Sunday, 26 February 2012
My mum now calls herself ultimate mum - Prince Christopher Okagbue, GUS 8 winner(Interview)
Prince Christopher Okechukwu Okagbue is the current winner of Gulder Ultimate Search reality show. The Anambra State born is a 300L Sociology student of the University of Lagos. In this interview with Seyi Sokoya, the ultimate man shares the enormous rigours he underwent, his experience in the jungle, life before and after the reality show. Excerpts:
How was the experience like in the jungle?
IT was interesting; I really had fun meeting different kinds of people from different backgrounds during and after the reality show. I was filled with determination that I was in the competition for a purpose.
Did you really expect this?
No, I never expected it at all. I thought it was going to be fun all through but it was not, we did not really know what to expect until we actually came to the end of the contest; we encountered a lot of tough times but at the end I was privileged to make history.
How did you hear about the Gulder Ultimate search?
Actually this is not my first time of hearing about Gulder Ultimate Search. The awareness was amazing and it was all over the media--the radio, television, billboards, internet, newspaper and people even talked about it on the streets. I heard about it two years ago and I thought I should give it a try, but along the line I did not make it to the final selection. I was not discouraged at all and I tried again for the 2011 edition.
Fortunately, I made it to the final selection and as God would have it, I emerged the winner of the GUS 8.
How real is the Gulder Ultimate Search?
It is very real; It was strictly by merit; there was no quota system, no special treatment for anybody. It was purely based on performance. There was no escape route, you must pass one stage before moving to the next.
Did they fulfill all promises made?
Sure they did! All the promises made to all the thirty contenders were fulfilled.
Why did the Ultimate crew embark on the roadshow?
The roadshow was a means to honour and appreciate everyone for their profound support during the reality show; everyone who took part in the show represented his or her state and we decided to demonstrate our appreciation by touring around states to let people realise that we really appreciated their efforts. We have been to Oyo, Edo, Delta, Rivers and Anambra States. We will go back to Lagos State where we would have the final tour.
How do you intend to establish yourself ?
For now, I have suspended my plans because of the roadshow but immediately after it I will start implementing them. I have a lot of plans that I have mapped out, but the first thing I will do is to go back to school to complete my education. I still have a year to gain my first degree.
I have a lot of projects I am working on. I want to put finishing touches on my two singles. In fact, I want to come back fully into the entertainment industry. I am also into acting. I have a major role in Tinsel produced by Mnet. It is one of the biggest TV soap operas in this part of the world. I am also getting offers from different producers and directors from movies.
I really appreciate the fact that the Nigerian Brewery has laid the platform for me, it is just like an open door. Before now, life was just regular; I was juggling school, modelling and acting; I was at almost every modelling or acting audition, trying to break into the entertainment industry. You can imagine twenty people fighting for one role. I knew I had the potential but people never paid attention to me because I was not a celebrity. But now the story has changed.
Now that you have chosen music as a career, how are you convinced that you will have your way with the growing number of popular artistes in the industry?
One thing I know is that I am hard working; time will tell whether I will have my way or not. I believe anything I commit my mind with coupled with determination I will surely have a success in it.
All artistes have stage names; what will be yours since you want to have a stake in music?
When I get there fully I will decide on that, but I will prefer to remain myself. I want my fans to recognise me by my name.
What is your assessment on Nigeria entertainment industry?
Nigeria entertainment industry is growing faster, compared to what we have before, the industry has worn a new look, we are more open minded to what we use to ignore or disregard in the past. When you talk about music industry in Africa today Nigeria comes first, but it was not like that many years ago, this really shows that we are growing, even in the movie and modelling industry, the entertainment industry as a whole has metamorphosed to a greater height.
Now that you have gained fame, how have you been handling your female admirers?
I have always had female admirers but I make sure I am nice to them and also ensure to say no in a polite way.
And your fans too?
My fans are very important to me because they are the ones that voted for me even though they never knew me from Adam. They are the ones that prayed for me while I was in the jungle and I really want to appreciate them for their endless support. With this they will always be important to me.
When you were shortlisted among the finalists for GUS 8, were you convinced that you could become the winner?
I never had the conviction that I would win. Seeing yourself as a winner in a competition of many people is like a dream that will not come to reality. There was a due process in every task of the game but I ensured I made every task before me a primary objective to deal with. I was not looking at the big picture. I made sure I scaled through all the challenges I came across. But I realised I was still in the game. Suddenly, I, Kelvin Durst and Anastasia Azike found ourselves in the last stage; at that juncture I believed anybody could win. I was just extremely lucky. Honestly, it was not planned, nobody was told where the box was; I was just extremely lucky that I found it.
When you found the box in the uncompleted building you shouted; what went through your mind?
What went through my mind the moment I found that box was the very first day of the screening at the national stadium in Lagos when I walked into the stadium and saw the crowd. My friends and I who came for the auditioning were six. But I was the only one who made it. I had to represent everybody. From that moment--the swimming, series of interviews and hunger all flashed through my mind within five seconds. I was holding the box and I knew I had won but I was still asking myself: is this real? I was so glad that I am the ultimate man of the GUS 8 session.
Has this made any change in your life?
It has changed my life drastically. GUS 8, no doubt, has affected my life positively. Doors open when they hear “He is the ultimate man.” People will want to listen when I talk; offers come from nowhere even when I don’t expect them. It is really a great experience and I am really enjoying it.
What will be your first purchase with the 7 million you won?
I don’t think I would be buying anything big. Probably I will just change my wardrobe and tidy up a few personal things.
How did your parents receive the news when you were announced the winner of the competition?
My father is late, but when my mum received the news she went wild and was filled with joy; she was the happiest mother in the world and I am glad to make her proud. She now calls herself ultimate mother.
How do you feel attaining this fame in your father’s absence?
I felt his absence, but I am extremely proud and I know he will be proud of me wherever he is. He was a great man who did great things before he died and I wanted to do great things too; bringing the family’s name to the ears of the world was something I have always wanted to achieve and I am proud that I was able to do that even in his absence.
Any embarrassing moment you will find difficult to forget in the jungle?
Well, I think it was when my jungle trousers tore at a very bad spot during one of the tasks and I had to wear it like that until we were through with it.
Share with us briefly about your fashion sense?
I am in a world of my own; I don’t like controversial things, I dress the way I feel comfortable and I get compliments outside.
Is there any project you have laid your hands on?
I have a youth awareness project that I am planning with my state of origin, Anambra. It’s basically to create awareness for youths who do not have the privilege to go to school. I realise that the fact that you do not attend any higher institution does not mean your life will be ruined. The problem is that most of them do not even know that there is still hope. With this I want to create an empowerment program in this respect.
Do you think there is the need for you to go back to school since you have acquired so much?
My returning to school is certain; there is no doubt about that. I am a student of the University of Lagos, Sociology 300L and one way or the other I would say my school also contributed to my fame. One thing I love about my school is that it is not just only interested in your academic performance; it is also interested in your in-built potential. We are encouraged to go out to do stuffs that do not really have to do with sitting in class. Right now a welcome party is being planned for me by my faculty. Definitely I will return to school; I just have one year left. It will be stupid for me to drop out from school now because I have made fame.
What is your assessment on the anchor man, Bob Manuel?
The anchor man is a legend for me even before he started this GUS. I am like his biggest fan; he has made a name for himself in the movie industry and the entertainment industry at large. I was pleased when he took over as the anchor man in the Gulder Ultimate Search. He changed the face of the competition by bringing the military idea and it was interesting; one of the things that marvelled me when I was going to the jungle was that I was going to meet Bob Manuel face to face. I had never met him before. I only saw him on TV. So articulate!
Take us through your background?
I am from Onitsha in Anambra State, from the royal family of the Obi of Onitsha. My father, Obi Ofala Okechukwu Alphonsus Ogugua Okagbue was the former king of Onitsha before this present one. He was the longest ruling king in the history of Onitsha kingdom; he ruled for thirty one years before he passed on. I had my primary education in Onitsha and I completed my secondary school education in Lagos.
How was the experience like in the jungle?
IT was interesting; I really had fun meeting different kinds of people from different backgrounds during and after the reality show. I was filled with determination that I was in the competition for a purpose.
Did you really expect this?
No, I never expected it at all. I thought it was going to be fun all through but it was not, we did not really know what to expect until we actually came to the end of the contest; we encountered a lot of tough times but at the end I was privileged to make history.
How did you hear about the Gulder Ultimate search?
Actually this is not my first time of hearing about Gulder Ultimate Search. The awareness was amazing and it was all over the media--the radio, television, billboards, internet, newspaper and people even talked about it on the streets. I heard about it two years ago and I thought I should give it a try, but along the line I did not make it to the final selection. I was not discouraged at all and I tried again for the 2011 edition.
Fortunately, I made it to the final selection and as God would have it, I emerged the winner of the GUS 8.
How real is the Gulder Ultimate Search?
It is very real; It was strictly by merit; there was no quota system, no special treatment for anybody. It was purely based on performance. There was no escape route, you must pass one stage before moving to the next.
Did they fulfill all promises made?
Sure they did! All the promises made to all the thirty contenders were fulfilled.
Why did the Ultimate crew embark on the roadshow?
The roadshow was a means to honour and appreciate everyone for their profound support during the reality show; everyone who took part in the show represented his or her state and we decided to demonstrate our appreciation by touring around states to let people realise that we really appreciated their efforts. We have been to Oyo, Edo, Delta, Rivers and Anambra States. We will go back to Lagos State where we would have the final tour.
How do you intend to establish yourself ?
For now, I have suspended my plans because of the roadshow but immediately after it I will start implementing them. I have a lot of plans that I have mapped out, but the first thing I will do is to go back to school to complete my education. I still have a year to gain my first degree.
I have a lot of projects I am working on. I want to put finishing touches on my two singles. In fact, I want to come back fully into the entertainment industry. I am also into acting. I have a major role in Tinsel produced by Mnet. It is one of the biggest TV soap operas in this part of the world. I am also getting offers from different producers and directors from movies.
I really appreciate the fact that the Nigerian Brewery has laid the platform for me, it is just like an open door. Before now, life was just regular; I was juggling school, modelling and acting; I was at almost every modelling or acting audition, trying to break into the entertainment industry. You can imagine twenty people fighting for one role. I knew I had the potential but people never paid attention to me because I was not a celebrity. But now the story has changed.
Now that you have chosen music as a career, how are you convinced that you will have your way with the growing number of popular artistes in the industry?
One thing I know is that I am hard working; time will tell whether I will have my way or not. I believe anything I commit my mind with coupled with determination I will surely have a success in it.
All artistes have stage names; what will be yours since you want to have a stake in music?
When I get there fully I will decide on that, but I will prefer to remain myself. I want my fans to recognise me by my name.
What is your assessment on Nigeria entertainment industry?
Nigeria entertainment industry is growing faster, compared to what we have before, the industry has worn a new look, we are more open minded to what we use to ignore or disregard in the past. When you talk about music industry in Africa today Nigeria comes first, but it was not like that many years ago, this really shows that we are growing, even in the movie and modelling industry, the entertainment industry as a whole has metamorphosed to a greater height.
Now that you have gained fame, how have you been handling your female admirers?
I have always had female admirers but I make sure I am nice to them and also ensure to say no in a polite way.
And your fans too?
My fans are very important to me because they are the ones that voted for me even though they never knew me from Adam. They are the ones that prayed for me while I was in the jungle and I really want to appreciate them for their endless support. With this they will always be important to me.
When you were shortlisted among the finalists for GUS 8, were you convinced that you could become the winner?
I never had the conviction that I would win. Seeing yourself as a winner in a competition of many people is like a dream that will not come to reality. There was a due process in every task of the game but I ensured I made every task before me a primary objective to deal with. I was not looking at the big picture. I made sure I scaled through all the challenges I came across. But I realised I was still in the game. Suddenly, I, Kelvin Durst and Anastasia Azike found ourselves in the last stage; at that juncture I believed anybody could win. I was just extremely lucky. Honestly, it was not planned, nobody was told where the box was; I was just extremely lucky that I found it.
When you found the box in the uncompleted building you shouted; what went through your mind?
What went through my mind the moment I found that box was the very first day of the screening at the national stadium in Lagos when I walked into the stadium and saw the crowd. My friends and I who came for the auditioning were six. But I was the only one who made it. I had to represent everybody. From that moment--the swimming, series of interviews and hunger all flashed through my mind within five seconds. I was holding the box and I knew I had won but I was still asking myself: is this real? I was so glad that I am the ultimate man of the GUS 8 session.
Has this made any change in your life?
It has changed my life drastically. GUS 8, no doubt, has affected my life positively. Doors open when they hear “He is the ultimate man.” People will want to listen when I talk; offers come from nowhere even when I don’t expect them. It is really a great experience and I am really enjoying it.
What will be your first purchase with the 7 million you won?
I don’t think I would be buying anything big. Probably I will just change my wardrobe and tidy up a few personal things.
How did your parents receive the news when you were announced the winner of the competition?
My father is late, but when my mum received the news she went wild and was filled with joy; she was the happiest mother in the world and I am glad to make her proud. She now calls herself ultimate mother.
How do you feel attaining this fame in your father’s absence?
I felt his absence, but I am extremely proud and I know he will be proud of me wherever he is. He was a great man who did great things before he died and I wanted to do great things too; bringing the family’s name to the ears of the world was something I have always wanted to achieve and I am proud that I was able to do that even in his absence.
Any embarrassing moment you will find difficult to forget in the jungle?
Well, I think it was when my jungle trousers tore at a very bad spot during one of the tasks and I had to wear it like that until we were through with it.
Share with us briefly about your fashion sense?
I am in a world of my own; I don’t like controversial things, I dress the way I feel comfortable and I get compliments outside.
Is there any project you have laid your hands on?
I have a youth awareness project that I am planning with my state of origin, Anambra. It’s basically to create awareness for youths who do not have the privilege to go to school. I realise that the fact that you do not attend any higher institution does not mean your life will be ruined. The problem is that most of them do not even know that there is still hope. With this I want to create an empowerment program in this respect.
Do you think there is the need for you to go back to school since you have acquired so much?
My returning to school is certain; there is no doubt about that. I am a student of the University of Lagos, Sociology 300L and one way or the other I would say my school also contributed to my fame. One thing I love about my school is that it is not just only interested in your academic performance; it is also interested in your in-built potential. We are encouraged to go out to do stuffs that do not really have to do with sitting in class. Right now a welcome party is being planned for me by my faculty. Definitely I will return to school; I just have one year left. It will be stupid for me to drop out from school now because I have made fame.
What is your assessment on the anchor man, Bob Manuel?
The anchor man is a legend for me even before he started this GUS. I am like his biggest fan; he has made a name for himself in the movie industry and the entertainment industry at large. I was pleased when he took over as the anchor man in the Gulder Ultimate Search. He changed the face of the competition by bringing the military idea and it was interesting; one of the things that marvelled me when I was going to the jungle was that I was going to meet Bob Manuel face to face. I had never met him before. I only saw him on TV. So articulate!
Take us through your background?
I am from Onitsha in Anambra State, from the royal family of the Obi of Onitsha. My father, Obi Ofala Okechukwu Alphonsus Ogugua Okagbue was the former king of Onitsha before this present one. He was the longest ruling king in the history of Onitsha kingdom; he ruled for thirty one years before he passed on. I had my primary education in Onitsha and I completed my secondary school education in Lagos.
Does Nigeria need $7.9bn loan?
President Goodluck Jonathan has hinted of plans to borrown $7,905,690,000 or N1.89trillion, being the cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit to fund pipeline projects. But opinions are divided as to the propriety or otherwise of the decision, with many Nigerians asking, are these loans in the public interest? Reports Ibrahim Apekhade Yusuf -
TO borrow or not to borrow? That is the psychological question of the hour being hotly debated by Nigerians.
President Goodluck Jonathan recently sent separate letters to the Senate and House of Representatives requesting the approval of both chambers to borrow the sum of $7.9billion (about N1.89trillion), from the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit, for the funding of pipeline projects in the country. The loans are to be used to cover pipeline projects captured in the 2012 to 2014 External Borrowing Plan.
In one of the letters read by the Senate President, David Mark, President Goodluck Jonathan said, “The pipeline projects are at various stages of finalisation. Therefore, I present herewith a total external pipeline borrowing in the amount of $7,905,690,000 or $2.64billion a year, being the cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit.”
“In that regard, a number of projects have been designed to create employment opportunities with a view to growing the economy. We also urge the National Assembly to note that the objectives of the projects conform to the transformation agenda of our administration and cut across various sectors of the economy. The initiatives are meant to put the economy on track through growth and employment.”
Justifying the need for the loans, the President also informed the National Assembly that the initiative is geared towards the implementation of the transformation agenda of his administration and also aimed at driving growth, employment, which would ultimately put the economy back on track.
Implication
If the National Assembly approves the requests for the loans, Nigeria’s foreign debt will increase to $11.5billion. The Federal Government currently owes $3.5billion ($2.9billion from multilateral loans and $597.65million from other commercial sources).
Opposing views against borrowing
In the view of a social scientist, Mr. Gbenga Oyebanji, the pplan to borrow is an unwise decision considering the nation’s antecedence.
Going down memory lane, Oyebanji recalled that: “It was the crude oil price decline of late 70’s that made the then Shehu Shagari regime to apply to the International Monetary Fund for a three years extended facility loan of $2.3billion.”
The IMF, he recalled: “Gave over 17 conditions for such a loan and negotiations dragged on through the Buhari regime to Babangida’s regime, which started the hunger for debt in Nigeria. Debt spent on capital project makes economic sense but Nigeria’s case is cutting the nose to spite the face.”
Speaking further, he said: “In November 2005, Abuja won Paris club approval for debt relief that eliminated $18billion of debt in exchange for $12billion in payments, a total package worth $30billion of Nigeria’s total $37billion external debt by the then Finance Minister, Dr. Ngozi Okonjo-Iweala.”
Citing statistics from the Debt Management Office, the Lagos State University graduate said: “Between 2007-2012, Nigeria’s debt has grown to $40billion”, adding: “It took us 22 years to owe $37billion. It’s unbelievable that in five years, we are indebted to the tune of $40billion.
Echoing similar sentiments, Taofik Buraimoh, a public affairs analyst, holds the view and very strongly too that the nation’s economic leaders are inadvertently living above their means, hence the craze for loans.
According to him, “When the 2011 budget was presented, projected revenue stood at about N3.2trn but projected expenditure was over N1.1trn. How can one live above his means without being a thief?
“Our current external debt is $5.6billion and serviced with N0.51billion. When $7.9billion debt is added, we shall owe $13.4billion. Proportionately, we shall service with N1.22trillion or 38.14% of our total revenue at current earnings. Whosoever consents to the passage of the request will be doing Nigerians of this generation and those yet unborn a lot of harm than good”, Buraimoh stressed.
Buraimoh, who fell short of calling the Jonatahn-led administration a spendthrift, recalled that: “In his speech at the PDP presidential election primary, Mr. Atiku Abubarka accused Mr. Goodluck Ebele Jonathan of drawing down the external reserves from $20billion to $3billion within eight months of his reign as president of Nigeria. No one has refuted it.”
Proponents of loan
There are few discerning Nigerians who feel strongly that the groundswell of opposition over the Federal Government’s decision is missplaced.
One of the proponents of borrowing is renowned economist, Dr. Kalu Idika Kalu. Speaking with The Nation recently, he described as “scandalous” remarks by Nigerians rallying against loans from multilateral organisations as uncalled for and largely based on ignorance.
“Loans from such organisations as IMF, World Bank and others are cheap funds for anybody’s asking.”
The loans, he stressed, are at ridiculously cheaper rates compared to conventional loans from banks.
Dr. Chris Onalo, Registrar/Chief Executive Officer, Institute of Credit Administration is also on the same page with Kalu.
Speaking in a telephone interview with The Nation, Onalo, said, there is nothing wrong about borrowing at all.
“I think in the first instance, there is actually nothing wrong in government borrowing as long as the borrowing is development-driven. If they need to deliver development and raise the standard of the economy to a solid level there is nothing wrong in borrowing”, he said.
“Nigeria as a country is a member of many multilateral and development agencies and therefore must take advantage of its membership of these bodies to access funds that it has the basis to borrow because if we don’t take it, other nation may take it.”
He was however quick to add that: “The reason why Nigerians are skeptical of the borrowing is because of lack of transparency in borrowing.”
Canvassing support for borrowing, he said: “The truth is, we have a lot of development projects in Nigeria begging for funds. The internally generated funds may not be enough. Therefore government must go out to look for additional funds. To be a credit-worthy economy is not when you don’t borrow. An economy that is not borrwoing is a redundant and lazy economy. So, Nigeria must borrow because we have need for infrastructural development.
“If you have to build good road networks, rail system, waterway transportation system, borrowing becomes necessary because with the level of infrastructural limitations we have, it shows that Nigeria is not in existence in the real sense of the word.”
“But like I said, we have got the problem of resource management. So far, although government is trying its best, their best is not good enough because of the problem of corruption which is endemic in the system. As much as these fears are not unfounded, we cannot sustain it. Even if we say people will decide to pocket about 40 per cent of monies borrowed, it is still better than not borrowing at all because local funds will be stressed.
“My advise therefore as a credit analyst, is that our leaders should show dividends of transparency. Our government should be ready to tackle this monster of corruption without fear or favour.”
Pray, are the authorities listening?
TO borrow or not to borrow? That is the psychological question of the hour being hotly debated by Nigerians.

In one of the letters read by the Senate President, David Mark, President Goodluck Jonathan said, “The pipeline projects are at various stages of finalisation. Therefore, I present herewith a total external pipeline borrowing in the amount of $7,905,690,000 or $2.64billion a year, being the cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit.”
“In that regard, a number of projects have been designed to create employment opportunities with a view to growing the economy. We also urge the National Assembly to note that the objectives of the projects conform to the transformation agenda of our administration and cut across various sectors of the economy. The initiatives are meant to put the economy on track through growth and employment.”
Justifying the need for the loans, the President also informed the National Assembly that the initiative is geared towards the implementation of the transformation agenda of his administration and also aimed at driving growth, employment, which would ultimately put the economy back on track.
Implication
If the National Assembly approves the requests for the loans, Nigeria’s foreign debt will increase to $11.5billion. The Federal Government currently owes $3.5billion ($2.9billion from multilateral loans and $597.65million from other commercial sources).
Opposing views against borrowing
In the view of a social scientist, Mr. Gbenga Oyebanji, the pplan to borrow is an unwise decision considering the nation’s antecedence.
Going down memory lane, Oyebanji recalled that: “It was the crude oil price decline of late 70’s that made the then Shehu Shagari regime to apply to the International Monetary Fund for a three years extended facility loan of $2.3billion.”
The IMF, he recalled: “Gave over 17 conditions for such a loan and negotiations dragged on through the Buhari regime to Babangida’s regime, which started the hunger for debt in Nigeria. Debt spent on capital project makes economic sense but Nigeria’s case is cutting the nose to spite the face.”
Speaking further, he said: “In November 2005, Abuja won Paris club approval for debt relief that eliminated $18billion of debt in exchange for $12billion in payments, a total package worth $30billion of Nigeria’s total $37billion external debt by the then Finance Minister, Dr. Ngozi Okonjo-Iweala.”
Citing statistics from the Debt Management Office, the Lagos State University graduate said: “Between 2007-2012, Nigeria’s debt has grown to $40billion”, adding: “It took us 22 years to owe $37billion. It’s unbelievable that in five years, we are indebted to the tune of $40billion.
Echoing similar sentiments, Taofik Buraimoh, a public affairs analyst, holds the view and very strongly too that the nation’s economic leaders are inadvertently living above their means, hence the craze for loans.
According to him, “When the 2011 budget was presented, projected revenue stood at about N3.2trn but projected expenditure was over N1.1trn. How can one live above his means without being a thief?
“Our current external debt is $5.6billion and serviced with N0.51billion. When $7.9billion debt is added, we shall owe $13.4billion. Proportionately, we shall service with N1.22trillion or 38.14% of our total revenue at current earnings. Whosoever consents to the passage of the request will be doing Nigerians of this generation and those yet unborn a lot of harm than good”, Buraimoh stressed.
Buraimoh, who fell short of calling the Jonatahn-led administration a spendthrift, recalled that: “In his speech at the PDP presidential election primary, Mr. Atiku Abubarka accused Mr. Goodluck Ebele Jonathan of drawing down the external reserves from $20billion to $3billion within eight months of his reign as president of Nigeria. No one has refuted it.”
Proponents of loan
There are few discerning Nigerians who feel strongly that the groundswell of opposition over the Federal Government’s decision is missplaced.
One of the proponents of borrowing is renowned economist, Dr. Kalu Idika Kalu. Speaking with The Nation recently, he described as “scandalous” remarks by Nigerians rallying against loans from multilateral organisations as uncalled for and largely based on ignorance.
“Loans from such organisations as IMF, World Bank and others are cheap funds for anybody’s asking.”
The loans, he stressed, are at ridiculously cheaper rates compared to conventional loans from banks.
Dr. Chris Onalo, Registrar/Chief Executive Officer, Institute of Credit Administration is also on the same page with Kalu.
Speaking in a telephone interview with The Nation, Onalo, said, there is nothing wrong about borrowing at all.
“I think in the first instance, there is actually nothing wrong in government borrowing as long as the borrowing is development-driven. If they need to deliver development and raise the standard of the economy to a solid level there is nothing wrong in borrowing”, he said.
“Nigeria as a country is a member of many multilateral and development agencies and therefore must take advantage of its membership of these bodies to access funds that it has the basis to borrow because if we don’t take it, other nation may take it.”
He was however quick to add that: “The reason why Nigerians are skeptical of the borrowing is because of lack of transparency in borrowing.”
Canvassing support for borrowing, he said: “The truth is, we have a lot of development projects in Nigeria begging for funds. The internally generated funds may not be enough. Therefore government must go out to look for additional funds. To be a credit-worthy economy is not when you don’t borrow. An economy that is not borrwoing is a redundant and lazy economy. So, Nigeria must borrow because we have need for infrastructural development.
“If you have to build good road networks, rail system, waterway transportation system, borrowing becomes necessary because with the level of infrastructural limitations we have, it shows that Nigeria is not in existence in the real sense of the word.”
“But like I said, we have got the problem of resource management. So far, although government is trying its best, their best is not good enough because of the problem of corruption which is endemic in the system. As much as these fears are not unfounded, we cannot sustain it. Even if we say people will decide to pocket about 40 per cent of monies borrowed, it is still better than not borrowing at all because local funds will be stressed.
“My advise therefore as a credit analyst, is that our leaders should show dividends of transparency. Our government should be ready to tackle this monster of corruption without fear or favour.”
Pray, are the authorities listening?
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