Thursday, July 23, 2015

President Buhari's Distractive US Visit

by Eze Eluchie

After what appeared to be a craftily scheduled period of absence from reality, to obviate a hiatus in governance, Nigeria's President, Muhammadu Buhari, has finally returned from a whirlwind private visit to his benefactor in the United States, Barack Obama, a visit spiced with sightseeing engagements to places of interest.

For those who might be laboring under the illusion that the visit was an official 'State Visit', comparison with other State Visits hosted by the US Government and the traditions and customs associated with such visits and the fact that the Executive arm of the Federal Government of Nigeria has not been constituted as at the time of the said visit, will serve to clarify any such doubts.

Some unsavory fallout of the said private visit which may provide insight into the style of administration which Nigerians will be saddled with under a Buhari presidency include: a). the announcement by the World Bank on the release of a dubious U.S.$2.8 Billion loan to Nigeria for the 'redevelopment of the North east region' devastated by terrorist attacks'; b). the fallacious announcement by Mr. President himself, obviously for the interest of his foreign audience, that Ministers under the immediate past administration 'stole' over 1 Million Barrels of crude oil per day; c). and the beggarly manner with which our once respected country appeared to be appealing for foreign support to address regional issues of global/transnational crimes {terror and corruption}.

a). In the absence of Ministers of Finance and National Planning, requisite Presidential Economic Advisers and other such officials of State, and no discussion or approval of the National Assembly to access this funding facility/loans, pray who negotiated and thought through the process of requesting or deciding if the IMF was the appropriate institution to apply for this facility to develop what is ostensibly a continuing war zone? What better cover for graft than to claim you secured a loan facility to 'develop a war-zone'? Will this fund disappear down the drain that must such 'loans' have gone into?

b). Mr. President's assertion that over 1 Million Barrels of crude was stolen by the Ministers of the immediate past regime is clearly alarmist, fallacious and aimed at continuing with the propagandist nature with which activities of government has been conducted since his ascension into office. Corruption has posed a serious source of instability in Nigeria over the years, dating way back to President Buhari's earlier stint in office as Head of State in 1983 - 1985, and beyond. Trying to overly vilify the immediate past regimes sends the message that a witch-hunt of gigantean proportions is in the offing.

c). With regards to being beggarly with foreign governments in discussing mutually beneficial issues, the services of experts would have prevented a situation where the President of the most populous African state and the 'largest economy' in the continent, would appear to be seeking approval for his plans to address the domestic issues in his own country - I knew Nigeria had issues, but certainly, things had not gotten this low. 

In addition, the series of slavish and condescending messages of appreciation for 'winning' the elections reeled out by the Nigerian ruler to his American host in the course of their meetings were particularly troubling. Apparently, Nigeria had descended to the status where the power to decide who rules over our contraption has been openly taken away from the people. It had been clear in the build up to the Nigerian general elections that the Barack Obama administration was taking an overly interest in the outcomes of what ought to be an internal affair - the extent of 'gratitude' showered on the US President by his Nigerian counterpart justifies the need for a query as to whether what we had during our last presidential elections was an 'election' or a 'selection'. 

As we welcome President Muhammadu Buhari back to the reality he left nearly a week ago, a 7-day period during which terrorist elements have continued unabated in their daily hellish agenda of murder, destruction and institutionalization of fear which has served to cripple our North Eastern region, it is trite that Mr. President is reminded that when the chips are down, Nigerian problems will be solved in Nigeria by Nigerians and that the expected patronage from outside always fails at the last moment and that after participating in publicized 'international community' meetings where support for counter-terrorism measures, extremist Islamist terror elements have usually responded with mind-boggling response attacks - are we ready for this likelihood?

For the umpteenth time,almost 60 days after ascendance into Office, let governance begin and allow some Nigerians have a feel of the 'change' they think they 'selected'.



Picture: Presidents Buhari and Obama - the picture tells it all.







Thursday, July 16, 2015

Is Mr. President Overwhelmed, Clueless?

by Eze Eluchie

With the Naira, the national currency crashing by the day;

The fuel supply situation attaining the status of unstable and unpredictable;

The terrorists now more emboldened and striking at will in our northern fringes;

Fulani herdsmen are continuing, unchecked, with their dastardly agenda for ethnic cleansing across our Middle Belt regions;

Yet, the 'elected' President is unable to either stem the slide to anarchy or even form a Government to address the crisis;

It has become pertinent, over 15 weeks after being declared as President-elect and 6 weeks since assumption of office as President of the Federal Republic of Nigeria, to inquire if indeed, General Muhammadu Buhari has any ideas as to how to stem the free fall of the Nigerian State!

Is there a ready remedy for the comatose state of governance in Nigeria?

Can a polity as diverse and complicated as ours survive prolongation of the present state?

Is Mr. President overwhelmed with the enormity of the situation?

Nigerians had expected so much, the reality we are faced with regarding a vacuum in governance is astonishing, to say the very least. It is hoped that the present regime will realize and appreciate the need to get started and frontally confront the damage done to the polity by the continuing failure to have a Government in place at the Federal Level with its full complement of Ministers and other political appointees.



Picture: President Muhammadu Buhari


Tuesday, June 30, 2015

The Greece Fiasco Exposes the Nigerian ‘Debt Cancellation/Forgiveness Hoax’

by Eze Eluchie

Nothing better exposes the fraud played out on Nigeria and Nigerians under the bogus claim of 'Debt Cancellation' or 'Debt forgiveness/Relief' supposedly accorded Nigeria by the London and Paris Clubs and other Bretton Woods institution under the rulership of Olusegun Obasanjo's and supervised under the watch of Ngozi Okonjo-Iweala as Minister for Finance and Coordinating Minister for the Economy, than the present impasse playing out between Greece and its creditor-countries and agencies, particularly the Trioka.

In one fell swoop in year 2005, Nigerians were informed that over US$18 Billion of debts Nigeria was purported to  owe such entities as the Paris Club, the London Club, the IMF et al were forgiven/cancelled on condition that in one fell swoop Nigeria pays the sum of over US$16 Billion. Most of the debts Nigeria was alleged to owe were actually spurious paper transactions domiciled outside the shores of Nigeria and the funds purported to have been loaned to Nigeria, in most cases, never left the vaults of foreign banks and the same ‘creditor institutions’.

A close look at the so-called 'Debt Cancellation' deal reveals it actually deepened our indebtedness and served to mortgage our future. Several States of the Nigerian Federation, who were accused of accumulating the debts that were purportedly cancelled/forgiven, denied ever receiving or soliciting for such debts in the first instance. No efforts were made for a comprehensive verification of these debts before Nigeria was forced to cough out the incredulous sum of over US $16 Billion to the creditor countries and ‘clubs’.

If it had been so easy to accord Nigeria a sweetheart 'Debt Cancellation' deal, why the difficulty in cancelling the debts owed by Greece to these same international financial institutions? Is it feasible that the Trioka and their Breton Woods accomplices would ‘love’ Nigeria far more than they love Greece? Is it possible that these creditor states and agencies would rather ‘save’ Nigerians from ‘economic collapse and not be bothered that Greece and the Greek people were going down?’ Methinks not!

Within a few years of the sweetheart debt cancellation/forgiveness deal, Nigeria was back to worse than where it was before the cancelation/forgiveness.

To believe that some Nigerians were made to hold celebratory Conferences and Seminars, while others danced on streets corners and parties held at official circles to celebrate the debt cancellation merely serves to concretize my description of our erstwhile Finance Minister, Mrs. Okonjo-Iweala as a truly ‘mercurial’ character.

Soon after the sweetheart ‘debt cancellation/forgiveness’ deal, our one and only mercurial ex-Finance Minister, Ngozi Okonjo-Iweala, was rewarded, for a job well done, with an appointment as Managing Director of the World Bank!!




Pictures: Greece Prime Minister and Foreign Minister: Alexis Tsiprars and Yanis Varoufakis and then Nigeria President and his Finance Minister: Olusegun Obasanjo and Ngozi Okonjo-Iweala