By Abdallah el-Kurebe
Minister of Finance in the second republic, Alhaji Abubakar Alhaji has disclosed that the International Monetary Fund (IMF) once borrowed money from Nigeria in 1974.He disclosed this while lamenting over the state of affairs in Nigeria
The former minister made the revelation when Senator Shehu Sani paid him a private visit in his residence in Sokoto. He said that he actually signed the loan agreement when he was permanent secretary at the Federal ministry of Finance.
Alhaji who could not disclose the amount involved said: “I weep for Nigeria for what it has become today. The country has vast resources that if well harnessed could lead the country to greater heights. In 1974 when I was permanent secretary at the Federal Ministry of Finance, the IMF approached us for a loan. I signed the agreement on behalf of Nigeria. Unfortunately, today expenses of government have drove us into recession. ”
He added that Nigeria’s over-dependence on oil was the result of the economic problems the nation was plunged into. “Aside from oil and agriculture, Nigeria had industries that were earning foreign exchange for it. Agriculture and the industries were allowed to recede and when global fuel prices crashed, we are nowhere today.”
Alhaji further noted that the present 36 states were too many and had bred corruption. “Government expenditure is on the high side. The more states we have, the more corruption that there is. We should have between six and twelve states. We should cut our coat according to our sizes.”
On the Biafran agitation, the former Minister said that Nigeria should remain united. “There is nothing better for us than a united Nigeria. We have potentials that could be harnessed and enjoyed together.”
