Showing posts with label Economic and Financial Crimes Commission (EFCC). Show all posts
Showing posts with label Economic and Financial Crimes Commission (EFCC). Show all posts
Tinubu's Irrational Borrowing Proposal: Our Nation Has Been Betrayed Again
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| Tinubu |
Let history record this moment clearly: the president Bola Tinubu’s administration is attempting to dig a deeper financial grave for Nigeria while falsely claiming to be filling it up. This is a sin—not just against the economy, but against the generations of Nigerians yet unborn who will inherit this betrayal.
In what can only be described as an alarming affront to logic, accountability, and national dignity, the recent proposal by the Bola Ahmed Tinubu’s administration to borrow a staggering $21.5 billion exposes a deep and worsening contradiction at the heart of Nigeria’s fiscal and moral crisis. At a time when the government loudly trumpets the repayment of past debts—including loans from the International Monetary Fund (IMF)—one must ask: What was the hurry in paying off those loans if the intention was to plunge the nation into deeper debt almost immediately?
Traditionally, the paying off of debts signals a nation’s movement towards fiscal independence. It marks a resolve to rely on internal discipline, innovation, and productivity rather than perpetual dependence on foreign creditors. But in this administration’s case, debt repayment appears not to be a strategy for liberation, but a cynical reset for a fresh cycle of reckless borrowing. This contradiction renders the supposed triumph of debt repayment meaningless and insincere.
What is even more bewildering is the deliberate obfuscation of truth through deceitful propaganda. While the Tinubu-led government seeks parliamentary approval for this colossal loan, the Economic and Financial Crimes Commission (EFCC) recently announced that it has recovered an astronomical $967.5 billion (nearly $1 trillion). Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) declared the recovery of ₦277 billion in stolen or misappropriated funds. These are not insignificant figures—they represent enough capital to not only cover the country’s current borrowing ambitions but to inject a measure of revival into key national sectors.
Why, then, are we still being asked to accept the burden of more loans?
This is not just about poor fiscal management—it is deliberate deception, institutionalized hypocrisy, and unrepentant financial sinfulness. If these recoveries are genuine and available for use, borrowing should not be an option. If they are fictitious, then we are dealing with a propaganda machinery designed to pacify a suffering populace while silently mortgaging their future.
Daniel Wilson
|
| Tinubu |
Let history record this moment clearly: the president Bola Tinubu’s administration is attempting to dig a deeper financial grave for Nigeria while falsely claiming to be filling it up. This is a sin—not just against the economy, but against the generations of Nigerians yet unborn who will inherit this betrayal.
In what can only be described as an alarming affront to logic, accountability, and national dignity, the recent proposal by the Bola Ahmed Tinubu’s administration to borrow a staggering $21.5 billion exposes a deep and worsening contradiction at the heart of Nigeria’s fiscal and moral crisis. At a time when the government loudly trumpets the repayment of past debts—including loans from the International Monetary Fund (IMF)—one must ask: What was the hurry in paying off those loans if the intention was to plunge the nation into deeper debt almost immediately?
Traditionally, the paying off of debts signals a nation’s movement towards fiscal independence. It marks a resolve to rely on internal discipline, innovation, and productivity rather than perpetual dependence on foreign creditors. But in this administration’s case, debt repayment appears not to be a strategy for liberation, but a cynical reset for a fresh cycle of reckless borrowing. This contradiction renders the supposed triumph of debt repayment meaningless and insincere.
What is even more bewildering is the deliberate obfuscation of truth through deceitful propaganda. While the Tinubu-led government seeks parliamentary approval for this colossal loan, the Economic and Financial Crimes Commission (EFCC) recently announced that it has recovered an astronomical $967.5 billion (nearly $1 trillion). Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) declared the recovery of ₦277 billion in stolen or misappropriated funds. These are not insignificant figures—they represent enough capital to not only cover the country’s current borrowing ambitions but to inject a measure of revival into key national sectors.
Why, then, are we still being asked to accept the burden of more loans?
This is not just about poor fiscal management—it is deliberate deception, institutionalized hypocrisy, and unrepentant financial sinfulness. If these recoveries are genuine and available for use, borrowing should not be an option. If they are fictitious, then we are dealing with a propaganda machinery designed to pacify a suffering populace while silently mortgaging their future.
Daniel Wilson
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