 |
| President Buhari and IMF Boss |
1. we commend President Mohammadu Buhari for the 2016 budget proposal and going back to the drawing board to fine tune it as advised by H,E Prince frank ukonga-
2.secondly, the Prince advised that the N2,5trillion to be borrowed which is about 8,5billion pounds and 2,5% of our GDP though portable should not panic the president to accept IMF conditionality
3. History repeats itself, we should not forget too quickly the harrowing experience of Nigeria in the Shagari Era where Nigeria with cap in hand went a borrowing from the entire world , going a sorrowing , we incurred a total of 5billion dollar debt which became 55 billion in less than ten years after from 1978-1988 and by year 1990 and yonder Nigerian was into a heavy debt trap with IMF conditionality of continuous devaluation of the Nigerian Naira and everything we lived for were devalued...It was a despicable bad case study of squandimania, wanton larceny and gruesome irresponsibility of the leadership of that entire interregnum in human history as General Murtala left over 40 billion dollars to Obj in 1976 before he died,,,OBJ wasted away all these colossal money and the opportunity to make Nigeria emerge as the African Tiger and left a deficit bankrupt economy to Shehu Shagari in 1979...the case was despeakable...
4. Now the case has repeated itself again OBJ came back in 1999 and paid all the debt back left over 70 billion dollars for Yar Adua and Jonathan and in less than 8 year after all that money has been wasted away and here we go again/
5. The IMF is an unfriendly source of developmental finance and more of the cold rigid element of historical and dialectical development of the Human Race..there is the need to be careful in doing business with the IMF so that the harrowing conditions of the 1980s does not come back...
Post a Comment