Last time I checked, the 2022 appropriation bill had been successfully passed by the Senate before proceeding for its annual recess.

It’s worth noting that a total sum of N17.126 trillion was passed by the Senators as against the N16.391 trillion tendered to the joint session of the National Assembly (NASS) by President Mohammadu Buhari.

The 2022 budget has it that the projects to be executed in Nigeria in the upcoming fiscal year will be financed by the foreseen assistance of both local and international loans yet to be sought, albeit mainly local borrowing, having estimated the expected oil benchmark for the year among other sources of the finance.

It’s pertinent to acknowledge that governments in rich as well as poor nations borrow money from such domestic and international markets as the World Bank, the International Monetary Fund (IMF), and commercial banks.

In rich nations, government borrowing obviously stimulates the private economy; it creates jobs and raises incomes of the majority of the population of the affected nation, thereby improving their standard of living. However, in poor or developing nations, government borrowing does not generally produce the same results or the required effect.

In Nigeria, for instance, for decades now, the government incessantly enjoys domestic and international borrowing but pathetically, such gesture hasn’t stimulated the private economy as anticipated. To say the least, the role of Foreign Direct Investment (FDI) in the country’s economy has not been significant.

Between 2009 and 2015 alone, the government engaged tremendously in international borrowing. This gesture was reflected in the country’s balance of payments deficits. In spite of the enormous borrowing by the government, grants received out of benevolence, and debts rescheduled as well as forgiven, the nominal income per capita hasn’t shown any significant improvement.

The country average income per capita on a monthly basis for the recent years was about USD130 dollars or thereabouts which was far below the $500 average income for the poorest African countries. Pitiably, the country cannot presently boast of up to USD80 dollars as its monthly average income per capita.

Conspicuously, Nigeria has recently faced an unprecedented population growth. Although the population is increasing at an alarming pace, its purchasing power is not.

Such a phenomenon as posited above has two cogent and inevitable effects on the economy. The first is that the rapid increase in population impoverishes the country as a whole, hence making the accumulation of capital very difficult. Secondly, the low purchasing power limits the internal market.

The major economic plight in a country like Nigeria remains that the government has not been accountable to the people. Thus, it can borrow as it pleases, and the unsuspecting electorate would still foot the bills.

We must acknowledge that the government will continue to borrow as long as there are interested lenders, provided the fiscal policies of the country remain docile. This is why suchlike policies are seriously yearning for restructuring.

Besides, there’s enormous politics involved in international lending. Though Nigeria can invariably find her way as regards assessing loans from either official or unofficial sources via the use of her international connections or immunity, for how long will she continue to depend on external borrowing? This, among other paramount questions, is required to be raised by any one or analyst who truly thinks good of the country.

It would be recalled that during 1966-1974, or thereabouts, developing nations were growing at a high rate simply because they were yet to be involved in external borrowing or importation of goods and services. In view of this, their annual average growth rate stood at 7%.

But in order to meet their subsequent population growth needs, many of them began to import heavily, particularly capital goods, oil and foods. Funnily enough, they are mostly involved in export-oriented strategy as it’s presently witnessed in Nigeria in the oil sector.

It’s not anymore news that the borrowing, especially external, that’s captured in the 2022 budget, which is not unusual in the Nigeria’s budgeting pattern, has been generating a lot of ripples and mixed feelings in various quarters, thereby making several Nigerian analysts as well as social commentators – both home and abroad – to be involved in series of fallacious arguments. This is probably owing to partisanship, incompetence, quackery, unpatriotism, ignorance, or what have you, as the case may be.

It’s amusing and perhaps very awful to realize that sometimes most Nigerians play politics with issues of national interest, particularly very sensitive economic matters. We are not unaware that borrowing is necessary, but it ought not to be seen or adopted as a measure that needs to be taken if a country must survive or grow.

Editor’s Note: this post concludes here

Today is the day that’s reserved for the celebration of the birth of Jesus Christ. Although the date 25th is still very much controversial as the day Jesus was born as many claimed it is not the right date but it’s have been generally adopted by the majority of the Christian faith around the world for the celebration of the birth of their Lord and Savior.

Today is also a day according to reports that many road accidents happen and people lose their lives and properties and also wreck damages to their cars and the cars of others. 

I want to remind you as your lawyer that while you go about with the Christmas celebration that you should not drink and drive, if you are drunk don’t drive. If morality is not a good reason for you not to drive drunk I want you to know that driving drunk is a serious offense punishable by the Nigerian laws and other laws around the world and you can go to jail for this offense. 

This offense is called Driving Under the Influence; Driving under the influence (DUI) is the offense of driving, operating, or being in control of a vehicle while impaired by alcohol or drugs (including recreational drugs and those prescribed by physicians), to a level that renders the driver incapable of operating a motor vehicle safely. 

Also, over speeding is a serious offense punishable under the Nigerian laws same also reckless driving. These offenses carry a monetary punishment (monetary fine) and also jail term for the law breakers.

Driving against road signs, traffic lights, and controls is also a serious offense, and when you drive against traffic lights or road signs, you become a lawbreaker. The law will be harsh on you if you get caught, and in cases involving impaired driving, consulting an AZ DUI lawyer can be crucial in understanding your legal options.

Merry Christmas and remember to drive safely, your family and friends love you and are always looking forward to seeing you again.

Many of us have taken to wearing visors and other similar devices to protect our eyes and visages from the possible effects of harmattan.

Taking Nigeria as a case study, many would testify that the ongoing climatic phase causes virulent feelings, and may as well lead to various virulent diseases, whilst some would definitely testify that it is a welcome scene, therefore ought to continue for eternity. Honestly, these and more similar phenomena observed amongst mankind are not man-made but wholly natural.

Let’s put it this way; if brandy is good in bringing the real man or woman in you as a person at any given time, and that fellow that appears to be intimate to you believes in the work of whisky in respect of similar purpose; then conclusively, it signifies you both are of different nature, or possess distinct idiosyncrasies.

Thus significantly, no matter the level of intimacy in any relationship or affair, be it symbiotic or parasitic, the exact nature of the two or more parties involved can never be compromised or interchanged.

In geography, we were taught that about seventy percent (70%) of the earth’s crust is covered with water, while about thirty percent (30%) is engulfed by land. There’s a big problem or error attached to this geographic estimation coupled with approximation.

The astronomers who carried out the research and rounded off with such conclusions were so myopic to understand the fact that, even the part of the earth crust covered with water is equally made up of land. It’s not a paradox. It’s a fact, and it is natural.

Of course the bedrock of any sea, ocean, river, pond, lake, et cetera, is land. In agriculture, we call it the soil. It suffices to say that every part of the earth’s crust is covered with the soil (land).

But this is not my optimum interest in this piece. My concern is; despite the level of intimacy between the land and the natural water, they still don’t mix together. This simply signifies each of the compounds or substances in question is made of a certain distinct nature. This is a fact.

Each of the paragraphs above has proven to us that nature is indeed very powerful. Nature could be regarded as all the animals, plants and other things in the world that are not made by man; and all the events, features and processes that are not caused by mankind. In a nutshell, nature is anything that is not man-made.

In other words, it’s older than the world. Yes, nature has been in existence before the world was created. This is the reason most times anything caused by it seems to be mysterious; that is, beyond man’s imagination, creativity or creative ingenuity. Therefore, nature controls; it rules; inter alia, it finalizes.

Let I digress; this piece is solely focused on Christmas otherwise known as Xmas. We’re discussing its annual commemoration. First and foremost, what is a Christmas celebration or commemoration? It’s simply a religious festival or ritual being observed on every 25th December by the Christendom to mark the birth of Christ.

Then, who is Christ? Christ is one of the names of Jesus whom Christians believe to be the only begotten son of God and whose teachings are the basis of Christianity. According to the Christian writ, the Creator sent Him to sanctify the sinful world and He wholeheartedly obliged.

He came, saw, taught, healed and delivered the world. Most importantly, He died for our sins to be forgiven. It’s needless to assert that He eventually conquered during His sojourn on earth.

As a devoted Christian, Catholic to be precise, I understand that Christ was not really born on the 25th of December, but such date was selected by the ancient Christendom in order to mark the day such generous being came into the world since the actual date of His birth was not recorded by the scribes or historians of His time.

They considered it consequential for such a date to be monumental or be remembered by mankind, because the day in question marked the beginning of mankind’s sanctification, deliverance as well as total emancipation, which remains the most vital Christian tool in existence.

Truly, Christ came or was born, saw and conquered. Above all, He accomplished His mission, because mankind was freed from bondage by His death. After the death of Christ, He resurrected. Before His death, He resurrected many souls; this remains the most mysterious act performed by Him.

Hence, resurrection is nature. If truly we believe that such a vital tool is nature, in other words, Christ is nature. He’s beyond man’s imagination. Starting from His birth down to His death, everything about Him was mysterious.

So, as we commemorate this season of holy birth and love, let’s endeavour to recall the spiritual essence of its existence towards doing the needful as long as it lasts. Therefore, I enjoin us to use the period to have a rethink in our respective endeavours with a view to making our immediate societies a better place for the residents or occupants.

There is really a tremendous reason for this season. Such a moment set aside to mark the day Christ was born ought to not in any way be compromised, because it’s the birthday of our Messiah.

This signifies that Christmas remains a worthwhile Christian virtue, which is arguably ‘the best of its kind’.