By Suleiman Umaru
The Leadership of the World Bank and the International Monetary, IMF, appears to have distanced themselves over Nigeria’s economic mess under President Bola Ahmed Tinubu, who incidentally was a former governor of Lagos state.
Acting out a script handed over to him by former President Muhammadu Buhari, the ex- Lagos state governor was said to have quickly abolished subsidy on Premium Motor Sprit, PMS, popular, petrol and unified the Autonomous and Parallel Foreign Exchange rates market without any action plan to mitigate the consequences. He got it wrong.
The argument in both official and unofficial circles was that the Leadership of the global financial institutions had influenced President Tinubu to take the bold initiative but Abebe Selassie, Regional Director of the global bank, had said that the multilateral financial institutions has nothing to do with the Nigerian Government ‘s policy statement.
The World Bank/IMF, top official was emphatic that the decision to remove petrol subsidy and unification of the official and parallel foreign exchange rates markets by the Tinubu’s Administration was a domestic one, noting that the global banks have no programs in Nigeria. He was said to have told those that cares to listen that the global financial institutions’ role in the most populous West African country is limited to dialogue as it had done in other nations like the Asian countries of Japan, India or the United Kingdom.
Notwithstanding the World Bank/IMF claims that it has no hand in influencing the present Tinubu’s Administration decision to remove subsidy on petrol and the unification of the official and Parallel foreign exchange markets, former President Olusegun Obasanjo, described as a strong critic of the Tinubu’s Administration, had said that he was not surprised that the former Lagos state governor had thrown the country into an economic mess where the prices of food items are going up on a daily basis because he had come into office without a’’ clear plan for governance’’.
The former Nigerian President who had said that ‘’without well- defined plan of action and a structured approach to problem-solving by Tinubu and his economic team’’, his government would continue ‘’to struggle to implement policies’’ which many believe may be to the benefit of the nation has asked the Nigerian Leader to it up.
The Ogun state born politician may have alluded to his eight years in office as President and Commander Chief of the Armed Forces of Nigeria, stressing that he had left behind US $70 billion and an additional 45billion in the country’s external reserves, alongside excess US $25 billion excess crude oil funds but all that is gone without a trace. This is an indictment on past Administrations of Late Presidents Umaru Yar’dua and his successor, Goodluck onathan including former President Buhari and the incumbent President Tinubu.
Worried by the country’s debts owed multilateral financial institutions including the Paris Club and London Club, by the previous Administration of Buhari and the Present Tinubu’s government, the formerOctogenarian Leader had said that ‘’there was no basis for the country’s debt burden to have risen to US $36 billion .
While in office, he had asserted that he was able to manage the country’s external debts profile which his Administration was said to have successfully reduced to US $3.6 billion as at May 29, 2007. Recall that as the time the then military Head of State, Gen. Abdulsalami Abubakar, handed over power to a democratically elected government in Nigeria, in May 29, 1999, he was said to have left US $ 3.4 Billion in the country’s external reserves but the present Tinubu’s Government, according reports is currently spending close to US $3.5 billion, to service the country’s external debts.
President Tinubu, may have known that Nigerians have lost interest in his Administration because of the suffering and hardship caused by his economic policies that he appears to be doing everything within his powers to win back the heart of the people. Muhammad Abudullahi, Deputy Director , Central Bank of Nigeria, may have given the good news of better days ahead of foreign exchange inflows into the country noting that as at August ending, 2024, it has US $57 billion.
Many believe that despite the capital inflow into the country it has not in any way stopped the fluctuations of the local currency, the naira, against the US, dollar and other major world currencies like the United Kingdom, UK, Pound Sterling and the European EURO. The naira was said to have depreciated massively to N1,739.00 to the US dollar, at the foreign exchange market.
Indeed, the Nigerian Government appears to have moved to strengthen the naira in both the official and parallel foreign exchange rate markets as it has moved to assist the work of the monetary policy Authorities to de-dollarise the economy by ensuring that less US, dollars will be utilized in global financial and commercial transactions.
Theophilous Danjuma, a retired, Army General and former minister of Defence during Obasanjo’s Administration may have found President Tinubu’s moves to strengthen the naira as Laughable because of’’ the country’s falling standards and poor quality Leadership’’.
The retired Army General, was said to have told the League of northern Democrats LND, led by Sen. Ibrahim Shekarau, a former governor. Of Kano state who were said to have paid him a working visit recently that ‘’the country’s Leadership quality is going down and down and must be stopped’’.
The Taraba state born former minister of defence , who is not interested in contesting for the plum position of the President of Nigeria in 2027, was said to have given his words ‘’to support the LND, in whatever way possible’’ for coming up with the initiative to rescue Nigeria from the bad leadership crisis dragging the economy to the mud.
Recall that the LND, Leaders had visited former President Obasnjo at his Presidential Library at Abeokuta, the Ogun state Capital to discuss the Nigerian Government Leadership crisis and to drum his support.
The LND, which had the backing of prominent northern personalities like Namadi Sambo, a –one- time governor of Kaduna and Vice President, during President Jonthan’s Administration, Martin Luther Agwai, Rahman Dambazu, and Alwali Kazai, all retired Army Generals, rtd and former Chiefs Of Army Staff, CoAS, at different times, may have come up with the initiatives to wrestle power from the incumbent President Tinubu of the ruling All Progressive Congress in 2027.
They may have sought the support of Obasanjo, who would want ‘’to see an Ibo President for Nigeria in 2027, insisting that ‘’it is unjust to single out the Igbo tribe not to rule Nigeria for attempting ‘’to exit from the country in 1966 which led to the collapse of the First Republic’’ noting that the north had attempted to leave Nigeria through’’ the Araba Movement’’ and are not being punished for that.
Obaanjo may have used the opportunity provided by the LND, officials visit to his Presidential Library in Abeokuta to speak out on the long-standing controversy surrounding his boggled third term agenda by Vice President Atiku Abubabakar, who incidentally was the Opposition People’s Democratic Party, PDP, flag bearer in the February 25, 2023, general election and the ex-Senate President Ken Nnamani.
The former Nigerian President who had boasted that if he had wanted to contest for the 2007, presidential election he would have gotten it but had said that the rumours making the rounds that he has a third term Presidential agenda was the handiwork of some ambitious governors who were said to be secretly working towards extending their own terms in office.
These governors, he had said believes that if he, Obasanjo could secure a third term in office, they would also benefit from an extended tenure, which would have made nonsense of the 199 Constitution as amended, for a two term President or governor of four years each. He may have alluded to the incumbent President Tinubu, who was the then governor of Lagos state and Peter Odili, a former governor of Rivers state.
The former Nigerian President was said to have told LND officials in Abeokuta, on Thursday, October 25, 2024, that the then Senate President, Nnamani, had dropped out from his Senatorial race in Enugu state to ensure that his third term agenda was defeated.
He was said to have made Nigerians to believe that Lawmakers were offered promises and cash incentives to stop his third term Presidential ambition but he prevented it on his own terms which ultimately led its failure to the disappointment of the ambitious governors.
Many believe that Odili’s opposition to former President Obasanjo not getting a third term in office may have informed why he used his powers as the Leader of the PDP, to ensure that the former Rivers state governor did not to get the Vice Presidential ticket position to run with late President Ya’rdua on the platform of the party as he was said to have replaced him with President Jonathan, the then governor of Bayelsa state.
He was said to have also made it difficult for former Vice President Atiku, to win the Presidential election in Nigeria, giving room to the likes of Nyesome Wike, immediate past governor of Rivers state and now minister of Federal Capital Territory, FCT, under the present Tinubu’s Administration to call him ’’a serial loser’’.
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