As Nigeria prepares to take a loan from the World Bank aftermath of the financial strait it is in at the moment, a former Presidential Candidate has counseled against such a move to address Nigeria’s economic woes.
Rather, he suggested that the country should develop a homegrown remedy in taking Nigeria out of the present woods it found itself.
According to Dr. Olapade Agoro of the National Action Council (NAC), this was done during the era of erstwhile President, Chief Olusegun Obasanjo when Nigeria, amidst fanfare paid off almost US$ 30 billion of her total indebtedness to exit the ‘back-to-slavery, chains and shackles in the hands and legs of the poor, IMF problematic loans’.
Agoro observed that it becomes a sinister motive and highly surprising for the Muhammadu Buhari’s regime expected to be the poor friendly contemplating becoming a good boy of the West, and taking a loan from the World Bank.
He said in spite of paying off the $30 billion IMF loan, the administration of former President Olusegun Obsanajo before it left office year 2007 had Foreign Exchange Earnings of US$62 billion in the kitty, which he alleged was unexplainably drawn down to US$450 million in just one year (2007 -2008) during regime of Yar’Adua/ Goodluck Jonathan.
He also observed that it was an undisputable fact that a handful of Nigerians are far richer that the nation State of Nigeria in foreign exchange savings kept in far way foreign economies.
“Unfortunately, should these Nigerians suddenly die like Mobutu Seseseko did, who left behind a whooping foreign exchange account of about US$5 billion, there will be no way the West would ever allow that type of money to be taken out of the Western economy”, he said.
He expressed regrets that while there appears to be unending tales of discoveries of late dictator, Gen. Sani Abacha’s loot to be repatriated back to Nigeria, nobody has told hapless Nigerians how the money got saved in the foreign banks by the late General who never once traveled out of Nigeria throughout his stay in power to any country of the West.
“It therefore becomes apposite that if the nation must sincerely and timely find an appropriate, most reasonable, friendly approach to her prevailing economic quagmire, it is the Home Grown Syndicated Solution rather than IMF loan loaded with conditionality unfavorable to the peoples’ interest and welfare”, he advised.
On corruption, he said since it has become obvious that Nigeria judicial system is a snail speed moving one and inhibiting the wheel of progress that could make ongoing corruption trials last at least 20 years, moving from lower Court to Court of Appeal and finally the Supreme Court, “we will be fooling ourselves to expect any tangible results than mere noise making in President Buhari’s current assault at the evils of corruption in Nigeria”.
Besides, he said the fact must be faced that Buhari’s stay in power currently enjoying about nine months of its first year of constitutional stipulated period of four years may not see the end of the expected trial time of those now being made to face the odd music trials in court for corruption.
“Therefore for assured maximum result guarantee, the best approach that can effortlessly and effectively recoup back to Nigeriawithin 40 days
of minimum US $ 5 billion dollars should be the afro style “Home Grown syndicated Solutions” of Name, Shame and Negotiate, take back all or part of the identifiable stolen funds”, he said.
According to him, many Nigerians whom he described as birds of the same feathers irrespective of their political parties in APC, PDP, APGA, SDP, etc are clever thieves ready to pay any amount of money particularly in foreign currency to engage lawyers to keep their cases ad-infinitum in the courts no doubt with the intention to outlast the time Muhammadu Buhari the sworn anti- corruption crusader would legally stay in power.
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As Nigeria prepares to take a loan from the World Bank aftermath of the financial strait it is in at the moment, a former Presidential Candidate has counseled against such a move to address Nigeria’s economic woes.
Rather, he suggested that the country should develop a homegrown remedy in taking Nigeria out of the present woods it found itself.
According to Dr. Olapade Agoro of the National Action Council (NAC), this was done during the era of erstwhile President, Chief Olusegun Obasanjo when Nigeria, amidst fanfare paid off almost US$ 30 billion of her total indebtedness to exit the ‘back-to-slavery, chains and shackles in the hands and legs of the poor, IMF problematic loans’.
Agoro observed that it becomes a sinister motive and highly surprising for the Muhammadu Buhari’s regime expected to be the poor friendly contemplating becoming a good boy of the West, and taking a loan from the World Bank.
He said in spite of paying off the $30 billion IMF loan, the administration of former President Olusegun Obsanajo before it left office year 2007 had Foreign Exchange Earnings of US$62 billion in the kitty, which he alleged was unexplainably drawn down to US$450 million in just one year (2007 -2008) during regime of Yar’Adua/ Goodluck Jonathan.
He also observed that it was an undisputable fact that a handful of Nigerians are far richer that the nation State of Nigeria in foreign exchange savings kept in far way foreign economies.
“Unfortunately, should these Nigerians suddenly die like Mobutu Seseseko did, who left behind a whooping foreign exchange account of about US$5 billion, there will be no way the West would ever allow that type of money to be taken out of the Western economy”, he said.
He expressed regrets that while there appears to be unending tales of discoveries of late dictator, Gen. Sani Abacha’s loot to be repatriated back to Nigeria, nobody has told hapless Nigerians how the money got saved in the foreign banks by the late General who never once traveled out of Nigeria throughout his stay in power to any country of the West.
“It therefore becomes apposite that if the nation must sincerely and timely find an appropriate, most reasonable, friendly approach to her prevailing economic quagmire, it is the Home Grown Syndicated Solution rather than IMF loan loaded with conditionality unfavorable to the peoples’ interest and welfare”, he advised.
On corruption, he said since it has become obvious that Nigeria judicial system is a snail speed moving one and inhibiting the wheel of progress that could make ongoing corruption trials last at least 20 years, moving from lower Court to Court of Appeal and finally the Supreme Court, “we will be fooling ourselves to expect any tangible results than mere noise making in President Buhari’s current assault at the evils of corruption in Nigeria”.
Besides, he said the fact must be faced that Buhari’s stay in power currently enjoying about nine months of its first year of constitutional stipulated period of four years may not see the end of the expected trial time of those now being made to face the odd music trials in court for corruption.
“Therefore for assured maximum result guarantee, the best approach that can effortlessly and effectively recoup back to Nigeriawithin 40 days
of minimum US $ 5 billion dollars should be the afro style “Home Grown syndicated Solutions” of Name, Shame and Negotiate, take back all or part of the identifiable stolen funds”, he said.
According to him, many Nigerians whom he described as birds of the same feathers irrespective of their political parties in APC, PDP, APGA, SDP, etc are clever thieves ready to pay any amount of money particularly in foreign currency to engage lawyers to keep their cases ad-infinitum in the courts no doubt with the intention to outlast the time Muhammadu Buhari the sworn anti- corruption crusader would legally stay in power.
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