Senator-elect and prominent business mogul, Jimoh Ibrahim, has put forth a detailed plan on how Nigeria can effectively repay its mounting debts within a remarkably short timeframe of just 90 days. In an exclusive interview on Channels Television’s Politics Today, Ibrahim emphasized the importance of approaching five EXIM banks, including the China EXIM bank, to secure a loan that is five times the current debt.
Ibrahim, known for his astute financial acumen, expressed confidence in his strategy, stating, “I can provide a strategic approach that will enable the country to pay back its debts in 90 days. All that needs to be done is to establish contact with five EXIM banks, seek a loan that surpasses the current debt, utilize bridge gap financing, and subsequently repay the outstanding debt. This will result in a surplus, followed by a comprehensive 40-year repayment program with a 10-year grace period, ultimately liberating Nigeria from its financial burdens.”
While addressing the ongoing challenge of the Boko Haram insurgency, Ibrahim classified it as a political problem and called for a paradigm shift in dealing with the issue. He urged President Bola Tinubu to reconsider the deployment of Nigerian troops in the fight against Boko Haram, advocating for their return to the barracks.
“Boko Haram is fundamentally a political issue. We must engage in political processes to solve the Boko Haram crisis. The first step Mr. President should take is to withdraw soldiers from the front lines and redeploy them to their barracks,” Ibrahim asserted. He expressed concern over the prolonged presence of officers who initially joined the Nigerian Defense Academy as lieutenants but have now risen to the rank of major-general, while the insurgency persists. He questioned whether the military itself has become a challenge rather than a solution.
Ibrahim criticized the authorities for employing a conventional strategy to combat an unconventional war, attributing the alleged failure in the fight against terrorism to flawed tactics employed in the Northeast region. He revealed that an astonishing $1.2 trillion has been expended in the last decade alone to counter insurgency within the country.
Rather than solely relying on troop deployment, Ibrahim called for a comprehensive approach, emphasizing the need for information gathering, stakeholder engagement, and effective communication. He stressed the significance of political socialization and domestic interaction as crucial tools to combat the Boko Haram menace. According to Ibrahim, allocating a mere 10 percent of the $1.2 trillion spent on political socialization would have resulted in the eradication of Boko Haram.
“Unfortunately, 89 percent of those funds were allocated to factors that have not significantly addressed the Boko Haram threat, thereby allowing it to persist,” Ibrahim lamented.
Looking to the future, Ibrahim urged President Bola Tinubu to focus on political socialization as a vital strategy. By prioritizing domestic engagement and allocating resources accordingly, Ibrahim believes Nigeria can effectively eliminate the Boko Haram insurgency and safeguard its citizens.
Jimoh Ibrahim’s proposed plan to repay Nigeria’s debts and his comprehensive analysis of the Boko Haram crisis have sparked considerable attention and debate among experts, economists, and policymakers. As the nation eagerly awaits the government’s response, Nigerians remain hopeful that innovative approaches will be embraced to overcome these pressing challenges.
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