I say staggering because it was not too long ago, during the last year of President Olusegun Obasanjo, in 2007, that Nigeria was running a mere N0.5tn deficit, representing 2.9% of the Gross Domestic Product. Now, as of today, the Federal Government’s deficit at N24.39tn represents close to 20% of the country’s GDP. But, wait a minute, the Minister of Finance, Mrs Zainab Ahmed, hurriedly issued a statement saying: “Nigeria not in debt crisis” – yet, one would suppose.
The average annual salary for a newly qualified professional in this country is around N1m a year. Compare that to the Nigerian senator’s monthly take-home pay of N15m, many of whose highest education attainment is a secondary school leaving certificate or even less. To fully appreciate the meaning of “Nigeria not in debt crisis”, imagine that our average professional in this country is having to spend N200,000 more than his annual take-home pay of N1m, , just to make ends meet.
Buhari said he was overthrown in 1985 because he refused to take IMF loan! Banks make money from loan repayments, so we see why he had to go. Now, he has learnt his lesson, he is taking loans and he is in their good book. But what of Nigeria that is sinking?
Then the Country is in trouble.
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