Aare Afe Babalola, the founder of Afe Babalola University, Ado-Ekiti (ABUAD), has raised worry about the high level of the national debt.
In support of this, the Federal Government was tasked by the Senior Advocate of Nigeria (SAN) to adopt a wise strategy and take bold actions to lessen the debt load.
The legal luminary who delivered this charge at the university's 10th Convocation Lecture also recommended a doable strategy for reducing Nigeria's enormous debt load.
The speech, entitled "The Place of Education in a Crisis-Rigged Nigeria," was given by legal legend Chief Mike Ozekhome(SAN).
According to the Senior Advocate of Nigeria, unless and until the enormous debt is lowered, Nigerians would continue to live in squalor.
He said “all those who pay N100million for Presidential Nomination Forms in 2022 should pay $50million because they have the money. All those who are contesting the election should pay N500million Naira. All private jet owners in Nigeria should pay N500million because they have the money. All Oil well owners should pay N500million, all Private University owners should pay N500million, all private church owners should pay N500million. All private hospital owners should pay N250million” the founder said.
According to the founder, the total debt profile of Nigeria as of March 2022 is N41.60trillion adding that this year, the proposed Nigeria budget is as follows: Proposed Total Revenue – N9.73 Trillion, Total Expenditure – N20.51 Trillion, Total Fiscal Deficit – N10.78 Trillion while Proposed Total Debt Service – N6.56 Trillion.
He hinted that the proposed Budget for the Federal Ministry of Education – is N664 Billion (vi) Proposed Total Budget: is N20.51 Trillion. As of June 2022, the domestic debt service rose to N5.24 trillion.
“Today, I make bold to suggest that we should set up a Committee to launch a Special Debt Liquidating Fund by all patriotic Nigerians.
“I will suggest that the Committee should be headed by President Obasanjo and consist of Gen. Gowon, Bishop Kukah, the President of NLC, President ASUU, the president of Students Union, and members of Professional Association like NBA, NMA, NUJ, NSE, COREN, MDCN among others.
“I recommend that those on the list of the 21 richest men in Nigeria (Forbes 2022) should pay a minimum of $500million, after all, we have 21 richest men in Nigeria (Forbes 2022), 10 richest men in Africa (Forbes 2022), 10 richest men in the world (Forbes 2022).
“In addition to this, Babalola says “all offshore account owners should pay $500million. All private airliners and ship owners are to pay N500million, and all professional associations are to pay N500million. All former Presidents, vice presidents, senate presidents, and former House of Representatives Speakers and Ministers should also pay N500million to be paid in five instalments. All patriotic Nigerians who are above the age of 21 and not included in the above list should make voluntary donations of a minimum of N1,000. The donation could be made in five instalments.” Babalola said.
Earlier in his remarks, former President Olusegun Obasanjo lamented the deplorable conditions of roads in the country.
Obasanjo spoke on Thursday while making a brief comment at a lecture delivered by a Legal Icon, Chief Mike Ozekhome(SAN), titled: ‘The Place of Education in a crisis-ridden Nigeria’, marking the 10th convocation ceremonies of the Afe Babalola University, Ado Ekiti(ABUAD).
Rationalising his lateness to the convocation lecture in his brief speech at the occasion, the former President said; “kindly accept my apologies for coming late to this ceremony.
“I thought if I left Abeokuta at 4.30 am I would get to ABUAD at 10 am. But when we got to the middle of the journey, the conditions of our roads were bad.
“We started asking which was the best route to take to get to Ado Ekiti . It was tough before we could get here, kindly pardon me”.
He praised the university’s founder, Afe Babalola(SAN) for replicating and surpassing ABUAD, what he did at the University of Lagos, when he appointed him the Pro-Chancellor and Chairman of Governing Council, saying; “I am proud to associate with ABUAD”.