Aare Onakakanfo of Yoruba land, Iba Gani Adams, said at the weekend that huge and unrestricted borrowings have been the bane of the Nigerian economy, warning that until Nigeria reduces its unnecessary loans and borrowings, the country might end up becoming a begging nation.
Iba Adams sounded this warning at the grand finale of the Ajagunmale festival, held in Lekki, Lagos, pointing out that the recent report of the Debt Management Office (DMO) for the last quarter of the year had only exposed the fragile situation of the Nigerian economy.
This was just as he pointedly declared that Nigerians were crying out loud and clear that the bad economy had stifled their neck that they could no longer breathe as, according to him, they “can feel the hardship in all spheres of the nation’s economy.”
“Unrestricted borrowings have been a huge burden that has crippled the Nigerian economy. Nigerians can feel the hardship in all spheres of the nation’s economy.
“DMO said Nigeria’s debt stock rose from N42.84 trillion in June to N44.06 trillion in September.
“The total debt stock comprises total domestic and external debt stock of the Federal Government, state governments and the Federal Capital Territory.
“Nigeria, as Africa’s biggest economy, has seen its debt rise by more than 100 percent.
“Sudden increase in the debt was due to new borrowings by Federal Government to finance a part of the deficit in the 2022 Appropriation Act.
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“Therefore, the economic indices of the last quarter of this year has exposed the fragile situation of the Nigerian economy. With this obvious frailty in the Nigerian economy, we need not be told that the hard times are here. Nigerians are crying out loud and clear. The bad economy has stifled our neck and Nigerians can no longer breathe.
“I am not an economist or financial expert. But as the Aareonakakanfo of Yoruba land, I agree with former Prime Minister of Pakistan, Imran Khan, that No country with a begging bowl can become a great nation,” he said.
The Yoruba generalissimo, however, urged the Federal Government to develop the nation’s cultural infrastructure as a means of tapping into abandoned global resources.
According to Iba Adams, investing in cultural infrastructure can also help the government in developing an environment that is conducive for creativity, positing that it was also an opportunity to create employment in traditional and cultural industries.
“We can learn from the Brazilian experience. Nigeria should know that there are several ways through which cultural heritage can be assimilated as part of smart city projects.
“Investing in cultural infrastructure can also help the government in developing an environment that is conducive for creativity. It is also an opportunity to create employment in traditional and cultural industries,” he said.
Chairman of Lekki Local Council Development Area (LCDA), Hon. Rasak Bamidele Kasali, who was represented by the Supervisor for Health, Hon. Ismail Adeleke, described Yoruba culture and tradition as enduring, assuring that the council would continue to support ideals that could enhance the peace and prospects of Lekki and its environs.
The council boss urged the traditional rulers to rise to their responsibility as the custodians of Yoruba culture and tradition.
“I appreciate the Oodua People’s Congress (OPC) under the leadership of the Aareonakakanfo of Yoruba land, Iba Gani Abiodun Ige Adams for their commitment to the promotion of Yoruba culture and tradition.
“Our tradition is our tradition. In our capacity as the government at the grassroots, we will support OPC in sustaining the cultural identity of Yoruba in the coming years,” he assured.
Akingbayi Aare Onakakanfo of Yoruba land, and Publicity Secretary of the Oodua Progressives Union (OPU), Chief Victor Adewale, urged OPC members to keep doing the good work, saying the group remained the only viable organization in Nigeria that can salvage the cultural revolution from imminent extinction.
Dignitaries present at the event included the Coordinator of the OPU in Libya, Comrade Raphael Ayinla, all the Chiefs-in-Council of Osoroko town, the leadership of the National Executive Council (NEC) and National Coordinating Council (NCC) of the Oodua People’s Congress, among others.
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