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?
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*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.