May President Tinubu be the beauty of Christmas for Nigeria and Nigerians…
The beauty of Christmas is not in the eating, drinking, partying, going on holidays, and celebrations alone, but in the reason for the Christmas season- the day Jesus Christ was born into the world to save humanity. Jesus in glory, forfeited all, and came to earth through Mary, his earthly mother to bring salvation to mankind. He sacrificed so much, was tortured and eventually died on the cross so that mankind will be save from eternal death.
There are sacrifices that every responsible parents make for children. Parents sacrifice the pleasure of life for their children’s school fees, health, clothing and most importantly, feeding. Jesus gave life for life, and Christians believe that as long as you believe in his name, you are saved. The sacrifice of his blood is eternal as the book of John 3:16 in the Holy Bible says: For God so loved the world, that he gave his only begotten son, that whosoever believes in him, will not perish but have everlasting life. By this, we no longer owe eternal death, we are free.
One of the beauties of Christmas is the preparation. In fact, the celebration is much more that the day itself. Decorating homes, offices, streets, buying new cloths, shoes, going on holidays, shopping for Christmas, groups’ contributions from January to November to purchase rice and other commodities for the big day and the New Year, exchange of Christmas gifts and wishes and so on. You can feel Christmas in the air. The weather is different. The excitement especially for children is contagious.
As children, we looked forward to Christmas. We counted months, weeks, days and then when its 24th December, sleep eludes us. We can’t sleep. The excitement is indescribable. Assisting our mothers in the kitchen with frying chin chin, goat meat, beef, chicken meat and tomatoes for the big day, 25th December, Christmas day. Infact, we sneaked into our parents room often to take a peep at our Christmas clothes and sometimes tried them on. This of course is when they are out. Woe betide you if my late mother catches you. You are sure to receive one knock or two on your head.
As children, we were unaware of the challenges our parents go through to provide for us and Christmas. Now I am older and know better. There are responsibilities here and there that demand my attention. It is my turn to provide. Now I understand why my late father grumbles at times. After Christmas, school resumes and with it, comes school fees. Now I understand why my late mother will say, we have to manage at times. The resources at hand could not cater for all our needs at the same time, they had to plan. But all my siblings and I needed was to enjoy Christmas and all the goodies that come with it. We saw the beauty of Christmas because our parents paid it all.
Today, as an adult, I think beyond Christmas celebration. I think more on the reason for Christmas and think further on the future of Nigeria and Nigerians. I recently read a run down of World Bank loans given to Nigeria under President Tinubu’s administration and it calls for worry. I am not an economist, but I don’t think it is too good for us. Take a trip with me on the World Bank loan so far; on June 9, 2023: $750 million for the power sector; June 27, 2023: $500 million for women empowerment; July 2023: $800 million to help cushion the impact of high fuel prices after ending a popular but costly petrol subsidy; September 2023: $700 million for girl’s education. December 14, 2023: $750 million for renewable energy, FG also secured $500 million loan From World Bank to enhance Rural Access, Agricultural Marketing; June 13, 2024: $1.5 billion for economic stabilization reforms; June 13, 2024: $750 million for resource mobilisation reforms; September 2024: $1.57 billion for health, education, and sustainable power sectors; October 2024: $500 million for the Sustainable Power and Irrigation for Nigeria (SPIN) initiative and December 2024: $500 million to boost rural access and agricultural marketing in the country.
This looks scary right? Mind you, the figures are all in dollars. Nigeria’s total public debt as of June 30, 2024, stands at N77.3 trillion, according to the Debt Management Office Nigeria. It’s worth noting that Nigeria’s debt has been a subject of discussion, with the government taking steps to reduce its debt burden. For instance, the Federal Government has taken bold steps towards reducing the N7.3 trillion Ways and Means it inherited.
Looking at the impact of Nigeria’s debt to the World Bank, gives cause for worry. It gives Nigeria debt servicing burden. Nigeria spends a significant portion of its revenue on debt servicing. This reduces the amount of money available for essential public services, such as education, healthcare, and infrastructure development. It leads to Limited Fiscal Space. High debt levels limit the government’s ability to implement fiscal policies that could stimulate economic growth. This reduces Nigeria’s ability to respond to economic shocks or fund development projects.
Loan increases poverty and inequality. The debt burden can exacerbate poverty and inequality in Nigeria. As the government allocates more resources to debt servicing, it may reduce spending on social programs that benefit the poor and vulnerable, it depends on external creditors. This makes Nigeria’s reliance on external creditors, such as the World Bank. It can compromise its economic sovereignty. This dependence can limit the government’s ability to make independent economic decisions, loan also risk debt distress. Nigeria’s high debt levels increase the risk of debt distress. If the country is unable to meet its debt obligations, it may face severe economic consequences, including a decline in credit ratings and reduced access to international credit markets.
Nigeria’s debt burden can also impact exchange rates and inflation. A high debt burden can lead to a depreciation of the naira, making imports more expensive and contributing to higher inflation, it also reduce investment in human capital. The debt burden can reduce investment in human capital, such as education and healthcare. This can have long-term consequences for Nigeria’s economic growth and development.
As we celebrate the season and end of 2024, it will mean a great deal to Nigerians if Government will stop taking loans and consider implementing debt management strategies. Nigeria is blessed with professionals who can assist with strategies and how to restructure debt terms, invest in Agriculture, invest in education, healthcare, and other human capital development programmes to enhance Nigeria’s economic growth and development prospects.
Research has also shown that our dear President Bola Ahmed Tinubu, has a net worth estimated to be around $8.4 billion. This does not include properties. This makes him one of the richest politicians in Nigeria. He can give Nigeria and Nigerians the best beauty of Christmas ever of he helps off set some of Nigeria’s debt. After all, he is the father of the nation and every father caters for his children and shield them from danger. MERRY CHRISTMAS, see you all in 2025.
