Opinion
Hello Venezuela!!!
It is not news that Nigeria is rapidly sliding down a slippery economic slope to where Venezuela is, today. It is not also news that Nigerians are living in denial of this obvious fact; a rather defeatist disposition. The projection is that if the current trend is not halted and reversed, Nigeria will sink into bankruptcy by 2026. Where is Venezuela and in what situation is she? Located on the northern coast of South America, Venezuela consists of a continental landmass and many islands and islets in the Caribbean Sea. It has a territorial extension of 916,445 km2 flanked on the east and west by Guyana and Colombia, respectively, with its southern neighbour being Brazil. Venezuela has an estimated population of 29 million; Caracas is the capital and also its largest city.
Venezuela has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil. Previously, Venezuela was an underdeveloped exporter of agricultural commodities such as coffee and cocoa, but oil came and dominated exports and government revenues. Poor public policy conceptualisation and implementation and brazen corruption resulted in the collapse of Venezuela’s entire economy. Currently, Venezuela is in decay and has been declared in default by credit rating agencies. The crisis in Venezuela has contributed to a rapidly deteriorating human rights situation, including increased abuses such as torture, arbitrary imprisonment, extrajudicial killings and attacks on human rights advocates.
The severity of the shortages and socioeconomic and security challenges have led to more than three million Venezuelans fleeing the country, leading to the largest refugee crisis ever recorded in the Americas.
From the above background of Venezuela, we note the following commonalities with Nigeria: (1) originally, great exporter of agricultural produce, (2) then, oil entered with stupendous wealth, (3) abandonment of agriculture (4) poor leadership resulting in faulty conceptualisation and implementation of public policies leading to (5) corruption, (6) widespread poverty, and (7) social disorder and insecurity In our insistent and persistent drive towards Venezuela, Nigeria earned N970.3 billion from oil, N1.6 trillion from non-oil taxes [more revenue than oil] and N2.8 trillion from a cumulative of other sources in 2021.
In total, the country’s revenue amounted to N5.5 trillion. Now, put on your seatbelts for a bumpy analytical ride: out of that N5.5 trillion revenue, N4.2 trillion was spent on servicing (repaying) debts incurred from January to November. This leaves a balance of N1.3 trillion obviously, this balance is inadequate to run the country because in the 2021 national budget, the nation needed to run on a total of N13.57trillion. Elementary arithmetic shows that there is the need for an extra N12.27 trillion which can only be obtained in the global money market by BORROWING with stifling interest and strangulating strings attached. In the same year Nigeria spent N12.56 trillion (most of which were borrowed) on salary, fuel subsidy, LOOTING, etc., which are things that do not bring money back. Nigerians do not seem to realise how critical 2023 election is.
That is why political office seekers do not focus on issues that matter and, tragically, the generality of the electorate have failed to insist on issues-based campaign rather than empty political sloganeerism and politicisation of religion and ethnicity. The point remains that Nigeria desperately needs a president with proven disposition and competence to nurse the ailing and hemorrhaging economy to recovery. Nigeria has been ranked 103 out of 121 countries in the 2022 Global Hunger Index, a position that signifies that the nation “has a level of hunger that is serious.” Within one year alone, the Naira has declined from N415/dollar, which was already very bad at the time, to a whopping N820/dollar, and still declining. In a satire, a financial analyst captured Nigeria in a metaphor of a man who earns 100k per month and borrows N5 million monthly to pay utility bills and run the household. Not only does this man borrow like a crazy person, he has no savings for emergencies such as ill health etc. The rule is that no country should borrow more than 40 per cent of its GDP and, currently, Nigeria is at 36.9 per cent, which leaves the marginal room of 3.2 per cent after which the alarm clock will go off. Persistent revenue drop as the economy is experiencing and unrelenting borrowing spree will, sooner than later, bring the nation to 3.2 per cent and tip the economy over the 40 per cent of GDP milestone. It will then be “Hello Venezuela!!!” Meanwhile, the finance minister thinks that what we have is a revenue problem – and not a debt problem and if we sell more oil we will be alright.
Since the economic crisis in Venezuela, 7.5 million Venezuelans have taken refuge elsewhere.Given a National population of 28.2 million, 7.5 million reflects approximately 25 per cent of Venezuela population. Apply this percentage to Nigeria and we will contend with 54 million Nigerians seeking refuge outside. Now, the population of Nigeria’s neighbours, moving clockwise from Benin Republic is as follows: Benin (12.8 million), Niger (26.2 million), Chad (17.5 million) and Cameroon (28 million). These figures add up to 108.1 million, which is slightly below fifty percent of Nigeria’s population of 217.8 million. Sticking with the comparison with Venezuela, if 25 percent of the Nigerian population (54 million) spills into the neighbouring countries, that will precipitate huge refugee crisis in the West African subregion.
The tragedy is that whereas the United States of America, in its magnanimity, has opened its doors to streams of thousands of Venezuelan refugees, Nigeria’s neighbours are incapable of accommodating the deluge of refugees that such socioeconomic crisis will belch out. Obviously, xenophobia (Nigeria-phobia) will be instantaneous. In a 1984 hit song that captured the state of confusion in the nation, Sunny Okosun rhetorically asked “Which way Nigeria?” Today, we are obviously more confused than we were almost four decades ago when that thought-provoking question was asked. February 25, 2023 provides a veritable opportunity for Nigerians to decide which way to go. Nigerians should know that once a decision is made that day, we will all live with the realities of its outcomes for four years.
By: Jason Osai
Prof. Osai lectures in Rivers State University
Opinion
Wike VS Soldier’s Altercation: Matters Arising
The events that unfolded in Abuja on Tuesday November 11, 2025 between the Minister of the Federal Capital Territory, Chief Nyesom Wike and a detachment of soldiers guarding a disputed property, led by Adams Yerima, a commissioned Naval Officer, may go down as one of the defining images of Nigeria’s democratic contradictions. It was not merely a quarrel over land. It was a confrontation between civil authority and the military legacy that still hovers over our national life.
Nyesom Wike, fiery and fearless as always, was seen on video exchanging words with a uniformed officer who refused to grant him passage to inspect a parcel of land alleged to have been illegally acquired. The minister’s voice rose, his temper flared, and the soldier, too, stood his ground, insisting on his own authority. Around them, aides, security men, and bystanders watched, stunned, as two embodiments of the Nigerian state clashed in the open.
The images spread fast, igniting debates across drawing rooms, beer parlours, and social media platforms. Some hailed Wike for standing up to military arrogance; others scolded him for perceived disrespect to the armed forces. Yet beneath the noise lies a deeper question about what sort of society we are building and whether power in Nigeria truly understands the limits of its own reach.
It is tragic that, more than two decades into civil rule, the relationship between the civilian arm of government and the military remains fragile and poorly understood. The presence of soldiers in a land dispute between private individuals and the city administration is, by all civic standards, an aberration. It recalls a dark era when might was right, and uniforms conferred immunity against accountability.
Wike’s anger, even if fiery, was rooted in a legitimate concern: that no individual, however connected or retired, should deploy the military to protect personal interests. That sentiment echoes the fundamental democratic creed that the law is supreme, not personalities. If his passion overshot decorum, it was perhaps a reflection of a nation weary of impunity.
On the other hand, the soldier in question is a symbol of another truth: that discipline, respect for order, and duty to hierarchy are ingrained in our armed forces. He may have been caught between conflicting instructions one from his superiors, another from a civilian minister exercising his lawful authority. The confusion points not to personal failure but to institutional dysfunction.
It is, therefore, simplistic to turn the incident into a morality play of good versus evil.
*********”**** What happened was an institutional embarrassment. Both men represented facets of the same failing system a polity still learning how to reconcile authority with civility, law with loyalty, and service with restraint.
In fairness, Wike has shown himself as a man of uncommon courage. Whether in Rivers State or at the FCTA, he does not shy away from confrontation. Yet courage without composure often feeds misunderstanding. A public officer must always be the cooler head, even when provoked, because the power of example outweighs the satisfaction of winning an argument.
Conversely, soldiers, too, must be reminded that their uniforms do not place them above civilian oversight. The military exists to defend the nation, not to enforce property claims or intimidate lawful authorities. Their participation in purely civil matters corrodes the image of the institution and erodes public trust.
One cannot overlook the irony: in a country where kidnappers roam highways and bandits sack villages, armed men are posted to guard contested land in the capital. It reflects misplaced priorities and distorted values. The Nigerian soldier, trained to defend sovereignty, should not be drawn into private or bureaucratic tussles.
Sycophancy remains the greatest ailment of our political culture. Many of those who now cheer one side or the other do so not out of conviction but out of convenience. Tomorrow they will switch allegiance. True patriotism lies not in defending personalities but in defending principles. A people enslaved by flattery cannot nurture a culture of justice.
The Nigerian elite must learn to submit to the same laws that govern the poor. When big men fence off public land and use connections to shield their interests, they mock the very constitution they swore to uphold. The FCT, as the mirror of national order, must not become a jungle where only the powerful can build.
The lesson for Wike himself is also clear: power is best exercised with calmness. The weight of his office demands more than bravery; it demands statesmanship. To lead is not merely to command, but to persuade — even those who resist your authority.
Equally, the lesson for the armed forces is that professionalism shines brightest in restraint. Obedience to illegal orders is not loyalty; it is complicity. The soldier who stands on the side of justice protects both his honour and the dignity of his uniform.
The Presidency, too, must see this episode as a wake-up call to clarify institutional boundaries. If soldiers can be drawn into civil enforcement without authorization, then our democracy remains at risk of subtle militarization. The constitution must speak louder than confusion.
The Nigerian public deserves better than spectacles of ego. We crave leaders who rise above emotion and officers who respect civilian supremacy. Our children must not inherit a nation where authority means shouting matches and intimidation in public glare.
Every democracy matures through such tests. What matters is whether we learn the right lessons. The British once had generals who defied parliament; the Americans once fought over states’ rights; Nigeria, too, must pass through her own growing pains but with humility, not hubris.
If the confrontation has stirred discomfort, then perhaps it has done the nation some good. It forces a conversation long overdue: Who truly owns the state — the citizen or the powerful? Can we build a Nigeria where institutions, not individuals, define our destiny?
As the dust settles, both the FCTA and the military hierarchy must conduct impartial investigations. The truth must be established — not to shame anyone, but to restore order. Where laws were broken, consequences must follow. Where misunderstandings occurred, apologies must be offered.
Let the rule of law triumph over the rule of impulse. Let civility triumph over confrontation. Let governance return to the path of dialogue and procedure.
Nigeria cannot continue to oscillate between civilian bravado and military arrogance. Both impulses spring from the same insecurity — the fear of losing control. True leadership lies in the ability to trust institutions to do their work without coercion.
Those who witnessed the clash saw a drama of two gladiators. One in starched khaki, one in well-cut suit. Both proud, both unyielding. But a nation cannot be built on stubbornness; it must be built on understanding. Power, when it meets power, should produce order, not chaos.
We must resist the temptation to glorify temper. Governance is not warfare; it is stewardship. The citizen watches, the world observes, and history records. How we handle moments like this will define our collective maturity.
The confrontation may have ended without violence, but it left deep questions in the national conscience. When men of authority quarrel in the open, institutions tremble. The people, once again, become spectators in a theatre of misplaced pride.
It is time for all who hold office — civilian or military — to remember that they serve under the same flag. That flag is neither khaki nor political colour; it is green-white-green, and it demands humility.
No victor, no vanquish only a lesson for a nation still learning to govern itself with dignity.
By; King Onunwor
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