In a country like Nigeria where the most inappropriate, greedy and no-plan-for-ways-forward-at-all citizens have the best chances of being in government than citizens who could be of good chances the country can get anything at all right and develop any bit, it would not be shocking what the outcome of any election would be, or the policies any government would make. I mean, evaluating how self-contradicting most of the policies the Nigerian government make are, it would be obvious these policies are made either intentionally for greedy reasons or with no intentions at all, whichever of the two it is, it doesn’t say anything good about the governance of the country. We have seen situations where administrations in Nigerian government make a particular policy and later make another policy to antagonize the initial policy; this is a big thing in Nigeria, and the cause is the lack of continuation in governance, and how the units of the government don’t really work together (they cannot work together since it’s all about individual interests instead of country’s interests, and individual interests don’t really sync). All these are evidences we don’t have in government people who know what governance really is, so they are just running everything based on feelings, sentiments, ego and instincts, not base on country-centric strategies. That is why when the country does not need a loan, the government would go ahead and keep taking loans to sponsor things that don’t make profit; more like taking a loan for an expenditure instead of taking a loan for business or assets that would bring more money to the country’s pocket either on short-term or long-term.
Most of the things used in Nigeria are imported; borrowing money to start businesses or to loan to industrialists that can produce them would create employment and also make profit for the country. But it seems as though the people here don’t know how to run businesses or they do but they do not want to run the country like a business—which is what it is actually. If the country is to be administered and managed as a business, at this point, we don’t take loans anymore, because the creditors would be the ones we a paying our little profits to in the name of servicing the loans. What we should be doing right now is pivoting; we have been doing the same thing for decades now, and it’s screwing things up more, it’s high time we looked for new things to do, the new how-tos, the new hands, the new people to partner with or new ways to partner with old people. Running towards loans to tend to every need is ruining the country, and I believe the reason why every new administration runs towards loan is because they have so much to gain from these loans and also the little portion of the loan they would use to do something in the country, what is done would be credited to their names. So, even when the loan would kill the country more, they would still be charged to go take it.
A lot vices can be used to describe why the Buhari Administration is really big on taking loans, but Nigerians who only take taking loans as joke or flexible matter instead of panicking already are the ones I don’t understand. Let us bring it down from the levels of countries to the levels of persons; if a person goes to a bank to take a loan using their house as collateral, and then they are unable to service the loan as agreed on, the bank would possess their house, right? That’s the normal thing with getting loans and not paying back. Now, let’s up it back to the levels of countries, Nigeria getting loans on the card of her sovereignty and not paying the loan back would be she would lose control over a lot of things belonging to her. It could even get to when the creditors starts to be the determinants of her laws, policies and actions. A Chinese company that builds your railways on credit would be the one to determining how the trains are used, how much you can and can’t charge for train rides and so on; they can even use the train services to penetrate into other parts of your country to take more powers from you. Same thing applicable to when international banks and the World Bank loans money to Nigeria, they have the right to tell you the percentage of the money loaned to you that must be invested in their bank or country you borrowed the money from, they have the right to define how you spend the money where you are taking it to, and the hands you employ to do the jobs you need the money for. So Nigeria going for more loans to service a loan or spend on a recurrent expenditure is not business like at all, and funny enough, the government don’t pay loans, the people do (the average and poor people). This generation is complaining of how the government is exploiting the average people and how cost of living keeps going up while income just remains the same or at best increases at a diminishing rate, but the next generation has no idea what is coming for them. God help the next generation.