Deceit in Southern Kaduna Continues
It is disheartening that virtually everything has been reduced to propaganda by the ruling APC. The completed $1 billion Eurobond sale has suddenly been turned into an achievement. The oversubscription to the tune of $ 7.8 billion at an interest rate of 7.88% is being celebrated as if we are getting free money. For those who don’t know, a bond is an instrument of indebtedness of the bond issuer to the holders. Nigeria has simply borrowed money from a certain class of investors abroad and agreed to payback these funds after a specific period of time and at a given interest rate. We have borrowed with the promise that we will pay back in 15 years and at an interest rate of 7.88%. By the time this country exits this bond, we would have conservatively
The President of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Nike Akande was apt, when she remarked that the raging insecurity across Nigeria was doing a lot of damage to investor confidence and Foreign Direct Investment. The LCCI boss stressed: “There is the need for Nigeria to address this challenge speedily to make the business environment more secure. Security of life and property is a very critical factor in the investment environment. Managers of the Nigerian economy, as a matter of urgency, must prioritise developmental efforts in addressing the security situation in the country. The country has been grappling with paid an additional $1 billion as interest. This bond was issued in dollars; therefore Nigeria must pay back in dollars. The interest could go higher as the Naira plummets. So, they have simply pushed Nigeria to continue wallowing in more debt.
Again, what is the big deal about $1 billion in relation to this country’s infrastructural needs? $1 billion is just a dip in the bucket relative to Nigeria’s infrastructural needs. We are at a level that we now celebrate this meager $1 billion loan in a ridiculous manner. Years back, it was estimated that about $14 billion would be required to bridge our infrastructure deficit. We would probably require about $100 billion to do that now. security issues bordering on terrorism, religious and ethnic crisis, attacks on oil installations, kidnapping, armed robbery, attacks by herdsmen and the likes. The impact of these security challenges on business is phenomenal.
I just hope our governors and federal government officials that are persistently travelling abroad in search of investors will listen to Akande and do the needful. This idea of wasting resources on bogus trips abroad in search of investors must stop. We must put our house in order before going to look for foreign investors. In fact, foreign investors are the ones that will come looking for Nigeria, once there is an enabling environment.
Southern Kaduna is brimming with security operatives, yet it remains a killing field. This week, 21 people were killed in fresh attacks in four communities by suspected Fulani herdsmen. Several houses were also reportedly burnt in the attacks. The affected communities were Ashim, Nissi, and Zilan in Atakad District, Kaura Local Government, as well as Bakin Kogi, Goska
Teachers in public primary and secondary schools in Abia State have been going through hell under Governor Okezie Ikpeazu due to huge unpaid salaries and allowances. They were on strike for almost two months until about three weeks ago. It is a shame that those responsible for shaping the future of our children are being treated with disdain, while Ikpeazu and his cohorts are living well. Many will be shocked to know that Ikpeazu spends millions of Naira maintaining two clubs – Abia Warriors and Enyimba - in the Nigerian Professional Football League, yet, salaries of teachers are irregular. Things like football clubs should be private sector-driven. That is the standard in sane societies. Ikpeazu must do away with frivolities and give the welfare of teachers and other civil servants priority attention.
Retired Abia civil servants are also going through hell, thanks to the tedious and unending verification of pensioners. The daily process has been cumbersome, unfriendly, rigorous, stressful and harmful to the health of these retirees. Ikpeazu should come up with a better way of doing this to reduce the pain of the pensioners. District of Jama’a Local Government Area. These killings will most likely continue if the federal government fails to take proactive action in line with the wish of these traumatised people. This job should not be left alone to the biased government in Kaduna State. As a first step, only security agents from outside the region should be used for operation in this area.