Nigerian economy is on the stranglehold of debt. At the national, sub-national, corporate and individual levels, debts owed to banks have held the economy to a stranglehold, impeding real economic growth though policymakers are not admitting same. Since the financial crisis of 2008, corporate indebtedness has almost wiped out the assets of companies in the country.

Economics is a science of choice. Decision making involves making a choice. Among competing wants, preference has to be put on scale and selection made on the best alternative. Every being on earth makes economic decisions. Housewives in particular make several choices based on available resources.

Nigeria is a country of 167 million people by the current population estimate. Just as the population is fast growing, so are the ideas of how to grow the economy. Just as every Nigerian is a football coach, so is every Nigerian a development economist. Each person has his/her own idea and whether they are motor park economists or classroom economists, whichever group gets the ears of the powers-that-be has its way.

At the end of the 2013 Spring Meetings of World Bank Group/IMF, world financial leaders avowed to two specific global agenda. First, a historic opportunity to end extreme poverty within a generation, the global target of reducing extreme poverty rate, the number of people living on less than $1.25 a day to three per cent by 2030.

In an article on this column on May 30, 2012, titled “The proverbial rains are here,” many Nigerians including the Federal Government, did not take the warning seriously. In Washington DC on Thursday, Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonzo-Iweala, called an emergency press conference to warn the nation of the impending drop in the nation’s finances as a result of falling oil prices and the continued vandalisation of pipelines by oil thieves.

William Shakespeare in his book, Julius Caesar wrote centuries ago that “There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat, and we must take the current when it serves, or lose our ventures.”

In recent times, there has been growing concern over the genuineness of Chinese involvement in Africa and Nigeria in particular. The concern is borne out of the fact that China in its appetite for oil, in particular, to fuel its growing economy, is busy buying oil blocks and mineral resources from existing investments at any cost.

Two weeks ago on this column, I wrote on why Nigerians should not blame the colonial masters for the problems facing the nation, but Nigerian leaders, who have failed the nation because of their class interest. Up till last week, readers were still sending their reactions. One of such is this article below.

Last week, the Federal Airports Authority ordered operators of Bureaux de Change out of the premises of the nation’s international airports. The reason is that armed robbers attacked and robbed one of the money changers at the airport.

As Nigeria prepares for its centenary celebrations, many are raising issues on the amalgamation of Northern and Southern Protectorate of Nigeria, by Lord Luggard, blaming the country’s woes on that singular act. Many Nigerians are still fatigued with the coming together of Northern and Southern Nigeria to become one Nigeria.

Nigeria for all intents and purposes is a very funny country. It is a country typified by the famous Animal Farm drama. The pigs were the top rated animals that profess to be equal to all others, but were sleeping on beds while others were outside on ground in the cold. The truth is that whatever any one says, Nigerians are not all equal.

Last week, Asset Management Corporation of Nigeria, AMCON, came out with a statement that it is working out an out of court settlement between it and Babalakin, whom the corporation had accused of owing it some huge amount of money and was unable to pay. Hence it took over its choice property in Victoria Island. AMCON had told Nigerians that it secured a court injunction on the property. Babalakin had countered that the property in question was not mortgaged as claimed by AMCON and that he did not owe. Rather, it is government that owes him.

Last week, the Minister of State for Finance disclosed that the Federal Government uncovered 45,000 ghost workers from 215 Ministries, Departments and Agencies under the Integrated Payroll and Personal Information System (IPPIS).

Nigeria is a country of paradoxes and contradictions. These contradictions are being inflicted on the nation by politicians in uniform and those in flowing gowns through half-baked policies. Most of these policies, once they favour the ruling class, become self perpetuating.

Nigeria is fast becoming a laughing stock. No thanks to the Peoples Democratic Party members who have held top political positions in the past and now. They have a way of passing the buck to pull the wool over the eyes of Nigerians to divert attention from the way and manner they pillage the resources of the country.