Nigeria Loves the Easy Way

Never tossed away a rumour in Nigeria because in every rumour lies a potential truth. It all begun with the Africa richest man: Aliko Dangote asking Nigeria to sell off some of its assets especially the NLGN.

Next to this is the call by the Emir of Kano: Sanusi Lamido Sanusi. Now, it has become the talk of government functionaries spearheaded by the National Assembly and now the budget Minister. What a nation and people we are!

My worry is must we always seek the easy way out? In a nation of over 160 million population, I begged to disagree that we cannot fathom the way out of economic recession except we sell the national asset. What happens if after the sale of some assets, we are yet to come out of recession? The simple answer we continue to sell.

From experience, our sales of national assets like PHCN has not bring about improve service delivery, rather, what people gets in return is increased cost to the populace.

Our problems in this country is the few vocal elites who always imposed their personal agenda as national agenda, and this government will do itself a lot of favour x-raying various suggestions being brandish at it by these economic saboteurs.

It is quite worrisome that a few cabals will ask the President to embark on sales of national assets with the hope of using same to meet recurrent expenditure. I may not have PhD in Economics, but my few knowledge of its says otherwise.

Asking the President to embark on the sales of national assets is like asking a father to sell his choice property without thinking of what becomes his children tomorrow.

We have made mistakes, but our mistakes should not lead us to greater mistakes. Indeed, I would have expected that some of these people asking for the sales of national assets should borrow the government the needed fund, but they won't because of their personal and selfish interests.

As a way out, let the government issues bonds and other financial instruments to both local and foreign investors and use the proceeds to finance capital projects that will facilitates employment opportunities for the unemployed rather than sales of government assets that will further compound the already worsen situation through downsizing and rightsizing.

We can equally borrow from Development partners like World Bank if quick money is what we needed. After all, at a time in history, Nigeria was instrumental to the payment of workers salary in Ghana for several years.

Ideally however, the way forward is to diversify the economy. What about exploring other natural resources and diversifying into agriculture? Nope the political elites will not want that because it does not bring quick money.

For instance, I wonder what my Governor in Ekiti is doing that it cannot mobilize the people of the State for productive agriculture. Imagine that Ekiti alone is able to produce all the gari (cassava flower) Nigerians need. Nope, he won't do so, rather, construction of flyover and airport is the in-thing. I wonder what make such projects a priority at this time.

If there is anything I know and certain of is that posterity will never forget and forgive those who squandered our resources for personal aggrandizement. Indeed, am afraid that this government may fail not for want of good intentions but for bad advice from foes masquerading as trusted allies.

On this note, am forced to question the ingenuity of the CBN Governor and deputies in retaining the interest rate at this critical time when people need access to fund all in the name of attracting big investors. Common sense these days show that major providers of jobs are SMEs whose owners cannot access loans because of high interest rate. I hope Emefiele is not on a revenge mission for the PDP.

Specifically, methink what this economy needs at this time is expansionary fiscal policy (less tax, more spending), expansionary monetary policy, and physical policy that will bring about import substitutions and promote export.

God save my fatherland!
God bless Nigeria!!