Ayo Ola
Newly sworn-in National Legal Adviser of the Peoples Democratic Party, Mr. Kamaldeen Ajibade has decried the rising debt profile of the Federal Government.
AJIBADE and his wife, Hajia Mopelola Ajibade during the swearing in of Ajibade as PDP National Legal Adviser.
He lamented that if the penchant of President Muhammadu Buhari’s administration for loans is not checked, Nigeria will be in a great dilemma.
It could be recalled that as of November 11, 2021, Nigeria’s debt stock of N35.5tn was projected to N42.7tn following the Senate’s approval of the Federal Government’s request for $16bn and €1.02bn fresh loans.
The $16.2bn loan is equivalent to N6.7tn using the Importers and Exporters’ Window exchange rate of N411.24/$1, while the €1.02bn is equal to N485.5bn using the Central Bank of Nigeria’s exchange rate f N476/ €1, bringing the value of the loans to be acquired to N7.2tn.
The Senate had also approved the foreign loan plans of President Muhammadu Buhari (retd.), in which he requested to borrow $16.2bn, €1,02bn and a grant component of $125m to fund some “legacy projects.”
The upper chamber also approved the request of the Bank of Industries for the issuance of €500m, but not more than €750m Eurobond in the international capital market.
Speaking on Friday in Abuja the Federal Capital Territory after being sworn in and inaugurated as PDP’s National Legal Adviser and a member of the National Working Committee of PDP, Ajibade said Nigeria’s high debt profile could mortgage the future of Nigerians.
He assured Nigerians that if PDP wins the 2023 presidential election, it will repay Nigeria’s debt.
He added that the PDP government will not plunge the nation into debt jamboree but will initiate strategies on how to raise revenues for the government without inflicting hardship on the people.
Ajibade said, “During the PDP regime, particularly during the Obasanjo administration, we got a clean slate of health of all our loans and our exposure was cleared off. You knew what our exposure was, even at the time of Goodluck Jonathan. Look at where we are today! Certainly, we are not a party that will be hungry for loans. Within, we can raise revenue.
“This country is a country of 200m, indeed our population supposes to be an advantage to us. It is not supposed to be a disadvantage. That is why you saw investors came to Nigeria and not now that investors are leaving the country, going to Ghana and other places.
“Before every investor wanted to come into this country to tap from the advantage of population. So not the issue of taking loans, what we are praying for is that they should not finish this country before we come because they are still going ahead to take more and more loans. Even now to pay the debt is a serious burden on us. It is difficult but we know we are determined and when we return, we will be very desperate to ensure that the debts were taken care of with the sagacity of the leadership we have.
The Senior Advocate of Nigeria accused President Muhammadu Buhari and his All Progressives Congress of failing Nigerians.
He stated that Buhari and APC failed to deliver dividends of democracy and also allegedly failed to deliver on their electoral promises to the electorate.
He said he is confident that PDP will win the 2023 presidential election as well as win substantial seats of the National Assembly, Governorship, state constituencies, local government chairmen and councillors.
Ajibade said, “APC and Buhari government have failed Nigerians.
“I am very confident that PDP will win the Presidential election and many other electoral positions because we have what it takes and we have done it before. You can compare notes. Even the voters, except you, are not bringing us to the level playing ground, as long as there will be no rigging, and there a level playing ground, certainly Nigerians are not fools. If Nigerians had been buying petrol at the point where we left at N64 and today somebody is even thinking of taking it as far as above N300, many of them participated in the protest even when the issue of the increase in the petrol pump price from N64 to about N80. Many of them protested in those days.
“I am sure many of them are covering their eyes in shame. Human rights lawyers and others that did that. Where are they today? Look at the prices of foodstuffs and rice, dollar, what was it then and now. even gas. You can see the kind of feelings that Nigerians have. You can talk of Ngozi Okonjo Iwuala, and all those that worked in Nigeria and have moved to big international organizations. They were products of PDP. These are competent people that can manage the economy. We can repeat that and better even now.”
Ajibade who is a former Commissioner for Justice and Attorney General of Kwara State said PDP if returned to national power will work towards paying Nigeria’s debts, stimulating economic recovery and growth as well as employment generation.
He lamented capital and investors’ flight from Nigeria, adding that good environment that will attract many investors will be re-established if PDP bounces back to power.
He also said the party will address insecurity in many parts of the country.
He added, “Issue of security is our own internal problem. Unfortunately, the party in power finds it difficult to contain it. During the days of PDP, even when you talk of the Boko Haram or you will be reading it in the papers that they are somewhere in Borno, but today, people are no longer talking of Boko Haram. What they are talking about is worse: They are talking of bandits, Nigerians can no longer keep their eyes closed, Nigerians can no longer even travel, no matter the kind of car you carry. From Abuja to Kaduna, you can not go.
“Certainly, PDP has what it takes to address insecurity. That is why I said we have done it before. We know very well that our military has the capacity but the head having that political strength to take decisive decisions. You can see what it took the present government. Nigerians, for more than two years, we’re talking about a change of leadership in the military cadre. Nothing happened. It took very long until things went so bad. Nigerians shouted. Now declare bandits as terrorists, for many years, he never did until things got out of hands. A listening government is different from a non-listening government. You are ruling over people, You are President of a country, you must listen to the voice of the people. You must not lock up yourself and ignore their voices and take decisions or you are not even prepared to listen to people.
“That is why PDP says power to the people. It is like you being employed, going around to campaign today is like telling people, please employ me, and you present your credentials. When you get there, you do not throw away the voices of people who gave you that job.
That is what we are witnessing today. The issue of security is not rocket science. But I believe that putting all our security apparatus and changing the leadership architecture in this country, putting the right people where they are supposed to be, I can assure you that PDP will surmount all our security concerns and Nigerians will be able to sleep with their eyes closed.”
Ajibade, who said he was elated as the PDP National Legal Adviser, said his experiences in Kwara State had prepared him for the current position, adding that he would do his best and offer his quota towards rebuilding and rescuing Nigeria from the precipice.
He said, “No. I never but since I have served several positions while in the state so I know that one day I will move into the federal. And I think the time has come for me to serve both the party and Nigerians because service to my party is service to my beloved country.
I served as Special Adviser to the former Governor of Kwara State, who is the former Senate President, Dr. Bukola Saraki on Legal Matters. From there, I was seconded to reposition the investment company of the state, that is Kwara Property and Investment Company of which I served as a Sole Administrator, before reconstituting it back or when I was able to put it back on a good footing before the board was appointed and Managing Director appointed to take over from there.
“After that, I was given an assignment for the establishment of a Bureau of Land because what he had in Kwara State was the Ministry of Land and Housing. So in order to improve land administration and also optimise or since land is not inelastic, you have to put it to good use in order to really get a rewarding investment that is put on it. The governor then, Bukola Saraki, decided that we should establish a bureau instead of a Ministry to take away some government bureaucracies and other things to make it easier for business in Kwara to attract investors.
“I was the first Director-General under the Bureau of Land that took off. I was able to put it on a very sound footing and in March 2011 before the excitement of Bukola Saraki from the Government, I left the bureau and he appointed another person since I had already set it up. I was appointed the Kwara State Attorney-General up till the end of his tenure. At the end of his tenure, Governor Abdulfatah Ahmed came forward and Governor Abdulfatah saw me as a fit and proper person that should work with him to move the state forward.
He appointed me as the state Attorney-General for which I served throughout his tenure for eight years.”
But Buhari had recently claimed that no government or administration since 1999, has done what his administration has done for the country in six years.
Former President Olusegun Obasanjo ruled Nigeria from 1999 to 2007. Umaru Musa Yar’Adua took over from him in 2007 and died in 2010. Goodluck Ebele Jonathan took over from 2010 to 2015.
Buhari claimed that none of the Presidents was able to have done what he has done for Nigeria since he assumed office in 2015.
He stated that he has performed very well in infrastructure provision, good governance, social care, Nigeria’s image and influence in Africa and the international community.
Buhari said, “No government since 1999 has done what we have done in six years to put Nigeria back on track.”
“In particular, security is a bottom to top undertaking. Joining hands and hearts together would enable us to secure ourselves and our country.
“I fully understand the anxiety of many Nigerians on the inability of this country to go beyond a never-ending potential for becoming a great nation to an actually great one.
“A lot has been achieved in the last six years on many fronts: in infrastructure, social care, governance, Nigeria’s image and influence in Africa and the international community.
“But critics misdiagnose incremental progress as stagnation. Since coming to power, this Administration has tackled our problems head-on in spite of the meagre resources. No government since 1999 has done what we have done in six years to put Nigeria back on track.
“We shall continue to serve the country: listen to all and protect our democracy and country.”