HomeOpinion
Opinion

When a Beggar Begs a Beggar

Law & Society Magazine
By Law & Society Magazine
137
381

THE ALTERNATIVE With Reno Omokri

I hate to be the bearer of bad news, but Nigeria is broke. This use to be said in whispers. But no more. It is now a case of ‘go tell it on the mountains’! Whereas, in the last few months it was opposition politicians telling it, now, no less an institution but the Central Bank of Nigeria is telling it.

On Thursday, November 5, 2020, the CBN, in its half-year 2020 economic report, said “despite the subsisting revenue challenge, which was exacerbated by COVID-19, the larger proportion of FGN revenue was devoted to debt service.”

In fact, the CBN was just conservative as usual. The truth is more alarming than the picture the CBN painted.

According to the CBN, as at the end of June 2020, Nigeria had spent N1.5 trillion on debt servicing. Let that sink in.

That is more than we have spent on capital expenditure and education combined, in the same time frame.

And the worst is yet to come because General Buhari’s government is still borrowing at a record-breaking pace, meaning that debt will keep going up, which will translate in ever-increasing debt servicing (not repayment) figures.

When former President Jonathan handed over power to General Buhari on May 29, 2015, Nigeria’s total debt (both foreign and domestic) was $11 billion. It is now $34 billion and rising fast.

Where has that money gone? What tangible things does Nigeria have to show for that money? Out of school children have increased in Northern Nigeria since Buhari has not built new Almajiri schools after Jonathan left. New roads have not been constructed. New hospitals have not been built. So, where has the money gone?

Other than the N120 billion annual budget for the National Assembly under Buhari, and General Buhari’s own annual N3.2 billion yearly food and travel budget, where is this massive debt being spent?

And now, I get to the embarrassing part. The plan to borrow $1.2 billion from Brazil. This administration seems to get its kick from finding new and ingenious ways to make Nigeria look big for nothing in the international community.

Brazil is one of the most indebted nations on Earth ever, with a national debt of $1.45 trillion, representing over 80% of its GDP. How can you get good terms? Brazil has defaulted on their debts three times, and, according to The Economist Intelligence Unit, Brazil is at risk of a fourth default due to economic challenges stemming from COVID19.

And this is the country Nigeria wants to borrow $1.2 billion from? I never thought Nigeria would stoop so low in my lifetime. But then, I never reckoned with General Buhari. It shows desperation when a beggar begs from another beggar!

You see, the reason why they desperately need the money and have to go cap in hand to Brazil of all nations is that Nigeria under General Buhari cannot even pay salaries without borrowing.

The Director-General of Budget Office, Mr. Ben Akabueze, said as much to the Senate Committee on Public Accounts last week.

Yet, as bad as things are, there have been no cost-cutting actions on the part of the Buhari government. Their only solution is to take loans until you are alone!

Sadly, Nigeria gained her independence from Great Britain 60 years ago, and now, 60 years later, Nigeria is losing her independence to China (and very soon to Brazil), because we have an Almajiri President whose only language is beg, borrow, and give me. Beggarliness is in Buhari’s DNA!

I researched Brazil and discovered that the Brazilian Presidency has just two Presidential jets, with one for use mainly for domestic travel and another for international travel. This was done to save costs.

If I were the President of Brazil, I would be wondering why a country whose President has ten Presidential jets would want to borrow money from a country whose President has just two Presidential jets. Why not first consider other options of raising funds, like selling nine of the ten jets?

Or why not reduce the maintenance cost of Aso Rock Presidential villa? At N4.6 billion per annum ($12 million per annum), that is $1 million per month. I researched, and President Bolsonaro of Brazil does not even spend one-third of that on his residence. Yet, Nigeria wants to borrow $1.2 billion from them to waste!

Borrowing continues to be a measure of first resort by the Buhari government, and that is sad because you cannot be governing with luxuries and not expect your cheques to bounce.

Brazilian is the wrong nation to borrow from. This is a bad move. This smacks of desperation, and those in the All Progressive Congress and Northern Nigeria who have the ears of this government should start whispering to them that they are going down a rabbit hole that may well take down this contraption that they inaccurately term a government.

In my Reno’s nuggets, I have often taught that if you are broke, it is more important to expand your income than to do anything else. Perhaps this administration read that nugget and misunderstood it or misapplied it. Borrowing does not raise your revenue. Instead, it expands your liabilities. Hopefully, General Buhari has the intellectual capacity to fathom the difference!

First, we were borrowing from America. Then we were borrowing from England. Then we were borrowing from China. Then we were borrowing from India. Next, we were borrowing from the Islamic Development Bank. And we woke up one day, only to hear that General Buhari wants to borrow from Brazil. It is a good thing MMM collapsed. At least, we can be safely assured that General Buhari cannot borrow from them.

Previous article
Covid-19: Stop anti-vaccination fake news online with new law says Labour
Next article
The Crackdown on #EndSARS Activists, By Simon Kolawole
Law & Society Magazine
Law & Society Magazinehttps://lawandsocietymagazine.com

Related Articles

137 COMMENTS

  5. Remarkable things here. I am very satisfied to see your article.
    Thanks a lot and I am having a look forward to contact you.
    Will you please drop me a mail?

    Here is my site Winfred

  6. May I simply just say what a relief to discover somebody that really knows what they are talking about over the internet.
    You certainly know how to bring a problem to light and make it important.

    More and more people have to read this and understand this side
    of the story. I was surprised you are not more popular since you definitely possess the gift.

    Feel free to surf to my page … https://btpars.com/home.php?mod=space&uid=138085

  9. I was suggested this website by my cousin. I am not sure whether this post is written by him as
    no one else know such detailed about my difficulty. You’re wonderful!

    Thanks!

    Here is my homepage :: nerdgaming.science

  13. Good post. I learn something new and challenging on blogs I
    stumbleupon every day. It will always be exciting to read through content from other writers
    and practice a little something from their sites.

    Here is my blog post emseyi.com

  14. An outstanding share! I’ve just forwarded this onto a colleague who has
    been conducting a little research on this. And he in fact ordered me breakfast simply because I discovered it for him…

    lol. So allow me to reword this…. Thanks for
    the meal!! But yeah, thanx for spending some time to discuss this issue here on your internet
    site.

    my page; http://alasiilat.com/index.php?qa=user&qa_1=bootpeony1

  15. Having read this I thought it was extremely informative. I appreciate you taking the time and
    energy to put this information together. I once again find myself spending way too
    much time both reading and leaving comments. But so what, it
    was still worth it!

    my page: lovewiki.faith

  16. Great post. I was checking continuously this blog and I am inspired!

    Extremely useful information particularly the final section 🙂 I handle such information a lot.
    I was seeking this certain info for a very long time.

    Thanks and best of luck.

    Also visit my blog post: http://www.biagiodanielloflash.com

  21. Pretty great post. I just stumbled upon your weblog and wished to mention that I have truly loved surfing around your weblog
    posts. After all I’ll be subscribing in your rss feed and I hope you write again very
    soon!

    Here is my web page … discuss

  24. Have you ever thought about including a little bit more
    than just your articles? I mean, what you say is important and everything.

    Nevertheless think about if you added some great pictures or video clips to give your
    posts more, “pop”! Your content is excellent but with images and clips, this blog
    could definitely be one of the very best in its field. Terrific blog!

    My blog post … https://www.folkd.com/submit/files.fm/f/9f9nsuuyt/

  25. Greate pieces. Keep posting such kind of info on your blog.
    Im really impressed by your blog.
    Hello there, You’ve performed an excellent job. I will certainly digg
    it and in my opinion suggest to my friends.

    I’m sure they will be benefited from this site.

    Here is my web blog anotepad.com

  28. Having read this I believed it was really informative.

    I appreciate you finding the time and energy to put this information together.
    I once again find myself spending a lot of time both reading
    and commenting. But so what, it was still worth it!

    Stop by my web page – qx.dz169.com

  29. Oh my goodness! Impressive article dude! Many thanks, However I am having problems with your RSS.

    I don’t know the reason why I can’t subscribe to it. Is there anybody else having
    the same RSS problems? Anybody who knows the answer can you kindly respond?
    Thanks!!

    my website :: 11vue.com

  32. I got this website from my pal who told me regarding this
    website and now this time I am browsing this web page and reading very informative articles
    at this time.

    Feel free to visit my site … moparwiki.win

  34. Write more, thats all I have to say. Literally, it seems as
    though you relied on the video to make your point.
    You definitely know what youre talking about, why throw away your intelligence on just posting videos to
    your blog when you could be giving us something informative to read?

    My webpage; travelgirlshub.com

  35. Howdy! I could have sworn I’ve been to your blog before but after browsing
    through many of the articles I realized it’s new to me.

    Anyways, I’m certainly delighted I stumbled
    upon it and I’ll be bookmarking it and checking back frequently!

    my blog post :: https://kaaron.xyz/user/profile/78231

  36. I’m extremely inspired along with your writing abilities and also with the structure in your blog.
    Is that this a paid topic or did you customize it yourself?
    Anyway stay up the excellent high quality writing, it’s rare to peer a nice blog like this
    one these days..

    Feel free to visit my homepage: http://contek.com.ua/user/shoedash1/

  37. I loved as much as you’ll receive carried out right here.
    The sketch is attractive, your authored subject matter stylish.

    nonetheless, you command get got an nervousness over
    that you wish be delivering the following. unwell unquestionably come more formerly
    again as exactly the same nearly very often inside
    case you shield this increase.

    Here is my web blog – bgexcel.info

  38. Hey would you mind letting me know which hosting company
    you’re using? I’ve loaded your blog in 3 different web browsers and I must say this blog loads a lot
    quicker then most. Can you suggest a good web hosting provider at
    a honest price? Kudos, I appreciate it!

    Also visit my blog: forum.bigant.com

  39. What’s up colleagues, nice piece of writing and pleasant urging commented at this place, I am
    genuinely enjoying by these.

    My website; discuss

  40. Hi there this is somewhat of off topic but
    I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML.

    I’m starting a blog soon but have no coding know-how so I wanted
    to get advice from someone with experience. Any help would be greatly appreciated!

    Feel free to surf to my blog – https://myspace.com/juicesoccer6

  41. Yesterday, while I was at work, my sister stole my iPad and tested to see if it can survive a 30 foot drop, just so she can be a youtube sensation. My apple
    ipad is now broken and she has 83 views. I know this is entirely off topic but I had to share it with someone!

    Here is my web blog; http://www.pearltrees.com

  44. Simply wish to say your article is as amazing. The clearness in your post is simply great and i can assume you are an expert on this subject.
    Well with your permission let me to grab your feed to keep up to date with forthcoming post.
    Thanks a million and please continue the rewarding work.

    Here is my blog; qa.pandora-2.com

  45. Hey there! Someone in my Myspace group shared this site
    with us so I came to take a look. I’m definitely enjoying the
    information. I’m book-marking and will be tweeting this to my followers!
    Excellent blog and amazing design and style.

    Look at my page; kalspage.com

  46. Hello just wanted to give you a quick heads up. The words
    in your content seem to be running off the screen in Firefox.
    I’m not sure if this is a formatting issue or something to do with internet browser compatibility but
    I figured I’d post to let you know. The design and style look great though!
    Hope you get the issue resolved soon. Cheers

    Here is my page :: http://www.fcc.gov

  48. I think this is among the most important info for me.
    And i am glad reading your article. But want to remark on some general
    things, The site style is wonderful, the articles is really great : D.
    Good job, cheers

    Feel free to visit my webpage – public.sitejot.com

  51. I believe what you posted made a lot of sense. However,
    think about this, what if you typed a catchier title?
    I am not suggesting your information is not good, but what if you added a post title that grabbed a person’s attention? I mean When a Beggar Begs a Beggar –
    Law and Society Magazine. is a little boring. You should look at Yahoo’s front
    page and note how they write post headlines to get people interested.
    You might try adding a video or a picture or two to get readers interested about everything’ve written. Just
    my opinion, it could bring your website a little livelier.

    Feel free to visit my web page https://aopvp.com/home.php?mod=space&uid=92185

  53. I like what you guys tend to be up too. This kind of clever work and
    exposure! Keep up the amazing works guys I’ve included you guys to my blogroll.

    my web site :: unsplash.com

  54. Hi! I’m at work surfing around your blog from my new iphone 3gs!
    Just wanted to say I love reading through your blog and look
    forward to all your posts! Carry on the superb work!

    Also visit my homepage :: 80.82.64.206

  55. Hello there, I discovered your site via Google at
    the same time as searching for a related subject, your site got here up,
    it appears to be like good. I have bookmarked it in my google bookmarks.

    Hi there, just changed into alert to your weblog via Google, and located
    that it is truly informative. I’m gonna be careful for brussels.
    I’ll be grateful if you happen to proceed this in future.

    Lots of folks shall be benefited from your writing. Cheers!

    Also visit my page – http://www.bbs.91tata.com

  61. My programmer is trying to convince me to move to .net from PHP.
    I have always disliked the idea because of the expenses.
    But he’s tryiong none the less. I’ve been using
    WordPress on numerous websites for about a year and am anxious
    about switching to another platform. I have heard
    excellent things about blogengine.net. Is there a way I can import
    all my wordpress posts into it? Any kind of help would be greatly appreciated!

    Also visit my homepage … writeablog.net

  63. Thanks for your personal marvelous posting! I really
    enjoyed reading it, you can be a great author. I will always
    bookmark your blog and will often come back very soon. I
    want to encourage that you continue your great work,
    have a nice morning!

    my website … http://www.mynewnet.com

  64. Hi there would you mind stating which blog platform you’re
    using? I’m planning to start my own blog soon but
    I’m having a tough time choosing between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely
    unique. P.S My apologies for being off-topic but I had
    to ask!

    Feel free to visit my blog post … http://demo3-ecomm.in.ua/user/oilfood3/

  65. Excellent goods from you, man. I’ve be aware your
    stuff prior to and you’re simply too great. I really
    like what you have acquired here, certainly like what you are stating and the way by which you say it.
    You make it entertaining and you continue to take care of to stay it wise.

    I can’t wait to learn much more from you. This is really a great web site.

    my homepage … fakenews.win

  68. You actually make it seem so easy with your presentation but I find this matter to be
    actually something which I think I would never understand.
    It seems too complex and extremely broad for me. I am looking forward for your next
    post, I will try to get the hang of it!

    Have a look at my blog post … anestezistu.ro

  69. I used to be recommended this web site by my
    cousin. I am no longer positive whether this post is written via him as no one else recognise such
    precise approximately my trouble. You are wonderful! Thanks!

    Also visit my blog post koyomi.vis.ne.jp

  70. I do not even know how I finished up here,
    but I believed this publish was once good. I don’t
    know who you’re but certainly you’re going to a famous blogger in the event you aren’t already.

    Cheers!

    Review my homepage; peatix.com

  71. With havin so much content do you ever run into any issues of plagorism or copyright violation? My website has a lot
    of completely unique content I’ve either created myself or outsourced but it looks like a lot of it
    is popping it up all over the internet without my permission. Do you
    know any techniques to help prevent content from being stolen? I’d genuinely appreciate it.

    Stop by my website … https://aopvp.com/home.php?mod=space&uid=90095

  75. I’m truly enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more pleasant
    for me to come here and visit more often. Did you hire out
    a designer to create your theme? Exceptional work!

    Also visit my page – xiaozhizhen.com

  76. Its like you read my mind! You seem to know a lot about this, like you wrote
    the book in it or something. I think that you can do with some pics
    to drive the message home a little bit, but other than that, this is fantastic blog.
    A great read. I will definitely be back.

    Also visit my webpage … 3ramh.com

  78. My spouse and I absolutely love your blog and find
    nearly all of your post’s to be just what I’m looking
    for. can you offer guest writers to write content for yourself?
    I wouldn’t mind producing a post or elaborating on some of the subjects you write
    concerning here. Again, awesome web log!

    my web site :: http://webcamera.ru/user/ploughrocket2/

  80. Have you ever thought about creating an e-book or guest authoring on other sites?
    I have a blog based upon on the same information you discuss and would really like to have you share some stories/information. I
    know my audience would appreciate your work.

    If you’re even remotely interested, feel free to send me an e-mail.

    my page – https://zzb.bz/fTWIy

  81. Excellent pieces. Keep writing such kind of information on your site.
    Im really impressed by your site.
    Hey there, You’ve performed a great job. I will definitely digg it and personally
    recommend to my friends. I am confident they will be
    benefited from this website.

    Visit my web blog; http://p1spb.ru/user/wormfile0/

  82. What i do not realize is in reality how you’re no longer actually much
    more smartly-favored than you may be now. You’re very intelligent.
    You realize thus considerably relating to this subject,
    made me in my opinion imagine it from a lot of varied
    angles. Its like women and men aren’t fascinated until it is something to do with Lady gaga!
    Your personal stuffs excellent. At all times handle it up!

    Also visit my web blog; https://pattern-wiki.win/wiki/Never_Lose_Your_How_To_Set_Up_A_Minecraft_Server_Once_More

  83. I do not know whether it’s just me or if perhaps everyone else experiencing problems with
    your blog. It appears as though some of the written text on your posts are running off
    the screen. Can someone else please provide feedback and let me know if
    this is happening to them too? This may be a issue with my browser
    because I’ve had this happen before. Thank you

    Also visit my website :: https://lexsrv3.nlm.nih.gov/fdse/search/search.pl?match=0&realm=all&terms=https://serverlist101.com/minecraft-servers/

  84. I’m not that much of a internet reader to be honest but
    your sites really nice, keep it up! I’ll go ahead and bookmark
    your website to come back down the road. Many thanks

    Also visit my homepage: zzdanshen.com

  85. Hello there! I know this is kinda off topic but I’d figured I’d ask.
    Would you be interested in trading links or maybe guest writing a blog article or vice-versa?
    My site discusses a lot of the same topics as yours and I believe we could greatly benefit from each other.

    If you might be interested feel free to shoot me an e-mail.
    I look forward to hearing from you! Superb blog by the way!

    my webpage: coderwall.com

  86. Every weekend i used to pay a quick visit this site,
    for the reason that i wish for enjoyment, as this this site
    conations in fact nice funny data too.

    my web-site; bandit250.ru

  87. Hello! Would you mind if I share your blog with my twitter group?

    There’s a lot of people that I think would really enjoy your content.
    Please let me know. Cheers

    Here is my blog – paxiaojie005.xyz

  99. I love your blog.. very nice colors & theme.
    Did you design this website yourself or did you
    hire someone to do it for you? Plz answer back as I’m looking to construct
    my own blog and would like to know where u got this from.
    thanks a lot

    My web page; moftree.cn

  104. Nice post. I was checking constantly this blog and I am impressed!
    Extremely useful info specially the last part 🙂 I care for such info a
    lot. I was seeking this certain info for a very long time.
    Thank you and good luck.

    Here is my page halo.wielun.pl

  109. When some one searches for his necessary thing, therefore
    he/she wants to be available that in detail, thus that thing
    is maintained over here.

    Feel free to surf to my homepage list.ly

  112. Do you have a spam problem on this website; I also am
    a blogger, and I was wanting to know your situation; we have created some
    nice methods and we are looking to trade solutions with other folks, please
    shoot me an e-mail if interested.

    My blog – list.ly

  115. Hello! I just wanted to ask if you ever have any issues with hackers?

    My last blog (wordpress) was hacked and I
    ended up losing months of hard work due to no back up.
    Do you have any methods to prevent hackers?

    Check out my blog post; mapleol.com

  116. When some one searches for his required thing, so he/she wants to be available
    that in detail, so that thing is maintained over here.

    Review my webpage discuss

  118. Hello every one, here every person is sharing such
    know-how, therefore it’s pleasant to read this webpage, and I used to pay a visit this web
    site everyday.

    Also visit my webpage: tanhuala.com

  120. I blog quite often and I genuinely thank you for your
    content. The article has truly peaked my interest.
    I’m going to take a note of your website and keep checking for new details about once a week.
    I subscribed to your Feed as well.

    my web blog; http://www.mixcloud.com

  121. You made some good points there. I looked on the web for more information about the issue and found most individuals will go along
    with your views on this web site.

    my homepage: autohub.ng

  122. It’s nearly impossible to find experienced people on this
    subject, however, you sound like you know what you’re talking about!
    Thanks

    my web-site; teafish.cc

  125. What i don’t realize is in truth how you’re not really much more neatly-preferred than you may be right now.

    You’re so intelligent. You already know thus significantly in the case of
    this topic, produced me personally consider it from so many varied angles.
    Its like women and men are not interested unless
    it is something to accomplish with Woman gaga! Your own stuffs
    nice. All the time care for it up!

    Feel free to surf to my web-site :: https://www.indiegogo.com/individuals/29250396/

  127. Hey I know this is off topic but I was wondering if you knew of any widgets I could
    add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite some time
    and was hoping maybe you would have some experience with
    something like this. Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your new updates.

    Here is my blog: https://imoodle.win/wiki/Here_Is_A_Method_That_Helps_Best_Minecraft_Mods

  130. Hey there! Someone in my Myspace group shared this website with us so
    I came to look it over. I’m definitely loving the information.
    I’m bookmarking and will be tweeting this to my
    followers! Excellent blog and terrific design and style.

    Here is my website – https://atavi.com/share/vg5aeuz2ne8n

  131. It’s not my first time to pay a visit this
    web site, i am visiting this website dailly and take nice
    facts from here daily.

    Here is my web blog – lomcn.vip

  132. I like the valuable information you provide in your articles.
    I’ll bookmark your weblog and check again here regularly. I’m quite certain I will learn plenty of new stuff right here!
    Good luck for the next!

    Stop by my webpage … coub.com

  136. My brother recommended I would possibly like this web site.
    He used to be totally right. This put up
    truly made my day. You cann’t imagine just how so much time I had spent for this information! Thank you!

    Also visit my page … intensedebate.com

  137. Hey just wanted to give you a quick heads up.

    The text in your content seem to be running off the screen in Opera.
    I’m not sure if this is a format issue or something to do with internet browser compatibility but I thought I’d post to
    let you know. The design look great though! Hope you get the issue solved soon. Cheers

    My page discuss

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

1,167,000FansLike
34,567FollowersFollow
1,401,000FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Load more

Law & Society Magazine is a general interest magazine with a bias for law and its effects on the society

Contact us: [email protected]

© 2024 Copyright - Law & Society Magazine