Recently, President Olusegun Obasanjo granted a $45 million loan to Ghana and Sao Tome and wrote to the National Assembly requesting their endorsement of his decision.  He argued that “his action was in line with Nigeria’s believe and commitment to the spirit of good neighborliness and assistance to our African brothers.”

This development is indeed worrisome, particularly as it is a clear violation of the procedure prescribed by the Constitution and a misplacement of priority.  Given also President Obasanjo’s avowed commitment to rid the system of all forms of wastage, misplaced priorities and inefficiency so as to improve the standard of living of the people.

CRP wonders why the Obasanjo government is giving loan to Ghana and Sao Tome when there is abject poverty in Nigeria, the economy is at its lowest ebb and social infrastructure is at a state of decay.

CRP believes that Nigeria is not supposed to meet Ghana’s side of her bargain in the financing of the West African Gas Pipeline project nor Sao Tome’s emergency needs.  The ‘emergency’ situations in Nigeria is much more compelling and in dire need of attention.

A recent survey by the All-Refer Reference, an international analysis organization, puts Ghana’s economy far above that of Nigeria.  This is despite Nigeria’s abundant petroleum resources, which seems to have brought more pain than good on the people as a result of bad management of its moribund refineries.  Following the recent increase in the international market price of crude oil, unlike Nigeria, Ghana was able to cushion the effect on its people by subsidizing the prices of petroleum products.

Sao Tome on the other hand is heavily dependent on importation and for some years now, has not been able to service its external debt.  It has had to rely on rescheduling of debt and is ranked high on the Highly Indebted Poor Countries Programme.  A loan to this country is probably as good as a bad debt from the onset.

CRP thus calls on the government of Nigeria to stop exhibiting itself as the ‘Big Brother’ of Africa and face the reality.  The dwindling economic fortune of the country needs to be seriously addressed and the living standard of the people improved.  Our dilapidated roads, comatose health care delivery system, electricity supply, housing, education and job creation programme need more attention than what is currently been given to them.

CRP therefore calls on the National Assembly to disregard the endorsement requested by President Obasanjo.