Hard Facts About PBAT Administration by Dr. kenny Odugbemi

Foreign Direct Investment

We are chasing shadows abroad in the name of FDI whilst our cash cows are looted with litany of insanity by unpatriotic political robbers in shades of civilians and armed forces. Our oil theft recovered over 200 times under period of consideration on small level 65000litres on daily basis and programmed vessel comes in regular to still thousands of little in the creeks for us to be chasing at 12 nautical miles, international water what happens with 6 nautical miles with safe jurisdiction for Tantikker oil services contractors very political and myriad of air raids, land raids and water raid by security architecture spending trillion yet stealing avails, as they only capture meagre private owner private owners well televised; whilst bid tickets were freely escorted by Naval ship Commander on Water raids.

Till date, mineral resource exploitation on rampages across different states especially NW, NE, SW goes in unnoticed unchecked protected by helicopters of who is who, cabals of high and mighty.

Who is fooling who?

With over N3.2trn Fy 2024 and over N8trn it is same old story even changing Service Chiefs, NSA make meaningful, we still have terrorist actions killing and many local government under deep captivity NE, Zamfara, Niger, Gombe, Sokoto etc.

Farmers and herders clash, Communal killing in the Middle
Only South West is safe; thanks to Amotekun and Vigilante, not armed but armed Hizbah are only toothless bull dogs with helicopter fire acquire with Millions of tax payers money we still have political killing galore.

Our sorjourn to Saudi Emirates will never yield any capital injection into capital market talkless of refurbishing our refineries. Despite the humiliation of lesser Hajj Nigerian whilst PBAT is there, the outcome is mere propaganda.

Naira is devalued by 40%, Inflation 27.3% going to 30% by end of December. Where most people purchasing power is absymally low, where will be the local market, where is power, how about looter in Public sector and toxicity in Private sector.

At home Nigeria. With N2 billion injection and cash transfer as sunk cost poverty deepens.We are in a highly depressed economy where frivolous expenditure at executive level is now our tolerated impunity as people suffers deeply.

We service our debt with 98% of revenue less than N10 trillion
We can see wonders of remaining 2% spending this appropriation of N2.1 trillion supplementary Fy2023:budget

How do we explain Fy2024 Critical sectors N8.3 trillion

Total budget N27.5trn
Non debt recurrent expenditure N10.25trn
Debt services N18.5trn
Critical sectors

This is hallucinations, consumption driven mainly for three tiers of government.

Let us ask critical question

Where is the Siemen Germany electricity to upgrade to 250000MGW 2025?

Where is the celebrated Indian loan of $13bn?

Where is $3bn NNPC contract loan by AFRIEXIM bank?

Has UAE lifted ban on Visa for Nigeria?

Overview

Every Summit visit with no meaningful direct investment are only Media propaganda Germany and Dubai inclusive. From available record we spend average of $500m as report.

How many trips till date?

My hard fact, Nigeria is blessed with the following:
Oil resource of depth,
Abundant gas,
Vibrant and intelligent human capital,
Arable land of infinite hectare in million.

We chose to engage Mediocre as Ministers for sakes of political settlement.

Fragmented all sectors giving rooms for all sorts Ministerial job position. We are an international beggars globally just Like PMB with no result
Must our gullibility continues?

52% of best brains are Japa, 48% are frustrated with low pay going toward corruption, yahoo and yahoo+.

What is the future of the brilliant Youths in a depressed state of mind, whilst leaders lives in opulence and citizenship wallow in deep poverty?

As of today only 4 states are viable

(GDP(PPP) billions

Lagos 266.55
Rivers 51.52
Akwaibom 50.3
Imo 49.69

Other states are grossely insolvent and not viable governed by ignorant Governor’s who can not thinks outside the box no drive to shore up internally generated revenue. Most oil rich States with some exception are so poorly managed, eg poverty stricken Bayelsa, Delta, Cross river etc.

Northwest, Northeast, Northcentral are carcases of states unimaginably devastated by terrorists

State of Finance
By my independent research N43trn were looted by PMB, and CBN declared N33trn

Obazi has retrieved N12trn

where is the balance?

Conservatively over 65% of stolen wealth are in Sudan and Egypt Islamic bank by unpatriotic looters in Last PMB government

PBAT by my assessment

We have issues of transparent, we have borrowed so much against consumption with no meaningful revenue generation

How can we generate N18trn FY2024?

With declare vitals and public spending of supplementary budget Fy 2023. How do we turn around revenue with new tax policy?
Blocking of leakages opening of new stream of experimental blue. Economy, tourism, creative,digital innovation, power all are mirage.

Which investors will invest in our all round decayed infrastructure, when we specialized in having CKD and refurbished OEM across all sectors they are not blind; check aviation, blue rail, train coaches, overhaul of refineries

We should stop deceiving ourselves and look inward surely we can do a lot better across all sectors

My deep worry
If PBAT can not provide jobs for youths
If, PAT can meet revenue target
If PAT can not recover. N31trn

We will be on free fall to oblivion.

This government should be very careful, we need to be more people centric. We are overfeeding the rich starving the poor to extinction.

Advice to Nigeria Citizenship

Dignity of labour, strong work ethic, readjusted lifestyle, health and wellness – feed on natural herbs,
stop ethnicity/religious bigotry, adopt merit, be pragmatic, be honest and be accountable.

Conclusion
Three tiers of government must be highly prudent, replacing non-performing Head of Institutions, enhance transparency, accountability, promote equity fairness justice, resource control, restructuring, recalibrating and repositioning.