#CAMPAIGN FOR REFERENDUM AND NOT VIOLENT AGITATIONS! [NO.66]. –DR. DAVID OLUFON. 16th April, 2023.

#CAMPAIGN FOR REFERENDUM AND NOT VIOLENT AGITATIONS! [NO.66]. –DR. DAVID OLUFON.  16th April, 2023.

CITIZENS SCORECARD OF BUHARI: 2015- 2023. DEBT MANAGEMENT OFFICE (DMO).

USD$800 MILLION DOLLARS TO BE DISTRIBUTED IN CASH TO 10 MILLION NIGERIANS AS PETROL MONEY!

On Wednesday 29th March 2023, Buhari's Minister of Finance Zainab Ahmed announced that Nigeria secured an USD$ 800 million United States dollars GRANT from the WORLD BANK for cash handouts to the poor as part of efforts to end a costly fuel subsidy regime by June 2023 BUT contrary to her claim the money was not a GRANT BUT A LOAN!

According to her the loan, $800 million dollars, has been secured from the International Bank for Reconstruction and Development (World Bank), to provide post- petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023.

She also said that the secured loan was the first tranche already available to be disbursed to 10 million households IN FORM OF CASH because there's a provision of the Petroleum Industry Act (PIA), that states that; "18 months after the effectiveness of the PIA all petroleum products must be deregulated", and the June 2023, deadline tallied with the calculation according to her.

From the minister's statement it is very evident that there will be more borrowings from the World Bank for Cash Transfers to the most vulnerable in the Nigerian society who have now been registered in A NATIONAL SOCIAL REGISTER!

In fact the out-going President has mortgaged the entire infrastructures of the Nigerian Economy to foreign countries through EXTERNAL BORROWINGS!

1) Nigeria owes  CHINA according to the Debt Management Office (DMO), $548.67 million dollars (NGN 246.11 billion naira), to service railway-related debts between 2016 and 2022, while current bilateral debt profile was 12.24% of the total external debt of  $39.66 billion US Dollars excluding States external debt as at January 2023.

2) DMO also revealed that the Federal Government of Nigeria under the Watch of Muhammadu Buhari has borrowed about $3.27 billion dollars from FIVE foreign countries namely China, France, Japan, India and Germany between 30th June 2015 and 30th September 2022. 

3) Records from the DMO showed that the borrowings from the five countries rose by 206.96% that is, from $1.58 billion in June 2015 to $4.85 billion by September 2022.

4) In June 2015 Nigeria had borrowed $1.39 billion dollars from China's Exim Bank of China, $140.25 million dollars from France's Agence Francaise Development, $43.10 million Dollars from Japan's Japan International Cooperation Agency, $11.73 million Dollars from Germany's Kreditanstalt Fur Wiederaufbua.

5) Nigeria's bilateral debt profile by September 2022 the bilateral debt profile had risen to the following levels:

China $4.09 billion dollars, France $526.48 million dollars, Japan $57.11million dollars, Germany $153.06 million dollars and India $27.17 million dollars, with China leading the pack as Nigeria's biggest LENDER!

INTERNATIONAL MONETARY FUND (IMF) COMMENTS ON NAIRA DEPRECIATION!

It is no longer news that the NAIRA lost its value and had suffered international degradation and disrepute long time ago through financial mismanagement, fiscal irresponsibility and economic policy somersaults by corrupt leadership of consecutive CLUELESS GOVERNMENTS!

Almost three quarters of each annual budget estimates/appropriations since 2007 to date was always diverted to DEBT SERVICING due to outrageous DEBT PORTFOLIO!

IMF recently said that the long-term rate of the depreciation of the naira equated to a loss off 10.6% of its value annually since 1973. According to this international organisation the rate was 1.5 times higher than the long-term rate of the currencies of other Emerging Markets and Developing Economies (EMDE), at 7.2% and Sub-Saharan Africa (SSA), at 7% over the same period.

The accredited international monetary body concluded on Nigeria's financial predicament as follows:

"It's exchange rate underwent more persistent depreciation. Nigeria long-term rate of currency depreciation (on average 10.6% annually since 1973), was 1.5 times higher than both EMDE (7.2%) and SSA (7%). Given limited availability of long-term data it is difficult to estimate the exact reasons "

THIS VENTURE IS NOTHING SHORT OF DEPARTURE BRIBERY TO ASSUAGE THE UNRELENTING AGITATION AGAINST BUHARI'S EIGHT-YEAR MALADMINISTRATION OF NIGERIA!

The Citizens score Buhari ZERO; having turned Nigeria to the WORST BORROWER NATION OF THE WORLD!

The TALAKAWAS should shun him, his "CRUMBS OF WORTHLESS NAIRA" and leave him for posterity to judge!

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I am, yours sincerely, Dr. David B.A. Olufon, 08130669886, 08080243066. G-mail-dvdolufon@gmail.