During the 2024 Diamond Award for Excellence event in Lagos, Professor Bolaji Akinyemi, a former Minister of Foreign Affairs, expressed concern about Nigeria’s financial situation. He mentioned that the country is heading towards bankruptcy because of excessive borrowing, noting that President Tinubu’s administration borrowed more money in six months than the previous government did. In his discussion titled ‘Emerging Challenges and Governance in Africa: Nigeria Perspective,’ he emphasised that the issues plaguing Nigeria are not unique to the country but are global.
He highlighted the importance of the government making wise decisions, such as refraining from purchasing new cars for National Assembly members, in order to navigate the current circumstances effectively. This approach, he stated, is crucial for achieving a balanced governance strategy. Over the last two weeks, Akinyemi has observed a series of riots in Kenya orchestrated by young people. He explained that the root of the protests stems from the lack of employment opportunities for youths, coupled with the government’s decision to implement new taxes.
Many countries are facing financial crises due to borrowing.
Also, he clarified that the government’s actions are not wicked but rather a consequence of financial struggles. He emphasised that a financially unstable government inevitably leads to chaos. In the event of a country’s bankruptcy, obtaining additional loans is no longer an option, forcing the government to increase domestic taxes as the sole course of action. Many countries, including Kenya and Nigeria, are facing financial crises due to borrowing money from foreign entities. This pattern of dependence on external funds is a common mistake made not only in Africa but globally.
It is important to be cautious when borrowing from so-called friends, as this can lead to economic instability and potential bankruptcy. This increased debt burden is largely due to the financial obligations left behind by the previous government. In order to deliver on their promises to the public, the current government is resorting to external borrowing. He also stated that if he were in charge, he would not prioritise purchasing new vehicles for members of the National Assembly. The government is considering purchasing a new private jet, which some people may have heard about.
Effective management is more needed than spending on luxuries.
But before passing judgment, he shared his perspective from working within the system where the president and vice president frequently travel by aircraft that require servicing. The costs of upkeep sometimes reach a point where it would be comparable to purchasing a new aircraft instead. Instead of following the Nigerian way, he advised opting for a more pragmatic approach and focusing on effective management. The looming threat of a strike by ASSU in Nigeria mirrors past events in Kenya. If ASSU does go on strike here, students are likely to follow suit. Meanwhile, the Nigerian Labour Congress continues to demand its own set of concessions.
Akinyemi emphasised the importance of addressing both internal crises and leadership issues, stressing the need for commitment from both the government and the citizens. He highlighted the significance of truly embodying the brotherhood spirit in the national anthem, emphasising that it should not be limited to favouritism towards one’s own people. He reflected on his military experience, emphasising that he holds no remorse for his involvement, as it allowed him to contribute to Nigeria during a crucial period. Awolowo also served in the military and even acted as General Gowon’s deputy. Azikwe also served as an advisor to Ojukwu. Enahoro held a position as a commissioner during the military regime.
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Moreover, he emphasised the importance of prioritising the well-being of the people in order to achieve effective governance in Africa as they mark 25 years of continuous democracy. He distinguished between celebrating democratic principles and civilian rule, stating that true progress lies in placing the interests of the population at the forefront of leadership agendas. The essence of democracy lies in ensuring the availability of necessities like food, infrastructure, security, and Education for all individuals. As long as these fundamental needs remain unfulfilled, democracy in Nigeria will remain a distant dream.