Afe Babalola SAN Blames Ballooning Debts On Poor Economic Managers, Proposes Suspending 2023 Elections, Installing Interim Government

The Founder of Afe Babalola University, Ado-Ekiti, Chief Afe Babalola, has raised the alarm over the rising debt profile of the country, put at $38billion, incurred by the Federal Government.

Babalola expressed worry that the Federal Government was plunging Nigeria into tailspin bankruptcy with its incessant borrowings to finance inanities that had no meaningful and direct impact on the socio-economic well-being of Nigerians.

The elder statesman spoke yesterday at the ABUAD campus while addressing a news conference on the current state of the nation bordering on security, politics and other national issues.

He expressed concern about the state of the public finance, arising from the gross mismanagement of the economy, leading to free fall in the Naira value and indiscriminate spending on frivolities.

Babalola lamented that since the return of civil rule in 1999, the economic, political and social conditions of Nigerians had not only become worrisome, but had also assumed a frightening dimensions, which, if not nipped in the bud, could spell doom for the country.

“It’s an open secret that the economy is fast nose-diving into acute bankruptcy, arising from gross mismanagement of the economy by the people at the helm.

“The Naira, which was N199 to $1 in 2015, now exchanges for N570. The external debt, which was $10.7billion in 2015, is now over $38billion today. The government is borrowing more and spending more, but earning less revenue. The worse thing is that debt servicing level is also rising.

“In 2020, Nigeria was ranked as the poorest country in the world with over 50 per cent of Nigerians living in extreme poverty, while over 70 million Nigerians were in need of life saving assistance,” he said.

Babalola identified the operational 1999 constitution as the cause of myriad of problems facing Nigeria, stressing the need for a new constitution that would be a by-product of independent and sovereign national conference.

He called for the postponement of the 2023 general election, saying any poll conducted under the 1999 constitution would produce failed leaders, who were responsible for the self-inflicted problems bedevilling the country.

“Many Nigerians have identified the 1999 constitution as the root cause of Nigeria’s problems. But the All Progressives Congress (APC)-led government has ignored these pleas and insisted on going for a new round of elections under the same 1999 constitution.

“It’s understandable that they do not want to change the 1999 constitution despite loud and persistent agitation by concerned Nigerians because they are benefiting from the rot inherent in it.

“To save Nigeria from nose-diving into an irretrievable bankruptcy and destitution, irreparable economic as well as political damage brought about by the operational 1999 constitution and its beneficiaries, a new people’s constitution is imperatively necessary before any election.

“I therefore strongly advocate that we should postpone the 2023 general election until an Interim National Government put in place after the expiration of Buhari-led government has put in place a truly people-oriented constitution,” he said.

He said it was regrettable that the current 1999 Constitution, foisted on Nigerians by the military was no longer in tune with realities of the day.

“The same Constitution has made politics become not only very attractive, but the only lucrative business in Nigeria today.

“What this means is that any election that holds under the present scenario will end up producing transactional and recycled leaders, with no ability to turn things around,’’ he said.

The university proprietor advised that the new Constitution which should be coordinated by the interim government, should spell out rules and regulations on improved qualifications of those contesting elections.

He added that the new Constitution should provide for part-time legislators and not full-time legislators, considering the attendant waste of resources.

“The new Constitution should also provide that there shall be no salary, but sitting allowances only for lawmakers.

“It should provide a true federal system of government, instead of the expensive presidential system of government. I suggest parliamentary system of government, with a unicameral legislature.

“The new Constitution should also provide a body at the local, state and federal levels to screen all aspirants on the sources of their wealth and means of livelihood, criminal record which includes pending suits,’’ he said.

The legal luminary added that any person that would become the president of Nigeria should not be older than 60 years of age and must have a varsity degree.