By Valentine Obienyem
The first time I heard Chris Nwokeabia declare, in attack of Mr. Peter Obi, that “governance is not about saving money”, alongside other equally untenable assertions, I wondered what calibre of thinker could advance such a proposition. For a moment, I imagined I was listening to one of those arguments that emerge from a barber’s shop where the most absurd opinions are often expressed with absolute confidence. It was only through the writings of my brother, Tai Obasi, and his apostles that I learnt that the man actually holds the title of professor.
Without intending undue disrespect, anyone who dismisses the necessity of saving appears to overlook one of the most elementary principles of survival and responsible planning. Even in today’s Nigeria, would any academic seriously contend that their salary is sufficient to meet every unforeseen emergency without putting something aside?
The wisdom of saving is not uniquely human. Nature has demonstrated it for millions of years. The dog buries surplus food for a time of hunger; the squirrel stores nuts against scarcity; bees preserve honey in their hives; and ants gather provisions in preparation for harsher seasons. These are simple but powerful illustrations of a universal principle: consume what you need today, but preserve something for tomorrow.
The wisdom of prudence is also deeply rooted in philosophy. Seneca and the Stoics repeatedly praised frugality, moderation and simplicity as safeguards against misfortune. In his “Letters from a Stoic”, Seneca emphasised the value of learning to live with less and avoiding dependence on abundance, because doing so frees a person from anxiety, dependency and the unpredictable turns of fortune. The Stoic lesson was clear: prudence is not the enemy of prosperity; it is what enables prosperity to survive adversity.
Indeed, serious countries understand this principle. Responsible governments build reserves, stabilisation funds and other fiscal buffers precisely because they know that economic shocks, recessions, emergencies and unforeseen expenditures are inevitable. Saving is therefore not an admission of failure; it is an instrument of responsible planning.
So, the proposition that “governance is not about saving money” is difficult to defend as a general principle. A more defensible formulation would be this: “Governance is not merely about saving money; it is about spending wisely while maintaining sufficient reserves to survive the inevitable bad times.”
That distinction matters. Saving everything would be foolish; saving nothing is even more foolish. Responsible government requires a balance between meeting present needs and preparing for future risks. The objective is neither to hoard resources nor to spend recklessly, but to ensure that today’s expenditure does not leave tomorrow’s government helpless when adversity arrives – this was what Mr. Obi did.
In the harsh realities of present-day Nigeria, can anyone honestly argue that it is unnecessary for a household, a business or a government to keep something in reserve? What responsible professional would spend every naira earned today on the assumption that tomorrow will bring no emergency, recession, illness, disruption or unexpected expenditure?
What is particularly perplexing is not merely the statement itself but coming from a professor. When an idea that contradicts such an elementary principle of prudence is presented as sophisticated economic thinking, scholarship risks becoming a justification for fiscal recklessness rather than an instrument for illuminating public policy.
If even the creatures of the animal kingdom instinctively understand the wisdom of preserving today’s surplus against tomorrow’s scarcity, and philosophers such as Seneca recognised the value of frugality and preparedness, perhaps the real question is not whether governance is about saving money, but what kind of governance deliberately chooses not to save?
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