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my smallvoice
by Hakeem Babalola
smallvoice@yahoo.com
* They call me a prophet of doom Read More
*Nostagia for firing squad   Read More
Admiral Arogundade's civility & democracy   Read More
*Obama's Saga: A Challenge to Nigerian Americans to Build Own Nation.... Read
More
*The Scramble for African Funds...........Read More
*Open letter to Nigerian Ambassardor In Hungary..... Read More
*Let them Celebrate their October Self-Rule By Read More
*The Creation Of Appeasement Ministry  Read More
*The death of Nigerian Masses Read More
*The Influential Thieves Read More
*Heaven Awaits Nigerian Teachers, More
*Eulogy for Pa Adedibully  Read More
*No Cure for Colonial Mentality   Read More
*Tame Those False Democrats First Read More
*My Darling British Airways .........Read More
*Nigerians Are Ungrateful People..........   Read More
*Na lie, he no dey kampe                Read More
*Another Police Reckless Disregard for Lives .Read more
*Okiro’s readiness to die for Yar’Adua ..Read More
*Sacking Yar'Adua, Over Obasanjo's Dead Body   Read More

*Article previously published on African Examiner
other articles from Hakeem Babalola
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Global Financial Meltdown: Is Nigerian Government In Control of the
Situation?

 
The title is an assignment being researched by the students of Kaduna Polytechnic
HND1 (Higher National Diploma) Mass Communication Department. The curious students
had sent "mails of this nature to national commentators" like me to respond, trusting that
I would reply to the topic accordingly. The deadline is less than two weeks, for they must
submit their findings within that time range. In this essay, I intend to use anecdotes and
retrospect to drive home my point. I am going to argue that, since the Nigerian
government is unable to manage or control economic, religious, political and social crises
before the advent of the global one, then it is impossible for such government to control
the situation now. I may draw references even from the government to buttress my point. I
will embed my thought and opinion and then round it up with an expert opinion - a
renowned economist.
 
The question being asked by these student communicators is as interesting as is timely.
It is a question I believe should be on our lips - every minute if possible. As part of my
own way of contributing to the Nigerian nation, I have already dealt with this question in
my article, Salary Cut Meaningless Without Seriousness. The bottom-line as far as I am
concerned is about seriousness and honesty, which unfortunately have never been in the
dictionary of any Nigerian government. It is a fact that every government we have had,
including the present one, is in the habit of entertaining the citizens with rhetoric. Instead
of being sincere and thoughtful, Nigerian "leaders" prefer to be frivolous and playful.
Notice my emphasis on leaders. I guess Nigerians are tired of their empty and loud and
confused talks. Even with the recent 20% cut in the salaries of the president,
vice-president and others, I still doubt the government ability to control the situation in
question. They definitely know where to get back the cuts such as the bonuses which
are in fact ridiculous. But then RMAFC, according to Punch says Yar'Adua can't cut
salaries.
 
To justify my claim, virtually every Nigerian government on assuming power always
promise the nation to make things work, only to abandon such assurance before passing
the baton to other equally dashing hopes administrators. It seems to me that Nigerian
governments enjoy playing with the nation. Otherwise how could one describe
their atrocious method - of governance? First, it was vision 2000, then 2010 then 2020
and then it would be 2050. Each government must say something in order to be accepted
by the public. But is the public getting wiser or still naive about the truth concerning
those at the elm of affairs? Are the citizens following the systematic way their "leaders"
destroying virtues as the latter pretend to be patriots? Whenever they form a committee
to find solution to a problem, such committees often end in chaos and abandonment. The
present situation of global financial meltdown won't be different. The government simply
does not know how to control any crisis - be it religious, economic or social. For
example, FRCS (Federal road Safety Commission) claimed thousands are dying on our
roads - obviously due to lack of maintenance. Is this the kind of government that we
expect to control global financial meltdown? Go to our hospitals and your findings may
convince you.
 
For me, everything comes down to the basic things. I passionately believe that a
government that finds it impossible to provide basic amenities to its citizens cannot be in
control of anything. Perhaps I am exaggerating but can anyone tell me exactly the
reason why Nigeria, a potential great nation which was once called Giant of Africa is
unable to cater for its citizens? Whereas "leaders" in this country swim in money - looted
money! They have succeeded in making corruption and stealing a fad of the moment.
They are misleading our youths by their wayward life style. The youths do not believe in
hard work, after all, their leaders don't. The youths have realised their country do not
respect industriousness but hooliganism and mediocrity. Look at the characters of most
of those vying for the nation top offices and you shall find the answer: from the late
Adedibu to Uba to Andy to Obasanjo and many others.
 
Their vision-less approach to governance has crippled nearly every infrastructure. In the
70's and early 80's, Nigerian education could be described as one of the best. There was
a time in this country that public tap water could be found everywhere. Though we have
never had uninterrupted electricity, it was not as epileptic as now. Even our roads have
become death traps for motorists. Obviously, nothing seems to be working in Nigeria and
it is not that things can't work rather the "owners of Nigeria" (apology to Seyi Oduyela) do
not want it to work. Governments in Nigeria have always engaged in personal business
instead of public service. They hardly know the difference between the two. This is quite
unfortunate. So Nigeria has been in a financial meltdown long before the global financial
meltdown. Nigerians have been saying, "E go better" long before I grew up, and we are
still saying the same thing. And many of those chewing the words have died without
seeing the better day. We need to ponder on this aspect of our life why we always allow
every government to get away with inefficiency and looting, which is telling on the country.
 
In view of this, I posit here that the Nigerian government is not in control of the global
financial meltdown. Like every other thing, this administration does not even know what
the global financial meltdown mean. For example, the Central Bank Governor, Charles
Soludo, told the nation at the beginning of this meltdown that it would not affect Nigeria.
Now they are saying something else. The Federal Government recently expressed fears
that the global economic crisis will hit the country very hard later, even though the
country seemed not to be feeling the impact now, according to the Nigerian Tribune.
Thank God they are now saying what many of us had suspected long time ago even
though it is somehow late for such tacit admission which in itself cannot be a solution to
the global financial meltdown.
 
By the way, have you heard this report from the Guardian? "If the National Assembly
passes a proposal from the Revenue Mobilisation Allocation and Fiscal Commission
(RMAFC), former presidents Shehu Shagari, Olusegun Obasanjo, and their deputies
while in office - Alex Ekwueme and Atiku Abubakar - will earn the annual basic pay of a
president and his deputy for the rest of their lives". Fellow Nigerians, although it has not
been implemented, this is the typical approach of our government to solving global
financial crisis. The rich getting richer while the poor getting poorer. Why should the
National Assembly worry itself over such spendthrift thought? I consider it a reckless
waste to be talking of permanent salary for former presidents and their deputies who
obviously had looted the treasury while in office, and whose ineptitude have contributed
immensely to the mess we are in. They are talking about permanent salary for former
presidents and their deputies while the government cannot pay its pensioners and
teachers. I ask, is this the way to control the global financial meltdown?
 
Is the Nigerian government taking appropriate measure to combat the meltdown? The
best it has come up with is setting up steering committee to look at the impact of the
economic crisis. According to Minister of Labour, Prince Adetokunbo Kayode, the
committee is "to draft a Social Security Policy for our country and the framework under
which they would operate". Fellow Nigerians, is this supposed to be the step in finding
solution to the meltdown? Although I am not a financial expert, but I believe cutting
salaries of public officials is not a solution to the current global meltdown. Whilst the
government is busy cutting salaries of public officials, senators and others are receiving
fat bonuses. Newspaper reports had it in November 2007 that "Aso Rock budgets
N2.3million daily for refreshment...N1.5m for eye glasses". This is one example of
profligate spending by the federal government and its components. 
 
The best approach, I think, would have been immediate reprioritise of government projects
and waste elimination, banning of all unnecessary foreign tours, medical visits and
workshops, particularly by indolent legislators. Job-cuts is another measure being
implemented by the government to beat the meltdown, and it is heightening the already
high rate of unemployment, says one Jide Owatunmise, adding that governments should
ensure that job creation and the provision of basic infrastructures for economic growth
must be given priority attention. He predicts danger in a situation whereby governments
fail to create employment. "If the public and private sectors fail to create jobs for the
unemployed youths in Nigeria under the guise of global economic meltdown, the
unemployed youths will turn around to become a thorn in the flesh of the government
officials and chief executives of organisations thereby threatening their peace and
security as it is happening in the Niger Delta region now".
 
Prof. Sam Aluko, Nigerian foremost economist, put it succinctly in an interview he had
with The Sun. "There is nothing we can do (about the global financial meltdown) because
we are not even agriculturally self sufficient nation; we are not even commercially self
sufficient nation. We are at the mercy of the world," says the former chairman of NEIC. "If
during a depression, you continue to reduce wages, you continue to reduce employment,
you are deepening the depression. That is wrong method. Even the idea that salary of
public officers will be reduced will not work. You are aware that these public officers are
very extravagant. For example, we spent about N260 million on each Senator today in a
country like this. We spent about N135 million on each member of the House of
Representatives. Even cutting this by 25 percent has no meaning because in the first
instance, they ought not to be earning what they are receiving. To now cut salaries of civil
servants or retrenching them is uneconomic".
 
Copyright 2009
 
mysmallvoice@yahoo.com