation.

Consequently, the Nigerian armed forces have constituted themselves into a Federal Military Government comprising of a Supreme Military Council, a National Council of States, a Federal Executive Council at the centre and State Executive Councils to be presided over by military governors in each of the states of the federation. Members of these councils will be announced soon.
The last Federal Military Government drew up a programme with the aim of handing over political power to the civilians in 1979. This programme as you all know, was implemented to the letter. The 1979 constitution was promulgated.
However, little did the military realise that the political leadership of the second republic will circumvent most of the checks and balances in the constitution and bring the present state of general insecurity.

The premium on political power became so exceedingly high that political contestants regarded victory at elections as a matter of life and death struggle and were determined to capture or retain power by all means. It is true that there is a worldwide economic recession.
However, in the case of Nigeria, its impact was aggravated by mismanagement. We believe the appropriate government agencies have good advice but the leadership disregarded their advice. The situation could have been avoided if the legislators were alive to their constitutional responsibilities. Instead, the legislators were preoccupied with determining their salary scales, fringe benefit and unnecessary foreign travels, et al, which took no account of the state of the economy and the welfare of the people they represented.

As a result of our inability to cultivate financial discipline and prudent management of the economy, we have come to depend largely on internal and external borrowing to execute government projects with attendant domestic pressure and soaring external debts, thus aggravating the propensity of the outgoing civilian administration to mismanage our financial resources. Nigeria was already condemned perpetually with the twin problem of heavy budget deficits and weak balance of payments position, with the prospect of building a virile and viable economy.

The last general election was anything but free and fair. The only political parties that could complain of election rigging are those parties that lacked the resources to rig. There is ample evidence that rigging and thuggery were relative to the resources available to the parties. This conclusively proved to us that the parties have not developed confidence in the presidential system of government on which the nation invested so much material and human resources. While corruption and indiscipline have been associated with our state of under-development, these two evils in our body politics have attained unprecedented height in the past few years. The corrupt, inept and insensitive leadership in the last four years has been the source of immorality and impropriety in our society.

Since what happens in any society is largely a reflection of the leadership of that society, we deplore corruption in all its facets. This government will not tolerate kick-backs, inflation of contracts and over-invoicing of imports etc. Nor will it condone forgery, fraud, embezzlement, misuse and abuse of office and illegal dealings in foreign exchange and smuggling.
Arson has been used to cover up fraudulent acts in public institutions. I am referring to the fire incidents that gutted the P&T buildings in Lagos, the Anambra State Broadcasting Corporation, the Republic Building at Marina, the Federal Ministry of Education, the Federal Capital Development Authority Accounts at Abuja and the NET Building. Most of these fire incidents occurred at a time when Nigerians were being apprehensive of the frequency of fraud scandals and the government incapacity to deal with them.

Corruption has become so pervasive and intractable that a whole ministry has been created to stem it.
Fellow Nigerians, this indeed is the moment of truth. My colleagues and I – the Supreme Military Council, must be frank enough to acknowledge the fact that at the moment, an accurate picture of the financial position is yet to be determined. We have no doubt that the situation is bad enough. In spite of all this, every effort will be made to ensure that the difficult and degrading conditions under which we are living are eliminated.
Let no one however be deceived that workers who have not received their salaries in the past eight or so months will receive such salaries within today or tomorrow or that hospitals which have been without drugs for months will be provided with enough immediately. We are determined that with the help of God we shall do our best to settle genuine payments to which government is committed, including backlog of workers’ salaries after scrutiny.

We are confident and we assure you that even in the face of the global recession, and the seemingly gloomy financial future, given prudent management of Nigeria’s existing financial resources and our determination to substantially reduce and eventually nail down rises in budgetary deficits and weak balance of payments position. The Federal Military Government will reappraise policies with a view to paying greater attention to the following areas: The economy will be given a new impetus and better sense of direction. Corrupt officials and their agents will be brought to book.

In view of the drought that affected most parts of the country, the federal government will, with the available resources, import food stuffs to supplement the shortfalls suffered in the last harvest.
Our foreign policy will both be dynamic and realistic. Africa will of course continue to be the centre piece of our foreign policy. The morale and combat readiness of the armed forces will be given high priority. Officers and men with high personal and professional integrity will have nothing to fear.

The Chief Justice of Nigeria and all other holders of judiciary appointments within the federation can continue in their appointments and the judiciary shall continue to function under existing laws subject to such exceptions as may be decreed from time to time by the Federal Military Government. All holders of appointments in the civil service, the police and the National Security Organisation shall continue to exercise their functions in the normal way subject to changes that may be introduced by the Federal Military Government.

All those chairmen and members of statutory corporations, parastatals and other executive departments are hereby relieved of their appointments with immediate effect.
The Federal Military Government will maintain and strengthen existing diplomatic relations with other states and with international organisations and institutions such as the Organisation of African Unity, the United Nations and its organs, Organisation of Petroleum Exporting Countries, ECOWAS and the Commonwealth etc. The Federal Military Government will honour and respect all treaties and obligations entered into by the previous government and we hope that such nations and bodies will reciprocate this gesture by respecting our country’s territorial integrity and sovereignty.
Fellow Nigerians, finally, we have dutifully intervened to save this nation from imminent collapse. We therefore expect all Nigerians, including those who participated directly or indirectly in bringing the nation to this present predicament, to cooperate with us. This generation of Nigerians, and indeed future generations, have no country other than Nigeria. We shall remain here and salvage it together.

May God bless us all. Good morning.
The speech is fresh like it's was today.

jimyjames:
No matter what even our leaders in south east have limited powers to do some certain things in south east even if the want to, investors most get approval from federal government to invest in some certain things, a lot of natural resources like, oil, natural gas, coal and big projects like international airports , rail projects all these belongs to the federal government

babaolofin:
The incoming government from 2023 will also borrow more money.

babaolofin:
Stop fooling yourself. The breakdown is just paper work. The implementation is a fraud. The Ibo boys are just wasting time
on nothing instead of understanding what is happening.

diplomat058:
Lols. You lots won't stop fooling yourselves, will you? The ONLY region that can turn things around, yet your region is almost barren, economically unviable and emigration prone. You came to SW and saw things working, didn't you. Which of your SE states come close to Lagos and Ogun, in terms of GDP, IGR, Industrial might, human development and other development parameters?

Stop these empty, lunatic, and comical boasting and 'mouthing'

NGpatriot:
There's a difference between pride and Self Deceit.

djon78:
Abeg which industrial might, which GDP index ? When oil price dropped in 2016 what happened everyone entered into recession. Your Indusrial might what's your contribution to real $ earnings to the nations income. Everybody is tied to crude oil earnings. So I wonder the so called industrial might. dont bother arguing with dat waste of a human being

Secondly you can't compare the East to yourself. The government at the center has been spoon feeding you while the East has been extremely marginalized since after the war. And still you lot are not better than the East even with all this spoon feeding.

The only problem we have in the East is non radical, inspirational leadership. That can leverage on the strength of the igbo man. We had inspirational leaders before people like Micheal Okpara, Akanu Ibiam, Dee Sam Mbakwe. All these men there development agenda helped the East after the war.

All our present governors are total misfits and they are propelled up by the government at the center.
Example the aberration that happened in IMO state recently.

oz4real83:
The total is still not up to the proposed loan Out of over $22b, this govt intends spending $500m on education. That shows the value they placed on education. Also check the intended spending on health, less than $100m. They are spending less on health and education because they still want a reason they and their families will continue going abroad.

Lagosfinder:
South east not considered at all

djon78:
Actually there is nothing wrong in borrowing. All these developed and developing countries our people are running to built there infrastructures and nation with borrowed money.

US is the most indebted nation in the world. Even China's debt is high.

But those countries channel these borrowed money to critical areas. Take for example only steady 24hours light in Nigeria will add great value to the economy and quality of life of the common man. Likewise good accessible road networks.

But what we are against is channeling the money to irrelevant, unproductive and looting things.

DexterousOne:
Politics is about participation
That's true



People who refused to vote because of Kanu did not take the wise decision either

But if you are implying that because the SE did not vote Buhari that they should get no project

That's silly and dumb.

The president is in charge of the whole country

If we get no projects
Then they should not take our tax revenues either

raker300:
only “vocational center” in enugu and nothing else.

We all know these monies won’t be used for any of these!!

These are just payouts for Buhari and his friends.

Too bad the younger generation would be subjected to pay these debts they know nothing of

AmTruth:
My utmost concern is that, let those lending this money and we Nigerians ensure that the monies are judiciously put to use as ascribe to.
I see nothing wrong in borrowing for development.

God bless Nigeria!!!

TheTourist:
A LOAN FOR NORTHERN NIGERIA SPONSORED BY THE CHINESE. SIMPLY PUT!

myobjective:
Go through the details, my friend, majority of the capital project are situated in the south and what you people like to called middle belt.

The mabila power project will supply electricity to the power grid which will serve the whole nation and in fact, it was initiated by Jonathan gov't.

NGpatriot:
Mambila is actually 40 years old on the drawing board.

TheTourist:
A LOAN FOR NORTHERN NIGERIA SPONSORED BY THE CHINESE. SIMPLY PUT!

solmus:
story, story.. SouthEast is also facing poverty

.

solmus:
its not reasonable to borrow to fund education and health as this are not revenue generating sector of the economy

djon78:
Abeg which industrial might, which GDP index ? When oil price dropped in 2016 what happened everyone entered into recession. Your Indusrial might what's your contribution to real $ earnings to the nations income. Everybody is tied to crude oil earnings. So I wonder the so called industrial might.

Secondly you can't compare the East to yourself. The government at the center has been spoon feeding you while the East has been extremely marginalized since after the war. And still you lot are not better than the East even with all this spoon feeding.

The only problem we have in the East is non radical, inspirational leadership. That can leverage on the strength of the igbo man. We had inspirational leaders before people like Micheal Okpara, Akanu Ibiam, Dee Sam Mbakwe. All these men there development agenda helped the East after the war.

All our present governors are total misfits and they are propelled up by the government at the center.
Example the aberration that happened in IMO state recently.