The Aareonakakanfo of Yorubaland, Iba Gani Abiodun Ige Adams, has said huge and unrestricted borrowings had been the bane of the Nigerian economy, adding that until Nigeria reduces its unnecessary loans and borrowings, the country might end up becoming a begging nation.
Aare Adams made his position on the issue known on Saturday at the grand finale of the Ajagunmale festival, held in Lekki, Lagos State.
The Yoruba generalissimo pointed out that the recent report of the Debt Management Office for the last quarter of the year had only exposed the fragile situation of the Nigerian economy, adding that Nigerians are crying out loud and clear that the bad economy had stifled their neck that they could no longer breathe.
“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.
“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”.
Iba Adams, however,urged the Federal Government to develop the nation’s cultural infrastructure as a
means of tapping into abandoned global resources.
“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”
Meanwhile, Chairman of Lekki local Council Development Area(LCDA), Rasak Bamidele Kasali, who was represented by the Supervisor for Health, Hon.Ismail Adeleke,said Yoruba culture and tradition is enduring,adding that the council would continue to support ideals that can enhance the peace and prospects of Lekki and its environs.
He urged the traditional rulers to rise to their responsibility as the custodian 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.”
Akingbayi Aare Onakakanfo of Yoruba land, and Publicity Secretary of the Oodua Progressives Union (OPU) Chief Victor Adewale, urged members of the Oodua People’s Congress to keep doing the good work, saying OPC remains the only viable organization in Nigeria that can salvage the cultural revolution from imminent extinction.
Prominent dignitaries present at the event include the Coordinator of the OPU in Libya, Comrade Raphael Ayinla, all the chiefs in Council of Osoroko town, leadership of the National Executive Council (NEC) and National Coordinating Council (NCC) of the Oodua People’s Congress.
