Buhari: Going Aborrowing On A Market Day!

By Dare Babarinsa  

President Muhammadu Buhari may have been persuaded that the best way to kick-start our economy again is to go to the world with the begging bowl. The austere Buhari, with his simple lifestyle, represents the mood of the nation which is in need of new kind of leadership. He is unbundling the presidential fleet and removing the fat from more conspicuous muscle of the government. He has been trying. But so far, his effort has not yielded the quick fix that Nigerians expect. After all, we are a nation where the danfo driver, in order to see more clearly, consumes more and more paraga. So is this new loan our paraga?

*Buhari 

Borrowing is sweet; it is the repayment that is bitter. The President is looking for $29.9 billion from the European, the Asian and the African markets. He explained, in his letter to the National Assembly, that the money is needed for infrastructure development. With this jumbo loan, all federal roads would be reconstructed to last forever after. We would have electricity and our universities would be first class. Of course, members of the National Assembly too want their own part of the action. They believe the good time would soon be here again once we can borrow money. After all by the time our grandchildren would be paying, most of the members of the National Assembly would have already changed addresses to God’s own headquarters. Now they want the party to begin.

For us, however, it is a familiar road. During the First Republic, our leaders inherited the tradition from the British of trying to balance the budget. There was no need to spend more than you have earned. The leaders who led us to independence were great men who had great vision and tried their best to pursue their dreams. To understand the value of their service, you need to go to the universities they built. I do not know of any university in the South-West of Nigeria, and there are few in the world, that is better built than the Obafemi Awolowo University in Ile-Ife. It was a product of the government of Western Region during the First Republic. Ditto could be said about Ahmadu Bello University, Zaria, built by the regime of Alhaji Ahmadu Bello, the Premier of the defunct Northern Region during the First Republic.