By David Adenekan, Columnist
TO BEGIN, let’s delve into insights from an interview with Mohammed Irfaan Ali, the esteemed leader of Guyana, a Caribbean nation.
Emphatically, not until we have a purposeful and visionary leader who can knock the imperialist with actions that will negate their economic interests, most developing countries, including Nigeria will perpetually remain a dumping ground for the so-called industrial world like the USA, Britain, France and Germany.
Suffice it to say, President Bola Ahmed Tinubu’s led government might have found itself in the cobwebs of colonial mentality with all of the great emphasis on foreign loans to save a downturn economy.
If not, how do you explain the rationality of being a subservient country to International Monetary Funds, (IMF) and World Bank to the detriment of the citizenry?
The Olayemi Cardozo led Central Bank Of Nigeria has secured an investment, loans and bonds that will be paid back at high interests rates, to clear the back log in our forex market and many protagonists of BAT are not considering the negative ripple effect but, the political climate is blowing the wind of a new slogan, ‘Naira is gaining strength against the dollar’.
Are the prices of goods and services in a downward trends?
The answer is a capital NO.
Why is the answer NO?
It is only an increase in the level of productivity that can bridge an inflationary gap that defies all logics, including monetary and fiscal policies.
Yes, this fire brigade approach will not stand the test of time, unless the BAT led administration takes the bull by the horn to do the needful; fix our refineries, look inward to save our mineral resources from illegal mining to generate more revenue, provide adequate security to protect our farmlands against the invasion of the marauders and migrant fulani herdsmen in order to increase agricultural production and also, encourage more diaspora remittances. These are the permanent fixes.
At this juncture, it should be noted that, the Bola Ahmed Tinubu’s led administration went in the news about eight months ago that, the Port-Harcourt refinery will be fixed by the end of December, 2023. A powerful documentary was anchored by Channel Tv News to run the state at which work was in progress. It was trending in the news like wild fire. Some news makers like me urged Nigerians to be very cautious of BAT’s wiles political propaganda. President Bola Ahmed Tinubu at that point was in a desperate move to assuage the untold hardship of the citizenry as a result of the impatient and illogical removal of the oil subsidy. He needed to act very fast to hoodwink the people on empty promises to calm their nerves. However, seven months after, Port-Harcourt refinery is not near completion.
Shameless People!
In the final analysis, this government must stop the euphoria of “robbing Peter to pay Paul.”
Yes, Naira Is Still In The Mode Of A Free Fall, Stop Chasing Shadows.
Call me a sadist, it is what it is. Lobatan!
GBAM!
Time will tell!!
David Adenekan, the Editor of Shekinah International Magazine and a media expert contributes this article from Chicago, Illinois. davidadenekan5@gmail.com
