“The Next Head of State: I feel sorry for him” was written by Dele Sobowale, which suggests that whoever becomes Nigeria’s next president will inherit an insurmountable amount of debt, making it a herculean task to lead the country. The writer explains that Nigeria’s current president, Buhari, will bequeath the next leader a mountain of debt with a molehill of revenue to help repay it. This is a consequence of the numerous illegal loans the government has incurred, such as the N23.7trn illegally taken from the Central Bank of Nigeria under Ways and Means, W&M. The total debt incurred by the government is unknown, but it is estimated to be N101.1trn. Based on projected revenues for this year and last year, 100% of 2024 revenue would have to go into servicing that and other debts outstanding.
The report also states that there is a judgment debt of $9.1bn outstanding which was inherited from the Yar’Adua/Jonathan administration, and Mr Abubakar Malami, who is the current Attorney General, has not resolved the issue since he took office. If the other party wins the court case, $9.1bn of Nigeria’s funds and assets might be seized for settlement, which is equivalent to N4.2trn or 25% of this year’s total budget, and it would have to be paid at once. This, coupled with the fact that the Federal Government, from the Presidency to the security agencies, is a serial offender that ignores court judgments awarded against them with impunity, leaves the next Head of State with a tough job.
Furthermore, the report suggests that the CBN Anchor Borrowers Loans, which were launched in 2016 with N40bn, will also pose a challenge for the next president. The programme was meant to give basic credit to underprivileged Nigerians involved in legitimate economic activities, but the writer questions whether it will ultimately be successful, given the fate of previous similar projects such as the Peoples Bank, PB, and the Community Bank, CB. Both projects started with great enthusiasm but were delusional and ultimately failed.
In conclusion, the report posits that whoever becomes Nigeria’s next president will inherit an insurmountable amount of debt, which will make it a herculean task to lead the country. The writer questions where the next Head of State will find the funds to fulfill all the promises made to fellow Nigerians, given the dire financial situation.
