Re: FG to borrow $3bn via Eurobond in October

“Neither a borrower nor a lender be; for loan doth oft lose both itself and friend, and borrowing dulls the edge of husbandry.” — Hamlet, Shakespeare

Zainab Ahmed, the Minister of Finance, Budget and National Planning of Nigeria has become extraordinarily proficient in the art of borrowing money. Though, from her performance since she was appointed, it seems her financial and fiduciary competency is very limited. Or, she is completely ignorant of the econometric magical art of money creation for macro-economic development.

All that Madam Minister seems to have been doing, since she was gifted the prestigious ministerial position is to go around the capital cities and financial centres of the world with a begging bowl like an ‘educated’ Almajiri [a wayfarer-beggar].

One might assume that because of her lack of sufficient imagination, intellectual capacity and up-to-date experience of the global economic architecture, she has succeeded in burying the Nigerian economy deeper into an unfathomable debt quagmire.

With the international perspectives that have already acknowledged and classified Nigeria among the failed state of the world, Who, does Madam Minister of Finance think will be willing to offer Nigeria any competitive loan agreement without attaching very stringent and extreme conditionality?

The question that should be on the lips of the thinking indigenous people of Nigeria is, How can the present Nigeria State survive the imminent bankruptcy that is furiously bearing down on the country and which is already knocking at the gate of Nigeria?

The scenario of an imminent bankruptcy is even more predictable when it is discovered that the two critical departments in the country — Finance and Petroleum Resources — on whose twin-pillars the economic wherewithal of the country rest, are under the supervision of two very extremely incompetent hands and mediocre minds.

In the reported Bloomberg TV interview, every word uttered by Madam Minister is like a word salad. One is not even sure the minister understands the meaning and the implications of what she is talking about.

For example, she was happy without shame, to announce that the acclaimed improvement of Nigeria’s foreign reserve comes about at the behest of a receipt of IMF’s SDR of $3.5bn, to “shore up the reserves and will help stabilise the currency.”

And she gleefully announced, “We should be going to the market in the second week of October since the government has given approval to raise $6.1bn from overseas.”

Remarkably, Madam Minister of Finance is not going to the market to sell or to promote any Nigerian goods but solely to borrow money!!!

What is going on in Nigeria?

Nigeria is speedily being steamrolled into the hot burning furnace of bankruptcy without, anyone in the circle of the so-called economic experts, batting an eye.

What is the nature of the hypnotic spell cast on the whole indigenous population of Nigeria that has caused us to suffer from a collective blindness; and that has prevented us from seeing and understanding the existential damages that the rogue government of President Muhammadu Buhari is orchestrating for us and for our posterity?

What else does the indigenous people of Nigeria need to know before accepting the uncomfortable truth that Muhammadu Buhari and his collected circle of mediocre clowns, (immediate family, clan and ethnic friends that he personally recruited to prepare the funeral pile for the cremation of the economy of Nigeria), have some nefarious ideas and sinister plans hidden up their sleeves from the onset of this administration in 2015?

This writer has earlier, not too long ago, speculated that the Fulani Cabal in Aso Rock have a premeditated and ignoble political design. Which is, to do everything in their power and myopic intelligence, to pillage and to empty the treasury of Nigeria for the purpose of using the proceeds of their evil deeds, to build a planned breakaway Fulani Republic of the Arewaland.

However, it is unfortunate to reiterate that suspicion because everything happening so far, under the rogue government of President Muhammadu Buhari, rather than diminish the terror of the foreboding analysis, has further reinforced the depressing premonitions.

With this new approval given to Madam Minister of Finance to go on another shopping spree for additional loans of $6.1bn both from “the Eurobond market and the other half from bilateral and multilateral sources.”, it all seem to confirm that Nigeria is surely on the road to its own in-house designed and locally built ‘Hell Fire’.

The indigenous people of Nigeria under the aegis of the Nigerian Indigenous Nationalities Alliance for Self-determination (NINAS) must speed up the legal processes for the political and economic dissolution of Nigeria before we are totally and fatally consumed, beyond redemption, by the fire of economic, political, and spiritual bankruptcy already ignited by the Fulani Conquistadors in our midst.

In The Spirit of Truth