By Nnaemeka Obiaraeri
The shenanigans/corrupt antics of the political class/ political office holders , whether PDP, APC, APGA, LP etc. are not the major problems of Nigeria/Nigerians. The major problems of Nigeria/Nigerians are the ignorance, gullibility and sentimental proclivity of a majority of Nigerians.
These levels of sentimentality, gullibility and ignorance are aptly amplified by the believe and convictions of these folks that even an angel can fix Nigeria and her multiferous problems under the current obnoxious, retrogressive, warped/wicked fiscal, governance, socioeconomic and political architecture. I shudder.
According to the Nigerian Debt Management Office (DMO), as at today, the total debt obligation of Nigeria is N17.58trillion. This is up from a position of N11.2trillion prior to 2015. From 2015 till now, the country has accumulated additional debt of N6.34trillion. The foreign debt portfolio has grown from $9.4billion in early 2015 to $12.4billion in May 2017 (incremental foreign debt accumulation of $3billion).
Please I want anyone to help me point out where we invested N6.34trillion in the Nigerians economy over the last 24months.
The FGN not yet tired of mortgaging the future of unborn generations is yet geared towards borrowing ADDITIONAL $30billion/N9.18trillion for identified projects that will lead to additional sharing and looting of our commonwealth.
To this end, they have applied to the NASS to approve $5.3billion borrowing from Chinese Exim to fund their equity portion of the Lagos-Kaduna-Kano rail project. I am shocked that Nigerians do not see anything wrong with these barefaced/ apparent attempt by the agents of the FGN to raise funds that would be shared towards 2019 electoral battle. A rail project to be executed still under the moribund 1955 Rail Corporation Act? I weep for this contraption. I weep for a people , whose brightest minds and intellectuals have been so swallowed up in the perfidious pit of political correctness that they have refused to see the deeper hole we are digging for ourselves by support of this perversion.
I shall come up with a sequel to this write up, a comprehensive solution on how we can finance the 4 major potential rail network trunk axis of this country under a PPP framework that ensures transparency in line with global best practises without creating rooms for the profligate looting of the political class. A robust and exotic PPP structure that ensures transparency, speed of execution, value for money, self liquidating and clear repayment paths that does not compromise our future forex earnings. We can no longer continue on this path of sharing economy against productive economy.
I shall be back. God help us.