“…we strongly advise the Government to replicate this beautiful idea of restructuring in every other area of its administration by 2022 and cut down this suffocating cost of governance immediately through the adoption of Parliamentary or Regional System of Government so as to save the Country’s economy from total collapse.”
PEGASUS REPORTERS, LAGOS | JANUARY 2, 2021
The 20th year Bola Ige memorial had, once again, brought it to the public knowledge, that so many unresolved murder cases in Nigeria remain the Nation’s albatross.
It is an indication that insecurity is getting worse by the day since 1999 till date, and this accounted for so many ongoing killings, massacre, kidnappings, maiming and it is the root of all security challenges in the land. The Federal Government must think twice and act faster in 2022 knowing fully that the following, 2023, is the handing over date. “A stitch in time saves nine”.
The only difference and positive turn around we could applaud this present Federal Government for is purchase of weapons and Super Tucano fighter jets and serious efforts to eradicate it but yet, it is not enough.
Since Minister of Transportation, Rt (Hon) Rotimi Ameachi had confirmed that the Government met very little cash that couldn’t sustain it for 6 weeks in the Treasury on taking over in May 29, 2015, from former President Goodluck Jonathan, it is very understandable that it had no option than to follow the trend of events it inherited by borrowing to survive.
Following the Federal Government of Nigeria’s directive on debt Restructuring which came with the announcement of a bailout package by President Muhammadu Buhari administration, 36 States of the Federation had approached the President in June to ask for a bailout that would enable them pay their backlog of salaries owed workers, 22 States of the Federation applied to the Debt Management Office (DMO) for their debts to be restructured into Federal Government of Nigeria Bond.
To safeguard against Bankruptcy, the Debt Management Office has successfully concluded the restructuring of N322.788billion on short term Commercial Banks’ Debts of 11 States out 22 States to long term domestic bond at 14.83 percent yield in 20 years. The DMO has equally concluded plan to restructure N10trillion CBN’s overdrafts to Government.
This could be described as “end of discussion” and we strongly advise the Government to replicate this beautiful idea of restructuring in every other area of its administration by 2022 and cut down this suffocating cost of governance immediately through the adoption of Parliamentary or Regional System of Government so as to save the Country’s economy from total collapse. No amount of fuel price hike or salary increase could arrest the looming danger. We are all sitting on gunpowder and the Nation is bleeding economically.
We are using this medium to thank those who have contributed to our self-actualisation as a formidable team in the past 20 years. Without your timely inputs, our success story would have been otherwise.
This coming year 2022 will be the best ever for all of you, Nigeria and Africa at large.
Comrade Awa Bamiji
Coalition for A Better Nigeria
Tuesday 28th December, 2021.
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