Let’s shift our focus to asking the right questions and avoid dwelling on the belief that everything is expensive in Nigeria. It’s important for us to remain optimistic and proactive in seeking solutions – Abayomi Odunowo.
Political corruption and financial mismanagement have plagued our country for far too long, with billions upon billions of dollars being looted through various scandalous means. The sheer scale of this looting is mind-boggling, with an estimated $22 trillion being siphoned out of our national coffers through illicit methods. This staggering amount of money could have been used to lift millions of our citizens out of poverty, invest in critical infrastructure, and improve the overall well-being of our nation. Instead, it has been squandered by a select few who have placed their own self-interest above the needs of the people they were elected to serve.
One of the primary ways in which this looting has occurred is through tax waivers, which have resulted in a loss of an estimated $17 trillion in revenue for the government. These tax waivers are often granted to wealthy individuals and corporations with political connections, allowing them to avoid paying their fair share of taxes. As a result, vital public services such as healthcare, education, and infrastructure suffer from a lack of funding, while the gap between the rich and the poor continues to widen. This blatant disregard for the equitable distribution of resources is a clear betrayal of the trust placed in our government by its citizens.
In addition to tax waivers, it has also been revealed that $3 billion borrowed from the International Monetary Fund (IMF) has mysteriously disappeared, with no trace of where the funds have gone. This gross mismanagement of borrowed funds not only reflects poorly on our country’s financial integrity but also undermines our ability to secure future loans from international financial institutions. This further exacerbates the economic challenges faced by our nation and creates a dire situation for future generations who will be burdened with the consequences of this financial misdeed.
Furthermore, it has come to light that a staggering $26 billion has been funnelled through Binance, a leading cryptocurrency exchange, without leaving a trace. This represents a gross violation of financial regulations and raises serious concerns about the accountability and transparency of our financial institutions. It is deeply troubling to think that such a massive sum of money could be moved around with such impunity, without any oversight or accountability to the public.
These shocking revelations paint a grim picture of the state of our nation’s financial affairs. It is abundantly clear that our country’s problems are not merely the result of external factors or natural disasters but are largely man-made and home-grown. The pervasive culture of corruption and impunity within our government institutions has allowed for the looting of trillions of dollars, robbing our nation of the opportunity for prosperity and progress.
Under the leadership of Mr. Integrity, who promised to lead with transparency and honesty, these gross financial misdeeds have continued to fester. The lack of action and accountability for those responsible for this monumental looting has only served to embolden those seeking to exploit our nation’s resources for their own gain. It is imperative that the perpetrators of these financial crimes are held accountable and that measures are put in place to prevent such looting from occurring in the future.
In conclusion, the looting of $22 trillion through illicit means, the loss of $17 trillion through tax waivers, the disappearance of $3 billion borrowed from the IMF, and the funneling of $26 billion through Binance without a trace are symptoms of a deeply entrenched culture of corruption and financial mismanagement. It is crucial that we as a nation demand transparency, accountability, and justice for these abhorrent financial misdeeds. Only through holding those responsible to account and implementing stringent measures to prevent such looting in the future can we hope to build a brighter and more prosperous future for our country and its citizens.
Otunba Abdulfalil Abayomi Odunowo
National Chairman AATSG
29th February, 2024
