Nigeria On The Verge Of Bankruptcy, Says Akinyemi

Former Former Foreign Affairs Minister and Director General, Nigerian Institute of International Affairs (NIIA), Prof Bolaji Akinyemi, has said that Nigeria is on the verge of bankruptcy following the incessant borrowing of money from organsations.

He noted that for the past two weeks, there have been riots in Kenya led by youths, adding that this protest is because the youths have no jobs, yet the government is imposing tax on them.

According to him, this is not because the government is not thinking of the welfare of the Kenyans but because the government is broke.

“When the government is broke there will be disaster. When a country goes bankrupt you can not borrow more, the only thing you can do is to raise internal tax.

“If you are not careful, if you have borrowed money from your so-called friends – the foreign bodies – and this is the mistake we are making not just in Africa, borrowing money from foreign bodies.

“This is the dilemma that Kenya faces now, and not just Kenya there are many countries in the world that are on the verge of bankruptcy and Nigeria is one of them.

“I heard in the news that in six months this present government has borrowed more money than the previous one. It is because of the debt they inherited from the previous government. And they have to borrow money externally to fulfill the promises they made to the citizens.
You have heard that they are planning to buy a new private jet, before you condemn them, I have been in the system where the president and vice must travel, and you must service the aircraft, it gets to a point where the money you use to service the aircraft is enough to buy a new one. Let us not do it the Nigerian way; let us manage. It is not every expenditure of government we must criticize.
I see what is happening in Kenya will happen here. ASSU has again threatened to go on strike. If ASSU goes on strike, the student will join. And the Nigerian Labour Congress is still demanding their own.”

Prof Akinyemi who stated this while delivering the keynote address at the 2024 edition of the Diamond Award for Excellence, held in Lagos, also noted that Nigeria is filled with abandoned properties, adding that when one government leaves, the projects of that government are abandoned.

“We should leave the syndrome of abandoned property in Nigeria,” he said.

Akinyemi, in the lecture which was on the theme, “Emerging Challenges of Governance in Africa; Nigeria Perspective”, also said that “aside from the internal crisis we have, we also have the problem with leaders.”

On the way forward, the renowned professor of Political Science, prolific writer, and diplomat, said
sacrifices must be made by the government and the citizens, stressing that “we must take that brotherhood in our anthem seriously. Brotherhood doesn’t mean you should give the job to your people alone. That is not brotherhood, brotherhood is bringing everybody together irrespective of tribe and tongue. Government must make policies that must bring us together and not divide us.”

Earlier in his welcome address, the convener/CEO of Double Diamond Global Empowerment Initiative, organisers of the Award, noted that the event marks the anniversary of the Double Diamond Global Empowerment Initiative, an online inspirational media organisation.

He explained that the purpose of the event is to recognise and honour men and women who have excelled in various fields and have made significant impacts on the lives of people both at home and abroad.

According to him, the “selection process emphasises integrity and hard work. Recipients are chosen from different parts of the country and abroad, irrespective of color, tribe, or religion.

“In addition to celebrating excellence, we also address the leadership challenges facing Africa. Over the past three events, we have successfully engaged seasoned and knowledgeable personalities to discuss this leadership trend. Given the emerging governance challenges in Africa, the leadership question becomes crucial for the continent’s growth and development, similar to other nations worldwide. Countries like China, Singapore, Malaysia, and India, once considered third world, have successfully changed their narratives. It is said that everything rises and falls on the leader’s table. How true is this?

“In this context, our chosen theme is ‘Emerging Challenges and Governance in Africa: Nigeria Perspective’.
“As we aspire to broaden our vision, we seek collaboration from individuals, corporate bodies, media organizations, and NGOs to partner with us in our outreach efforts for the betterment of humanity.”