There is worldwide
economic recession at the moment. This
is a fact and repeating it will only be stating the obvious. Most countries today are faced with one type
of hardship or the other. Most people
the world over are struggling to feed themselves not caring for other comforts
and luxuries. The rate of migrations
from other countries to Europe and the Americas is indicative of the desperate
situation many people find themselves.
Interestingly, countries worst hit by the recession are those dependent
on oil as a major foreign income earner.
Individual countries
reacted to the recession in different ways.
Those that invested heavily in infrastructure and other revenue earning
ventures during the boom years are less susceptible to the harshness of the
meltdown than those countries unlucky to be ruled by visionless and
kleptocratic leaders. Nigeria among the latter
group. Even though investments were made
in the power, oil and gas, transportation and other revenue yielding ventures,
the accruals ended up in the pockets of a few and now all of us are paying the
price. Most infrastructures were
established about forty years ago and over time they gradually atrophied
because of the lack of vision of our leaders whose forte is to steal us blind
without putting in anything into the maintenance of these infrastructures.
Sadly because of this
lack of vision, whenever we sail the country into turbulent waters, our
reaction is all too well predictable and knee-jerk. Sale our crown jewels assets. It is of no significance to the proponents of
the “sale campaign” that these assets were put up in the first place to
generate income for the country by some foresighted men in the past. It is not the fault of the assets that those
who took over from those that built them are thieves. I am yet to come across any suggestion that
these assets that the Buhari government want to put on the block are not making
money nor are they haemorrhaging the economy in any way.
If history is to be our
guide, then recent history tells us that we have gone down this road before
without anything to show for it. Since
the days of the TCPC, the number of government owned companies and enterprises
sold by the government are well over 150.
The most recent daylight robbery perpetrated on Nigerians by the ruling
class was the doling out of power sector assets to robber barons that strut our
landscape as successful businessmen. We
have seen how a sector that got an investment of well over $25billion sold for
less than $4billion dollars. What
happened to the proceeds? We are yet to
be told.
Mr president, I am of the
strong believe that those who lost out in robbing our country blind in the
scramble for our national assets like banks, power generating and distribution
companies, telecommunication companies, etc. in the past, are those trying to
bamboozle you into selling to them what little remains for 180million
people. They are not satisfied with
buying fuel stations so they want to buy refineries, gas liquefaction plants
and oilfields. Check out and you will
begin to understand those behind this new criminal enterprise.
Mr President, majority of
Nigerians voted for you because of certain qualities which you possess. Part of these qualities includes your
firmness on issues you believe in. We
all know you don’t believe in selling our assets, or devaluing our currency or
increase in the price of petroleum products.
We know because you have said this several times. The summary of all these is that you always
believe strongly in your convictions which led to your being labelled as
rigid. Your bending backwards to project
a Buhari that is different from the one Nigerians trusted and voted for is
giving us sleepless nights.
In your desire to prove
to crooks that you are not rigid, they succeeded in making you eat humble pie
and in the process make you look uncertain and feeble. Most of us who voted for you didn’t bargain
for the policy summersaults we have been going through under your watch. We were hoping to see a reversal of the
privatisation of the power sector which didn’t happen. And suddenly out of left field, we are
presented with a proposal to sale the remaining assets. Putin did it in Russia and heavens didn’t
fall. Yukos, one of the biggest oil and
gas companies in the world was sold for one rouble by the late Yeltsin to
Mikhail Khodorkovsky in a drunken stupor.
Realising the importance of the company to the Russian economy, Putin
did not hesitate to reverse this daylight robbery.
Nigerians were ripped-off
by neo-oligarchs in the past and what we are seeing today is peer rivalry among
this unscrupulous, vicious arm of the business class in collaboration with
their comrades in government trying to go in for the kill. Those who lost out in the past are the ones
who are pushing you to auction the country to them. They bought all government interests in oil
marketing companies, banks, construction companies and manufacturing concerns. The same reason was given – injecting the
proceeds in to the economy. If it were
injected, will we have been where we are today?
Mr President, we are in
recession not depression. The only time
in recent history that United States went into recession was in the 1930s. Roosevelt, from his wheelchair pulled the
country out of the meltdown without selling a single government asset. He fought a war and even assisted in
rebuilding Europe through the Marshall Plan.
Mr President, act like
Roosevelt. Be our Putin.