19-11-2024.

From all indications, it would appear that the Nigerian President, Bola Ahmed Tinubu, is hell bent on destroying the country as a corporate entity for the pleasure of his Western controllers, whoever they may be. Many video clips, statements and complaints about the excruciating poverty and hardship that are the constant companions of the ordinary citizens, (who happen to be in the overwhelming majority, on account of the deliberate elimination of the Middle Class from these shores), are all the time trending on the internet, particularly on the social media.

The latest TikTok video clip showed an economic analyst analysing the recent (unfortunate) approval by the International Monetary Fund (IMF) of a $2.5 billion loan to Nigeria with stiff conditions for accessing it, and the eventual repayment.

The White female analyst disclosed that, “Nigeria has taken another loan from the International Monetary Fund (IMF), amounting to $2.5 billion, which raises the country’s total debt to $110 billion. This deal has garnered mix reactions about its potential economic implications.

“on the surface, the terms of the loan appears to be attractive, it sets up a 1% interest rate, with a repayment period of 40 years, and no payment required for the first 10 years. However, the terms may have hidden drawbacks, notably the loan MUST be repaid in FOREIGN currency, specifically the Western currencies, while the Nigerian Naira is experiencing significant devaluation each year. 

“The Naira has lost about 50% of its value in the last year. From an economic standpoint, this depreciation means that the effective rate of interest could raise to as high as 51%. If the Naira continues on this trend, which seems like a manageable debt could devolve into a crippling obligation. 

“To illustrate the severity of the situation, let us consider a scenario where the Naira depreciates by only 10% per year, which is a more conservative estimate. By the time payment commences in 2034, the original borrowed amount of $2.5 billion could balloon to $7 billion. This would equate to the payment of about $1 billion annually for 30 years, culminating in the total payment of about $30 billion under a 10% inflation rate.

“Additionally, the loan comes with stipulations that could further strain Nigeria’s economy. Nigeria is required to maintain a significant potion of the loan amount as foreign reserves, limiting its ability to utilise much of the money for immediate domestic needs. Moreover, the country will need to reduce subsidies on oil which could adversely impact on its economy. There are also requirements for reforms for the WESTERN BANKS to compete against Nigerian banks. 

“While it is acknowledged that the current administration has inherited numerous economic challenges, the terms of this loan could lead to LONG TERM FINANCIAL INSTABILITY. Nigeria has substantial resources and skilled workforce, indicating that it could achieve greeter economic potential WITHOUT OVER RELIANCE on foreign loans. This situation raises an important question:  ‘Should Nigeria have accepted the loan and attached reforms, or would it have been wiser to reject it completely?”.

Only last week the same IMF expressed dissatisfaction with the non progress of the present administration, while giving kudos to other countries in Africa for managing their economies to the satisfaction of their citizens.

The fear that the analyst failed to raise is the strong possibility that a substantial part of the loan may end up in the pockets of some greedy politicians and technocrats, since Nigeria is at the moment ruled by very corrupt people, whose desire in life seems to be acquiring stupendous amount of money from the Commonwealth.

This was however, denied by the First Lady of the country, Senator Pastor Remi Tinubu, who vehemently denied that the economic reforms of her husband, President Bola Ahead Tinubu, were responsible for the pervasive poverty, hardship and harshness in the country. 

 

But the biological daughter of the President and stepfather of the First Lady, Adetoun Tinubu, thought differently, and she angrily explained so in a ‘speech’ to Nigerians. She said to her compatriots that the fault of the dire situation in the country was their own for ‘electing’ her father as the president of Nigeria, despite WARNING she gave against committing that costly mistake, about two years ago.

Senator Remi, who is an inactive (NOW devotes more time to her role as the unconstitutional First Lady) pastor in the Church of the immediate past Vice President, Professor Pastor Yemi Oshinbajo, claimed that the economic severity in Nigeria was not the making of the president, but the result of years of serial corruption, abuse and mismanagement of the economy over the years.

However, only the very few who illegally benefit from the present regime of her husband will see it her way, more so that she would NOT do or SAY anything that would jeopardise her privileged position as the First Lady of the country, and the hundreds of millions of Naira she ‘donates’ whenever she feels like it. It is an extravagant administration which never does anything by half for the political elite in the country.

But the revelrous, fiery and stubborn stepdaughter claimed that her father, the president of the country, was somebody whose only focus is how to make money and more money. She described him in all manner of unsavoury adjectives, stopping short of calling him an agent of an advanced economy, and local and international offender, who is a walking target for blackmail. She is of the belief that he was not serious about successfully leading the country to greatness, only about the greatness of what he would get into his own pocket. She adamantly demanded him to fix the country, since he used his very deep pocket to get ‘elected’ as the president of Nigeria.

Another disturbing matter is the use of religion by some people,  believed to be people of God, for their very self enrichment and entitlement. Though skeptical about the allegation some time ago, I was to write on the subject a couple of weeks ago when a member of the House of Representatives spoke on a Television programme, alleging that some religious leaders came to ranking politicians in secret “only to greet, not to preach the ills of corruption and other ungodly acts that are supposedly committed by them”.

But two events made me to now totally believe with the allegation. One is a trending video clip on the social media, where a Muslim, who claimed to be speaking from far away New York, United States (US), swore by God that one of Nigeria’s leading and famous Islamic clerics was a liar of the highest order. The cleric was not only a liar, but attends ONLY high profile events where he expects a huge reward in cash or kind or both (as is mostly the case). And he attends the event or goes to visit wealthy people with his senior in the religious calling in tow, so as to increase the quantity of the ‘take’.

The accuser, who spoke in the Hausa language, fluently but not of the Hausa stoke, on account of his heavy accent, showed the ‘protruding’ (pot) belly of the man, to make his point. The image shows a person who looked well fed and well dressed to be anything but a God fearing clergy.

The second event was the recent super high profile wedding at the palace of an emir in the city of Kano. Most of the leading politicians in the country, regardless of party affiliation, attended the wedding because of the immense popularity of the parents of the newly weds. One is a heavy weight politician, and the other is a seriously monied man. The huge gathering of the cream de la cream of Nigeria is therefore politics and money. The Vice President, Senator Kashim Shettima was there. By the way, the event appears to be the only talking point in the country at the moment, after the excruciating poverty and hardship that is RAVAGING Nigeria.

It seemed to have encouraged another wedding of the moment in the same city of Kano at the palace of another emir in the coming weeks of this year. The Deputy Senate President, Senator Barau Jibrin, would have a son and a daughter married at the Nasarawa palace of emir Aminu Ado Bayero. It is going to be another occasion when the top politicians and the very wealthy would ‘belong’ to the same political party, without any acrimony, which is the feature of the gathering of the masses. Would that Islamic cleric be there, since he has the knack for being where the money is, regardless of its source?

May God make the ordinary Nigerian realise that he is on his own every time, until the time of elections comes, when the none voting elite would need him for the (often) dirty work of delivering a positive result for them or their candidate.

Malumfashi wrote from Katsina.