Unbelievable: APC has a new Chairman, albeit an interim one. Senator Abiola Ajimobi, a former governor of Oyo state, is the new man. An Appeal Court has upheld the earlier suspension of Adams Oshiomhole by a lower court. Crazy things happen: the disqualified governor of Edo State, Godwin Obaseki, who had since resigned from APC could make it back. Everything depends on how Senator Ajimobi is sneezing.

Mr Oshiomhole was earlier suspended by the APC in Edo State in what is part of his battle with the state governor, Godwin Obaseki.

A Federal High Court also ruled that his suspension was legal and ordered Mr Oshiomhole to stop parading himself as APC national chairman.

The suspension was initially lifted after the appellate court granted a stay of execution of the high court’s order.

The appeal court on Tuesday, however, ruled that Mr Oshiomhole’s suspension was valid.

This throws a new twist into the Edo APC crisis as the party prepares for the governorship election.

Earlier on Tuesday, Mr Obaseki announced his resignation from the APC.

Lily Hospitals continues to pursue that construct of bringing scientific miracles in its clinics, through superior, patient-focused and affordable healthcare services. In our journey on management and leadership ascent, more than 15 healthcare professionals from Lily would be joining Tekedia Mini-MBA, to co-share, and co-learn, with our community, on how new innovative management processes and systems can advance the wellbeing of patients and the communities they serve. 

We are honoured to be working with Dr. Austin Okogun, Lily doctors, nurses, etc. Lily Hospitals is one of the largest networks of private hospitals in West Africa.

Lily, continue your care in our communities. We welcome the heroes of this era to our program.

Learn how Tekedia Mini-MBA can advance your mission here .

https://www.tekedia.com/mini-mba-2/

Nothing has shocked me in my entire life in public service as the revelation from Nigeria’s First Quarter 2020 financial reports in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which shows, alarmingly, that whereas Nigeria spent a total sum of N943.12 billion in debt servicing, the Federal Government’s retained revenue for the same period was only N950.56 billion. This means that Nigeria’s debt to revenue ratio is now 99%.

No one should be deceived. This is a crisis! Debt servicing does not equate to debt repayment. The reality is that Nigeria is paying only the minimum payment to cover our interest charges. The principal remains untouched and is possibly growing.

We are at a precipice. If our revenue figures do not go up, and go up quickly, Nigeria risks a situation where our revenue cannot even sustain our debt servicing obligations. Meaning that we may become insolvent, and our creditors may foreclose on us, as has occurred in Sri Lanka and the Maldives.

In my opinion editorial of December 17 2019, titled ‘Endless Borrowing Will Lead Nigeria to Endless Sorrowing’, I had cause to counsel the Federal Government to desist from indiscriminate lending, and offered suggestions on ways to both increase revenue and reduce expenditure. However, my counsel fell on deaf ears. And now we have come to this.

Again, on May 15, 2020, I counselled that the Federal Government ought to reduce Nigeria’s budget by at least 25%, to reflect the economic realities of the times that we live in. Again, my entreaties were brushed aside.

As part of an administration that paid off Nigeria’s entire foreign debt, I am concerned by the alarming and avoidable unprecedented increase in our debt to GDP ratio and debt to revenue ratio. The alarm I sounded last year is now sounding louder.

Not only have we squandered our opportunities, we have also squandered the opportunities of our future generations by bequeathing them a debt that they neither incurred nor enjoyed.

As a matter of utmost urgency and importance, I call on the Federal Government to take immediate steps to drastically reduce its expenditure, especially on wasteful projects, such as maintenance of the Presidential Air Fleet, and unnecessary renovations of buildings that could serve as is, limousine fleet for top government officials, overseas travels and treatments, and the N4.6billion Presidential villa maintenance budget, etc.

We cannot be on the verge of economic ruin, while still maintaining a Presidential Air Fleet that has more planes than the Presidential fleets of those from whom we take these loans. Nigeria must sell those planes and channel the revenue to other vital areas of need while taking additional steps to reduce the cost of running our government.

The Federal Government cannot continue to justify these unsustainable numbers by pointing at Nigeria’s debt to GDP ratio. That is only half the picture. Our debt to revenue ratio paints a much more realistic portrait of our financial situation, especially as our revenues are majorly tied to a mono-product, oil and gas, which are very vulnerable to global shocks.

Again, I warn that Nigeria is facing a crisis, and we cannot continue to keep up appearances by taking out more loans to prop up our economy. That will amount not just to robbing Peter to pay Paul, but to robbing our children to pay for our greed!