By Bello Galadi,
Good day sir. I hope this letter reaches you in good state of health and high spirits.
On Tuesday, 28th November, 2023, at the commencement of plenary, you read the President’s request for a fresh N7.1 trillion loans as part of the 2022- 2024 external borrowing plan of the Federal Government.
The President’s request was seeking the approval of the Senate to borrow additional $8, 699, 168, 559 (eight billion six hundred and ninety nine million one hundred and sixty eight thousand five hundred and fifty nine) and £100 million, equivalent to N7, 097, 738, 729, 598 (seven trillion ninety seven billion seven hundred and thirty eight million seven hundred and twenty nine thousand five hundred and ninety eight naira).
Sir, as you are aware, the debt profile of Nigeria as at June 2023 stood at N87.38 trillion according to Debt Management Office (DMO). If you approve the President’s fresh loans request, the debt will hit N94 trillion.
I am of the humble opinion that Nigeria is not broke. Nigeria has money. What Nigeria lacks is leadership, greater transparency and accountability. With prudent and judicious utilization of the available resources, Nigeria does not have to borrow this humongous amount.
Great nations borrow to invest. In Nigeria, we borrow to spend, squander and loot. N- power Scheme is a classical case.
Mr. President may find the following points useful:
1.    As the No. 3 citizen of Nigeria, you need to lead the campaign for the identification and blocking of all revenue leakages, otherwise, government will continue to borrow and the money will end up in the hands of few corrupt individuals.
2.    The Nigeria’s corruption fighting institutions, such as EFCC, ICPC, CC are not functioning well. You need to do something to make the system work.
3.    Federal Government should expand its revenue base.
4.    Federal Government should clear all the obstacles to increase oil production by 100%.
5.    Federal Government should clear all the obstacles for the attraction of foreign investment, such as insecurity, multiple taxation, epileptic power supply, high cost of raw materials, poor sales, poor allocation of forex, weak justice system and bad roads.
6.    Federal Government should make the business environment conducive for Nigerians in diaspora to invest in Nigeria.
7.    From May 2023 to date, Federal Government saves N500bn every month from withdrawal of fuel subsidy. Where is this money?
8.    You need to trigger discussions on how to return to fiscal federalism, so that states will have the power to explore and deal with the mineral resources within their domains and remit revenue to the Federal Government.
9.    Part 28 of the Administration of Criminal Justice Act, 2015 recognizes plea bargain between governments and accused persons. Government should design a roadmap for maximum utilization of this provision. With proper application of the provisions, government will generate a lot of revenue.
10. Cost of governance in Nigeria is high. You need to start discussions on how to cut the cost of governance by doing the following things, namely;
a-Â Â Â Reduce the number of Ministers to 37.
b-   Scrap the office of the Vice President and the office of Deputy Governor. There are no specific duties for the offices under Sections 148(1) and 193(1) of the Nigeria’s Constitution. The offices are more of liabilities than assets.
c-Â Â Â Reduce the number of Senators from 3 to 1 per State .
d-Â Â Â Reduce the number of Members of House of Representatives to 3 per State.
e-Â Â Â Stop unnecessary trips by government officials.
f-Â Â Â Â Stop unnecessary convoys by government officials. Reduce the motorcades.
g-Â Â Â Stop luxurious spending by government officials. The N160m legislators Jeeps and the aborted N5bn Presidential Yacht are classical examples of extravagant spending when a common man is hungry, haggard, devastated and struggling with basic needs.
In your consideration of the President’s request for the fresh loans, I humbly urge you to exercise circumspection and profound cautionary judgement. You should take into account the interest of the over 200 million Nigerians.
As a Nigerian, I have the duty to advice my leaders on how best to make Nigeria a better place for our children and grand- children, otherwise history will judge me as an accomplice to the crimes.
Galadi is a former Chairman of the Nigerian Bar Association (NBA), Gusau Branch (covering Zamfara State). He is the President of Bello Galadi Foundation.
Muhammadbel_law@yahoo.com and muhammadbellaw80@gmail.com and twitter handle:@bello_galadi1