Chronicles

Buhari: Unfortunately,you must bring out money from stone

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Buhari is seeing fury of “frustrated Nigerians” who for varying reasons would blame him for everything.  He has been accused of being a “traveller” in every sense. They have tackled him on the fact that he is nowhere to be found. He is being accused left, right and centre. The President is beginning to see the real face of Nigeria political complexities.  Na so e be o!!

 

My view on the travelling is very simple: Has he overspent the budgetary sum allocated for his movements? Compared to what Jonathan spent on his extensive movements, has Buhari spent close to or overspent it within the same period in the office? There must be comparative analysis when trying to explain how terrible a fellow has performed. You must have a basis to compare it. Coming on stream to say the President should not travel at all is taking this too far. The issue should be at what cost based on the available parameters.

 

Like I have written in my last posts, the issue that brought out all these frustrations from many Nigerians is the terrible fall in crude oil price. This terrible fall has endangered everything. If Jonathan with crude selling above $110/barrel, couldn’t do much in terms of economic upliftment what will happen now?Is it with crude selling at this ridiculous rate (of just above $40/barrel) that things would come out? To make matters worse, no one wants to listen to the obvious fact that we are having far less income rolling in. Everyone still wants it as it were. You wouldn’t blame anyone for this I tell you.

 

It is not within my conscience to support people who have bluntly refused to let us know their assets. You cannot accuse Buhari of corruption when you don’t want to release your assets for public verification. Ayo Fayose said Buhari is corrupt. He has said so many unprintable things against the President. Yet Fayose would not release his assets for us to verify.  I don’t get it because I know the President’s assets. Agreeing or disagreeing with it is a different matter entirely. So how can I support such individual against the President?

 

The banks are all suffering as we speak because they normally use government money as bogus loans and also to trade in forex. No one has been supporting industries. No one has been supporting agriculture. No one has been supporting small & Medium scale Entrepreneurs.  It has been a roller coaster of pure confusion. With government income at a very low state, there are serious complications in the banks as we speak. Government is the major source of their inflow (and added to this TSA stuff) it has been horrible. All these have added to the frustrations.

 

In many of the states, it has been confusion upon confusion as the Federal allocation continues to dwindle. The so-called  bail-out funds given to the states have mostly entered into ‘’holes’’. “Holes” created by the banks and the Governors.  When a man is owing 250k originally(that he didn’t earlier declare to anyone) yet still needs to settle some outstanding bills of 300k(that everyone knows). If you now provided a 350k bailout to settle the debts you know, the problem would still remain. You would be back to square one. This is a structural problem as many states were never structured to survive without federal allocations. Dwindling Federal allocations have brought out the papered structural defects in the system.

 

Buhari can stay in Nigeria all he wants, but without any improvement(which must be substantial) in the revenue getting into the Federal accounts, wahala dey. The wahala is more because many Nigerians (especially the billionaires or multimillionaires) are not used to making money without government connections or involvement.  Buhari  is trying to discourage that mindset but that is a major problem. Many are not used to that. Buhari wants a “reset” and it’s a “terrible challenge to many”.

Let me give you a story. Do you remember the case between Ifeanyi Ubah (the owner of Capital oil) and Coscharis(Cosmas Maduka) in 2013&14? Coscharis left his car business and entered oil business in conjunction with Ifeanyi Ubah. Coscharis, being a director of Access bank then, collected a loan facility of over 20 billion naira to fund Ifeanyi Ubah’s capital oil purported purchase of petrol. The deal fell through. The money went up in smoke and “katakata” bust.  Billions of public money was seriously involved in this mess.

Access bank used government money domiciled with it for this bogus business. Coscharis used his position to access government funds in the bank for this business. Ifeanyi Ubah was able to lay hands on this government money for his supposed business. When the whole thing  turned to ‘the normal jamboree’, who settled it? Jonathan!! He had to use AMCON to write it off because it is government money and nobody’s money . They did it with bogus grammar that can only confuse everyone .This is the philosophy of business here o!! When I say government money, hope you would understand better.

Then, no one bothered about this  because the crude oil was selling at over $100/barrel and Government was with dispensable money. You know that deal could not be possible again because Access bank is no longer in a position to provide that kind of loan for obvious reason. You can see where the frustrations are evolving from? So you can understand better why the fuel crisis is unending..

The system as it were is very funny because it solely survives on government money.  Government needs to find that money to oil it. It is unfortunate but this is the definition of Nigerian economy…Ewolewoo!!

About the author / 

Ik Uremeh

Ik uremeh is a social commentator who believes that everyone deserves to live within the confines of his strengths. He is just like YOU.He says: Life is good when everyone desires so...

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