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Our Democracy In peril, Says Atiku

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Says, Onnoghen Removal a Grave Attack On Our Nigeria Constitution

By Abdul Rahman Aliagan

A former Nigerian vice president, Atiku Abubakar, told Nigerians and world over that Nigeria’s democracy is in peril. Saying that the way President Muhammadu Buhari is handling the national issues is becoming a dangerous threat for nation’s hard-earn democracy. He added that he will be respecter of the rule of law and grow Nigerian economy if elected to the coveted position of the President of the Federal Republic of Nigeria, come February, 16.

Atiku who made this known on Wednesday in Lagos, at an event organised by the Lagos Island Club while speaking as a guest speaker.

Abubakar who is the presidential candidate of the opposition Peoples Democratic Party, PDP, said this as part of his reactions over the controversies surrounding the removal of the Chief Justice Walter Onnoghen last Friday.

According to Atiku, “President Buhari said he removed the CJN on the orders of the Code of Conduct Tribunal, where Onnoghen is facing charges of alleged false asset declaration. The “suspension” of Onnoghen and the appointment of an acting CJN have been widely condemned by lawyers and civil society campaigners.”

In a state of the nation address earlier in the week, Abubakar had called on Nigerians to “peacefully” rise in defence of democracy.

 “However,” he said at the event, “before I delve into this subject I need to say a few words on a fact that many of you already know: our democracy is in peril.

“After unsuccessfully abusing the instruments of state to remove the leadership of the legislature, President Muhammadu Buhari has turned his sights on the judiciary.

“The action of unilaterally suspending the Chief Justice of Nigeria by President Buhari is unconstitutional. The Constitution provides laid down rules for the suspension or removal of the CJN and this has not been followed. This is a grave attack on our constitution and the people of our country.”

He added, however, that as someone who has “vigorously defended our constitution over a number of decades”, Nigerians can be rest assured that he would ensure the matter is resolved in accordance with the constitution. “For a key part of my vision for Nigeria is respect for the rule of law, because without it you can have no society,” he explained.

Abubakar argued that in the last four years, Nigerians have witnessed a deterioration of all aspects of basic human development as the country suffered avoidable social and economic decline. This, he said, could be attributed to the absence of coherent and comprehensive economic policy which has robbed the economy of its capacity to attract investment, to support the growth of small businesses and absorb a fast-growing labour force.

Within the period, according to the PDP candidate, unemployment has thrived with “over 13 million people joining the ranks of people without a job, which now totals 21 million.” If people do not have a job, he said, they struggle to feed their families which are why over 100 million Nigerians cannot afford one decent meal a day.

Abubakar also said the structure of the country is not working and to address this, the nation must be bold enough to stitch all the structural faults lines that have arrested development by adopting a new economic management model and a new political structure that will cure all the federating units of their addiction to oil revenues.

As a way out, Abubakar said his government will restore investor confidence in the Nigerian economy, support the private sector by undertaking reforms to unleash its growth potential, liberalise the economic space and privatise all ailing enterprises.

He said, “In particular, the #TheAtikuPlan will undertake a de-regulation of the downstream sector of the economy, review the PIB and privatise all four state refineries that operate at 10 per cent of their installed capacities. We shall channel the proceeds from the privatisation into a special fund for the development of education and health.

“We will assist the Micro, Small and Medium Enterprises to grow bigger and to be more productive. As we all know, small businesses offer the greatest opportunities for achieving inclusive pro-poor growth, through increased self-employment.

“Our focus shall be on improving their access to affordable, long term funds, provision of critical infrastructure as well as adequate training for their workforce to improve productive capacity.”

Abubakar also said that his administration, if elected, will create jobs by growing the economy and promoting innovative flagship job creation programmes, create an Economic Stimulus Fund with an initial investment capacity of approximately $25 billion to support private sector investments in infrastructure, and fix the power sector, among other plans.

“Since the return of the country to democratic governance in 1999,” the former vice president said, “I cannot think of a more important election than the one we face in just over two weeks, given our daunting development challenges.

“The opportunity to change the course of history and rebuild the country begins on February 16th when Nigerians will exercise their sacred duty to elect their President and other political leaders.

“Nigerians must reject the status quo and bring in a leader who has a history of economic reform and political transformation.”

   

About author
Time Nigeria is a modern and general interest Magazine with its Headquarters in Abuja. The Magazine has a remarkable difference in editorial philosophy and goals, it adheres strictly to the ethics of Journalism by using the finest ethos of the profession to promote peace among citizens; identifying and harnessing the nation’s vast resources; celebrating achievements of government agencies, individuals, groups and corporate organizations and above all, repositioning Nigeria for the needed growth and development. Time Nigeria gives emphasis to places and issues that have not been given adequate attention by others. The Magazine is national in outlook and is currently being read and patronized both in print and on our vibrant and active online platform (www.timenigeria.com).
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The Missing Middle of Infrastructure Finance: Why Capital Still Fails to Become Infrastructure

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  By Chidi Nwafor  In October 2023, a Gulf sovereign wealth fund quietly closed a $2 billion allocation to global infrastructure, earmarked in part for emerging-market energy and transport assets. The announcement drew the usual applause: another sign, commentators said, that institutional capital was finally waking up to the infrastructure opportunity in the Global South. Eighteen months later, less than a tenth of that allocation had actually left the fund’s balance sheet. Not because the mandate had changed. Not because the fund had lost appetite. According to two people familiar with the portfolio, the constraint was simpler and more uncomfortable: there were not enough investable projects to put the money into. This is not a story about a reluctant investor. It is a story about capital that wants to move, cannot find enough places willing and able to receive it in a form it can underwrite, and quietly waits instead. Multiply that fund by the hundreds of pension schemes, sovereign wealth vehicles, commercial banks and infrastructure funds now carrying dedicated allocations for emerging-market infrastructure, and a pattern emerges that rarely makes it into a headline: the world is not short of capital for infrastructure. It has capital in historic abundance, sitting adjacent to a historic infrastructure gap, unable to cross the distance between the two. The Comfortable Explanation  The explanation on offer at every major infrastructure summit is a familiar one. Global infrastructure investment needs run into the tens of trillions of dollars over the coming decade; committed capital falls well short; therefore, the problem is one of insufficient funding, and the solution is more of it: more pledges, more blended-finance facilities, more climate funds, more multilateral capital increases. It is a comfortable explanation because it assigns responsibility clearly to governments who under-fund, institutions who under-commit, and it offers a clean remedy: raise more. It is also, on close inspection, not what the evidence shows. Pension funds globally hold trillions in assets under management with explicit infrastructure allocations that remain structurally underweight, not because trustees have rejected the asset class but because deal flow meeting their risk and governance thresholds has not materialised at the pace their mandates assume. Sovereign wealth funds report the same pattern. Commercial banks with dedicated project finance desks describe pipelines that look full at the term-sheet stage and thin dramatically by financial close. Development finance institutions, whose entire purpose is to absorb risk that commercial capital will not, routinely report that their binding constraint is not capital adequacy but the volume of bankable transactions their teams can originate and structure in a given year. None of this fits the scarcity narrative. All of it fits a different one. Availability Is Not Deployability  Capital availability and capital deployability are not the same condition, and the conflation of the two is doing real damage to how the world thinks about the infrastructure gap. Availability asks whether money exists somewhere with a mandate that could, in principle, be pointed at infrastructure. Deployability asks something much narrower and much harder: whether a specific project, at a specific moment, has been engineered, structured, documented and de-risked to the point where an investment committee can approve it without exception. The first condition is met, overwhelmingly, across nearly every category of capital that matters to infrastructure. The second is met by only a small fraction of the projects competing for it. The result is a market that looks, from the outside, like a financing gap, and functions, from the inside, like a conversion problem: an abundance of capital on one side, an abundance of infrastructure need on the other, and an underbuilt set of mechanisms in between capable of turning one into the other at any meaningful scale. Where the Conversion Breaks  The break does not happen at the ends of the process. It happens in the middle, in the unglamorous sequence of work that turns a plausible concept into an instrument a fiduciary can sign. A promising transmission project needs a feasibility study rigorous enough to survive institutional scrutiny rather than optimistic enough to attract early interest. It needs offtake arrangements that hold up under real counterparty and currency risk, not the counterparty risk assumed in a base case. It needs environmental and social documentation calibrated to the standards of the institutions being asked to fund it, not the standards of the jurisdiction hosting it. It needs a legal and commercial structure that allocates risk in ways a commercial lender, not only a development financier, will accept. It needs a sponsor capable of executing what has been proposed, not merely capable of proposing it. Each of these is ordinary project finance discipline. None of it is exotic, and in mature infrastructure markets it happens as a matter of course, absorbed into systems built over decades: specialist advisers, standard-form contracts, established procurement norms, deep pools of transaction expertise. What is missing in the markets where the infrastructure gap is largest is not the standard itself but the machinery that meets it. Projects arrive at investment committees with ambition intact and preparation incomplete, and that gap is treated, again and again, as an individual project’s failure rather than what it actually is: a structural absence in the systems responsible for producing investable transactions at scale. 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