"THE IMF AND THE WORLD BANK DO NOT MEAN WELL FOR NIGERIA"

Nigeria's whole economy has nose-dived from good to the worst since the federal government of Nigeria decided to directly involved these two global financial institutions in the daily running of our national economy as a sovereign nation by borrowing those high-interest rate loans from these international agencies and by forcing the Nigeria's government to implement their suggested anti-Nigerian economic policies. This nonsense started under the watch and the presidency of Alhaji Shehu Shagari in the early 1980s after those public elected and appointed officials that served under the government of Shehu Shagari looted the Nigeria's treasury and also mismanaged the nation's oil revenues.

Nigeria is the only "major oil-rich nation" in the world in 2013 that keeps borrowing money day in and day out from the World Bank, the IMF and the European financial institutions to survive as a nation despite her GDP of about $273 billion a year, her annual economic growth rate of 7% and plus her daily oil production of about 2.5 million barrels of oil at $100 a barrel in the international market that generates about $250 million a day or $7.5 billion a month or $90 billion a year.

Why and why are we still borrowing so much as a developing nation to run our national affairs in the midst of our own oil wealth? Are we not intentionally digging this nation and her future into huge debt that may eventually bankrupt the entire system one day in the nearest future? The answers to these questions are not too far-fetched for any sound-minded, objective, reasonable and sharp-thinking Nigerian to figure them out. The three major reasons why we have to borrow from IMF and the World Bank to survive as an oil-rich country are the following:(i).The unabated national culture of treasury looting or the official culture of corruption by our political leaders, the top civil servants and their cronies. (ii).The massive mismanagement of our state revenues by our elected, appointed and government officials for decades on those white elephant projects that this nation or her citizens do not need. (iii).The continuous use of about 30% of our current annual federal budget to pay the hefty salaries and allowances of our 17,500 public elected officials that are only about 0.001% of all Nigerians in the name of democracy, party politics and public service.