An Open Letter to President Buhari and NASS on $4B, €710 loan

 My Opinion

An Open Letter to President Buhari and NASS on $4B, €710 loan

 President Buhari write NASS to request approval to borrow another $4B, €710m loan has created several uproar in the Nation,

According to the letter, the borrowing is an addendum to 2018-2020 borrowing plan and that his administration needs to borrow more funds to meet "emerging needs of some critical projects". The projects listed in the external borrowing plans are to be financed through the sovereign loans from the World Bank, French Development Agency, Exim Bank and IFAD.

This request comes barely two months after the National Assembly approved his earlier request to borrow $8.3B and £400M loans

Karl Marx made us to understand that "Class Conflict" is apparent in a society where ruling class keeps riding the less affluent.

Upon return to Democratic rule in 1999, at the tail end of President Obasanjo administration, He ensured he reached a deal to pay off the accumulated debts alongside 16 other countries in 2006.

As at now,

The debt profile is 33tr and the President seek another 2tr, which according to details accrued on Debt Management office website,

That means total debt under the Muhhamadu Buhari lead administration since 2015 excluding the recent request is #20.8tr and servicing gulps #10.26tr.

His administration keep justifying the request on using it to build infrastructure in the Nation.

However,

The more a Country borrows, the poorer the citizens become, A country keep downgrading in the economical sphere is she chooses loan borrowing as a way of remaining solvent. It is a stimulation of transfer payment that discourages the citizens from working.

An economy should rather face a natural decline to discover its own potentials. Singapore, China, Japan are a few examples of Countries that have gone through such and have risen from it.

Borrowing external loans admist decline in the Nation currency against the USD, GBP, EURO and other major currencies while inflation rate are in double digits, food prices have doubled, that's not good, and this ha more impact more than the exchange rates of the Naira to other foreign currencies.

Whereas the Government need to secure the nature , reduce the overbearing cost in doing business, the business environment can equally be hostile, over taxed and over regulated in some cases. 

In as much as we need to build infrastructure,

We also need to apply the conventional wisdom of WHEN YOU ARE IN A HOLE you stop digging.

We need to the economic team to come up with a well detailed plan other than borrowing at every point, we need to look inward and create enabling environment to attract investors and empower SMEs to start producing to sustain local consumption.

The President and NASS needs to be reminded that loans are not grants, hence they are repayable,

With dwindling prices of Oil and output cut options OPEC usually adopts alongside many countries reducing usage of oil, how solvent will the Nation be when we have accumulated so much loans in the name of building infrastructure ? Repaying loans should go beyond building road with borrowed funds with no alternative route and the only repayments plan is toll gates, As a Nation, we have perchant for allowing public edifice to rot away due to lack of proper maintenance or not putting it to proper use, the list is almost endless and almost all states of the federation have a fair share of such.

At a time like this, what the Nation should look into is Public Private Partnership ( PPP ) for several infrastructural development, create an enabling environment, invite investors to bid, regulate the process under law and ensure all agreements and standards expected are carried out. We won't just have companies jostling to bid, but we will get quality infrastructure that will be properly maintained.

DOLLARS TO NAIRA; A CALL FOR HOLISTIC APPROACH

 DOLLARS TO NAIRA RATE; MANY UNTOLD TRUTHS.

The worst illiterate is the political illiterate. He hears nothing, sees nothing, takes no part in political life. He doesn't seem to know that the cost of living, the price of beans, of flour, of rent, of medicines all depend on political decisions. He even prides himself on his political ignorance, sticks out his chest and says he hates politics. He doesn't know, the imbecile, that from his political non-participation comes the prostitute, the abandoned child, the robber and, worst of all, corrupt officials, the lackeys of exploitative multinational corporations. - Bertolt Brecht

The fact remains one of the numerous campaign promises of President Buhari in 2015 was dollars to Naira exchange rate his personally frown at why the rate should be above #200 then he was even quoted to have said he will make it 1 to 1 during a rally in Owerri though that was later debunked by his media aides, but that doesn't dispel the disdain Mr. President has towards high rates of dollars to Naira, unfortunately, the reverse has been the case as there has been a free fall for the rate and except right approach and proper fiscal policy respite and pressure on the Naira might continue.

The current Government added more pressure and created room for multiple exchange rates when in 2016 they came out with a policy to give dollars at 'subsidized' rates to those going on Pilgrimage, it was unprecedented and you will wonder how or perhaps what pilgrimage contribute to the Nation's economy to have been that 'honoured' whereas manufacturers and other exporters equally got different rates and that decision marks the beginning of a chaotic exchange rates. Saudi Arabia for comparison pumps and average of almost 10m bpd, with less than 35M population, have a GDP of over $700B and per capita of $23K, whereas we pump less than 2M bpd, with a population of over 200M GDP of over $450B while per capita is $2,100

Another of such is petroleum subsidy which translates into almost $300 monthly, Whereas Mr President before his election into office in 2015 affirmatively said he doesn't understand what subsidy means and it's pure scam, his administration has been paying that same 'scam' for 6 years, only the recently passed PIB by the National Assembly which he signed will alter that. 

Also, contrary to several claims of diversification of our economy to generate other non crude oil incomes, the fact according to many multiple reputable reports obtained online, sales of crude oil still account for over 80% of the country revenue.

Our bank cards 'used' to be a valuable tool for transactions on several merchant website and many easily from the comfort of their home use it to pay for good and services without needing to exchange to dollars, the official rate is applied and bank charges incurred, that was initially reduced to maximum $1,000 monthly and thereafter to a paltry $100 maximum, What several Nigerians don't understand is, many have professional bodies, association and organisations that require annual subscription payment, many have to resort to sourcing dollars from BDCs and black market and then obtain a dollar card to be able to maintain their subscription since banks won't give you dollars to pay your subscription and ATM has been restricted these and many of such policies are the reasons behind this multiple rates. The DG of WTO Dr. Ngozi Okonjo-Iweala during her first official visit to the Country after her appointment was ratified bitterly complained and kicked against having multiple exchange rates.

Unfortunately, many Nigerians were made to believe our taste for foreign items is putting enormous pressure on our currency, if only they do a background check and obtain official records of such importation which already shows massive decline in the last 5 years they will be suprised our citizens purchasing power is diminishing amidst massive poverty in the land. It might be the perfect time to look into the issue of estacode of Government officials which is in 'hard currency' too

If this Government is serious about the country economic woes and wish to turn it around, it's economic team needs to create new strategies as it seems they have been trying trial and errors and result have keep reflecting in errors and safe the Nation economy because we are at this level due to their decisions, actions and inactions.

TOJU IWA RE ORE MI,CARE FOR YOUR VALUES, MY FRIEND

 TOJU IWA RE ORE MI

(Written by the late J.F. ODUNJO in his popular book series ‘ALAWIYE’)

Toju iwa re, ore mi;

Ola a ma si lo n'ile eni,

Ewa a si ma si l'ara enia,

Olowo oni 'nd’olosi b'o d'ola.

Okun l'ola; okun n’igbi oro,

Gbogbo won l'o nsi lo n’ile eni;

Sugbon iwa ni m’ba ni de sare’e.

Owo ko je nkan fun ni,

Iwa l'ewa omo enia.

Bi o l'owo bi o ko ni’wa nko?

Tani je f'inu tan e ba s'ohun rere?

Tabi ki o je obirin rogbodo;

Ti o ba jina si'wa ti eda nfe,

Tani je fe o s'ile bi aya?

Tabi ki o je onijibiti enia;

Bi o tile mo iwe amodaju,

Tani je gbe'se aje fun o se?

Toju Iwa re, ore mi,

Iwa ko si, eko d'egbe;

Gbogbo aiye ni 'nfe 'ni t'o je rere.

CARE FOR YOUR VALUES, MY FRIEND

A YORUBA POEM OF J. F. ODUNJO

Care for your values (character), my friend:

Wealth often departs a home, 

Beauty will fade from the human body 

Rich people today may become very poor tomorrow. 

Wealth and riches are restless as the sea.

They soon depart from a household 

But your values continues with you to the graveside. 

Money has no value for you

Your character is the beauty of your humanity.

If you have riches without character, 

Who dare confide in you in doing good? 

Even if you are an amazingly attractive lady, 

If you are far off values appreciated by the society,

Who dare marries you as a wife? 

Or if you are a crooked fellow (A dupe or scam) 

Even if you are vast in knowledge, of

Who dare engage you in profitable business? 

Care for your values, 

my friend,

Good character (manners) surpasses equation of knowledge,

Society prefers only people of good virtues.

Translated to English by Late Rt Hon Kehinde Ayoola

Africa Monarchy Leadership

 I saw a post on Gaddafi last weekend and switch to his Wikipedia page for further readings,

While reading his pages,

Idi Amin and Mobutu Sese Seko flashed through my mind,

When I was done with Gadaffi's I took turn to read theirs, I further read that of Kabila and their likes. I didn't bother going near Mugabe and others that fall in such categories because their stories always look similar.

I'm still wondering how I missed Idriss déby? Possibly because he was still alive then anways

First,

The African democracy is WEIRD, there's several strange things about it and it's evident in the continent, Also if you wish or decide to stay in power as long as you wish or till you die,

Don't become a President, or when you become one, create the Monarchical Government like what is obtained in England, Spain, Belgium, Saudi Arabia etc,

Prime Ministers or whatever title you ascribe to it,

It's funny to have Leader's stay in power for 20,25,30 years and more and still clinging to power at all means despite losing tune with modern government and citizens needs.

I still wonder what the likes of Paul Biya, Ywoweri Museveni & co are still hanging on to do?

Unfortunately,

Most of them scheme to get replaced by either their wife or Children,

What exactly is our offence on this continent ?

NIGERIA....MY BELOVED LAND

 NIGERIA....MY BELOVED LAND

• Where ladies don't accept flowers for valentine or birthday gift.

• Where lizards go look your eyeball, nod head say "notin dey happen guy"

• Where a blind beggar will reject a fake naira note.

• Where the rich Hausamen are called ALHAJIS and the poor on ABOKIS.

• Where Groundnuts are sold in BOTTLES and WATER is sold in SATCHETS.

• Where parents claim they always came first position in school.

• Where You Can Be A Driver For Years Without A 'DRIVER's LICENCE'

• Where the Presidents and other government officials don't know the national anthem.

• Where Yoruba women dress up every Saturday with polythene bag looking for Owambe to fall in.

• Where the government don’t give a hoot about nobody.

• Where Gala and Lacasera is d best option when stuck in hold up.

• Where you are jailed for stealing Maggi and given a chieftaincy title for stealing millions and Front row seat in churc

• Where we fight for everything. To gain admission to university, to get a job and worse still to enter a bus!

• Where u are robbed of your phone and the robbers come back for your Pin code n charger.

• Where politicians use big unnecessary grammar to scam people.

• Where your type of GENERATOR shows how RICH you are.

• Where you can easily blame your unsuccessfulness on family members in the village.

• Where rich men must have a pot belly, and a healthy looking Man is despised in the street as a pauper

• WHERE IF U DO ANYHOW U GO SEE ANYHOW.

• Where generator is a social amenity.

• Where people dey collect change for beggar hand.

• Where u can buy your dream house and all the household accessories.

• Where Igbo men produce Toyota Camry jeans and Dr. Dre slippers

• Where the man who had no shoes is the president.

• Where bb torch is sold on hold up for #12k. Where Igbo men drink beer with straw and coke with cup

•Where a 60-yr-old grandpa is a National youth leader

•Where citizens are more afraid of Police than Armed robbers.

No Country greater than Nigeria's absurdity.

SHOGO OLOSHUNDE™ Strictly my opinion @matthewshogo

Human Body Composition

 THE HUMAN BODY:

1: Number of bones: 206

2: Number of muscles: 639

3: Number of kidneys: 2

4: Number of milk teeth: 20

5: Number of ribs: 24 (12 pair)

6: Heart chamber number: 4

7: Largest artery: Aorta

8: Normal blood pressure: 120/80 Mmhg

9: Blood Ph: 7.4

10: Number of vertebrae in spinal column: 33

11: Number of vertebrae in the neck: 7

12: Number of bones in middle ear: 6

13: Number of bones in face: 14

14: Number of bones in skull: 22

15: Number of bones in chest: 25

16: Number of bones in arms: 6

17: Number of muscles in the human arm: 72

18: Number of pumps in the heart: 2

19: Largest organ: Skin

20: Largest gland: Liver

21: Largest cell: female ovum

22: Smallest cell: Sperm

23: Smallest bone: Stapes middle ear

24: First transplanted organ: Kidney

25: Average length of small intestine: 7m

26: Average length of large intestine: 1.5 m

27: Average weight of newborn baby: 3 kg

28: Pulse rate in one minute: 72 times

29: Normal body temperature: 37 C ° (98.4 f °)

30: Average blood volume: 4 to 5 LITERS

31: LIFETIME Red blood cells: 120 days

32: LIFETIME White blood cells: 10 to 15 days

33: Pregnancy period: 280 days (40 weeks)

34: Number of bones in human foot: 33

35: Number of bones in each wrist: 8

36: Number of bones in hand: 27

37: Largest endocrine gland: Thyroid

38: Largest lymphatic organ: Spleen

40: Largest and strongest bone: Femur

41: Smallest muscle: Stapedius (middle ear)

41: Chromosome number: 46 (23 pair)

42: Number of newborn baby bones: 306

43: Blood viscosity: 4.5 to 5.5

44: Universal donor blood group: O

45: Universal recipient blood group: AB

46: Largest white blood cell: Monocyte

47: Smallest white blood cell: Lymphocyte

48: The increased red blood cell count is called: Polycythemia

49: Blood bank in the body is: Spleen

50: River of Life is called: Blood

51: Normal blood cholesterol level: 100 mg / dl

52: Fluid part of blood is: Plasma

A perfectly designed machine that allows you to enjoy this adventure called life. Take care of it. Do not damage it with vices and excesses.

Don't also forget to thank the God of heavens, all these listed above are the works of his hands.

Good morning.

REVISITING SOME OF THE LATEEF JAKANDE'S GOVERNMENT ACHIEVEMENTS FROM OCTOBER 1979 TO DECEMBER 1983 (FOUR YEARS AND 3 MONTHS) IN LAGOS STATE

 REVISITING SOME OF THE LATEEF JAKANDE'S GOVERNMENT ACHIEVEMENTS FROM OCTOBER 1979 TO DECEMBER 1983 (FOUR YEARS AND 3 MONTHS) IN LAGOS STATE

His government built the current Lagos State Secretariat which houses all the state ministries as well as the popular round house hitherto occupied by all subsequent governors of the state.

His government built the Lagos State House of Assembly complex.

His government built the Lagos State Television

His government built the Lagos Radio

His government built Lagos State University

His government established General Hospital in zones all over the state with assurance of free health care.

His government established Teacher Training College and the College of Education.

His government built low cost houses in Ijaiye, Dolphin, Oke-Afa, Ije, Abesan, Iponri, Ipaja, Abule Nla, Epe, Amuwo-Odofin, Anikantamo, Surulere, Iba, Ikorodu, Badagry, Isheri/Olowu, Orisigun etc.

His government established the Water Management Board and Waste Disposal Board on the 18th of August, 1980.

His government constructed the Adiyan Water Works to increase water supply in the state to 18.16 million litres per day.

His government modernized and expanded the Iju Water Works which was first commissioned in 1915. This increased daily capacity from 159 million to 204 million litres per day.

His government purchased and commissioned the giant car crusher equipment. The equipment was designed specifically to crush derelict vehicles in Lagos State. It had the capacity to crush 45 vehicles per day.

His government constructed, rehabilitated and resurfaced Epe/Ijebu-Ode Road, Oba Akran Avenue, Toyin Street, Town Planning Way, Alimosho-Idimu-Egbe Road, Idimu-Iba-LASU Road, the new secretariat road and several others.

His government constructed Victoria Island/Epe Road and thereby creating an ‘oil rig’ for Lagos State.

His government established Asphalt Plant for the Department of Public Works.

His government established Electricity Board for Rural Electrification with provision of street lights.

His government modernized, expanded and commissioned Onikan Stadium in 1982.

His government established a singular school system and ensured genuine free education in Lagos State and the beneficiaries of this policy are in different positions of eminence in the country and around the world.

His government raised the primary schools in Lagos State to 812 with 533,001 pupils (against 605 primary schools with 434,545 pupils he met in 1979) and secondary schools to 223 with 167,629 students (against 105 schools with 107,835 students in 1979).

His government constructed 11, 729 classrooms with the maximum of 40 children per class between March and August 1980, by 1983, he had constructed over 22,000 classrooms.

In July 1983, two commercial passenger boats christened "Baba Kekere and Itafaji" to run the Mile 2 - Marina (CMS) route via the lagoons were inaugurated by his government to mark the official launch of the Lagos State ferry services.

His government took over the ownership and financing of Lagos State Printing Corporation in July 1980

His government established the first State Traffic Management Authority (Road Marshals).

His government established small scale Industries Credit Scheme which preceded the EKO bank.

His government established LASACO Insurance.

His government expanded existing market and built new ones.

His government established Traditional Medicine Board.

His government started the painting of Lagos commercial vehicles to regulate and generate income to fund the free education and free health programme of the state.

He cancelled the 3 tier system of education in Lagos.

AT THE FEDERAL LEVEL AS A MINISTER:

He built the largest Housing Estate in Africa, Gwarimpa in the Federal Capital Abuja 

He also built Lugbe Housing Estate in the Federal Capital Abuja  

These were his achievements under General Abacha as the Minister of Housing