Discussing with a friend of mine recently he said “have imagined what my life would have looked like if am not a Nigerian”. When asked why made such a statement he says, right from 1960 till date, nothing good has stayed or improved upon, but all bad things have remained and advanced like technology.
The truth is, after listening to my friend I couldn’t agree more. The Nigerian government keeps failing because the people who rule the nation care more about what happens to their pockets rather than what happens to the nation they rule. You see I keep asking myself, Why would a country have everything in abundance but in all, have nothing?
The bothering part about it all is that these individuals who have ruled Nigeria to death seem not to care about what it has become. Many of them say they are trying their best in fixing the nation but trying doesn’t matter when you always fail.
Imagine a country having foreign reserves as low as $34bn there is no way you can avoid a currency crisis. This is what is happening to the Naira. Nigeria is among the African nations with the highest foreign reserve, but it is the most badly managed.
Foreign reserves are a nation’s backup funds in case of an emergency, such as a rapid devaluation of its currency. Countries use foreign currency reserves to keep a fixed rate value, maintain competitively priced exports, remain liquid in case of crisis, and provide confidence for investors.
Countries are not supposed to spend foreign reserves. The money is usually held on paper at CBN’s balance sheet. The money government should spend is IGRs and borrowed money. That is the money spent by the Ministry of Finance. But Nigeria’s budgets are even benchmarked against oil prices, meaning that even before the money gets to the treasury there is a plan on the ground to spend it.
Nigeria has been spending its foreign reserve year in and year out, and this is not regime specific. Each leader will come and do his spending, with CBN being anything but independent. Serious nations have insulated their Central Banks from politicians. But in Nigeria, a president had given a paper handwritten note to the CBN governor to provide foreign notes for a campaign.
When the foreign reserve depletes it naturally leads to devaluation and that is the order of the day.
No disrespect, many who have ruled Nigeria are unsmart and visionless. They have never aspired for such leadership positions but got there by accident. I mean, How else would a leader have everything at his disposal but does nothing intelligent with it? Isn’t it disappointing that at this stage in the nation’s history, our leaders are still struggling with issues that many countries have done successfully? Issues like the Nigeria educational system, health care, power supply, corruption, recent terrorism, and a host of other issues.
On a straight throw, Nigeria will only become equal to other developed nations when her leaders begin to think less of their pocket and more of the nation and people they rule.
To the current administration led by President Ahmed Bola Tinubu, NIGERIANS are tired of excuses from leaders, we need action and results now. Like you rightly said recently that “There is no excuse for failure”, Nigerians are looking and expecting “RENEWED HOPE” from your administration as you promised them during your campaign.
Dear compatriots, keep praying for this country, a new Nigeria is possible.
God Bless The Federal Republic Of Nigeria…
Egalitarian Segun O. Akinlabi, a Public Analyst and Founder, of Egalitarian Team, Oyo State writes from the ancient city of Ibadan in Ona Ara LG, Oyo State, Nigeria.
Email: segunoakinlabi@gmail.com
