I beg all qualified Nigerians to get their PVCs and vote in 2023. If you do not vote, the nation may enter a phase that would become irreversible. Sudan went down on bread: “Sudan’s fallen ruler, Omar al-Bashir, won many fights for three decades. He mastered the politics of UN. He overcame America and South Sudan. He triumphed over IMF and World Bank. He fought rebels, friends and enemies – and won. But at the end, he fell because of BREAD. Yes, bread – so simple and harmless- brought down one of the last surviving yoyo men of Africa.”
In Sri Lanka, Gotabaya Rajapaksa ruled but in the end, lack of fuel, even for people to drive their cars, brought the mess home. He fell.
In Nigeria, sovereign debt is loading: “The World Bank said Monday that Nigeria has failed to meet full disclosure rating conditions on debt reporting for three consecutive years, adding an ugly remark to the nation’s unpleasant debt story.
Nigeria’s public debt stock has risen significantly in the last five years as the country battles economic headwinds emanating from covid-19 and poor fiscal policies. Nigeria’s total public debt stock stood at N41.60 trillion or $100.07 billion as at March 31, 2022, according to data from Debt Management Office (DMO).
The report said the World Bank has in the last three years been monitoring how transparent Nigeria is in its debt reporting practices and found that it did not meet “full disclosure” policy it set for International Development Association (IDA) countries.”
2023 is our last chance to reverse the miry clay- trajectory. If we do not get it right, sovereign debt will force Nigeria to enter into severe paralysis. IMF projects that by 2026, 100% of the national revenue will go into servicing debt. In short, the money we spend on servicing debts in Nigeria, every year, can fund 100% of our education and healthcare sectors as they exist. People, we can suddenly have zero money for anything but servicing debts in Nigeria! Have you got your PVC, yet?
The International Monetary Fund (IMF) has warned that debt servicing may gulp 100 percent of Nigeria’s revenue by 2026, if the government fails to implement adequate measures to improve revenue generation.
The IMF’s Resident Representative for Nigeria, Ari Aisen, disclosed this while presenting the Sub-Saharan Africa Regional Economic Outlook report on Monday, 30th May 2022 in Abuja.
Comment: “If we do not vote, the nation may enter a phase that would become irreversible.”
But we have always voted, prof. What’s the difference this time?
My Response: You have not voted actually. Lagos registers 5m out of 10m qualified and only 1m vote on election day. Is that voting using 1/10 to decide the future?
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