A SINKING SHIP AND THE CAPTAIN WITHOUT A DIRECTION I read an article in one of our daily newspapers that the Finance and economy control Manager exonerated herself from the blame on devaluation of Naira. I wonder the kind of leaders we have in this country. Leaders who cannot see or predict the future of their followers. Is the Minister of Finance sleeping when she knows very well that our economy depends 80% on importation when they failed to increase the percentage of local production of goods and services. I wept for my dear country and the consumer’s i.e. the low income earners who will be paying more for goods without increase in their respective wages. I advised the government long time ago to embark on support to local manufacturers when the United State stopped buying Nigeria crude. I expected the president and his team to sit down and think in that direction. Ban on importation of some goods into the country is the only solution to what is going on. This would have increase the IGR of the country though the Tax on goods. Billions of dollars are wasted on SURE –P without a single factory or production facility that could create employment and also generate revenue to Federal government. Why are they crying like a sea waves now? They wasted the money on paying 10,000 for FEDERAL Task force wearing Devil colour. They are now idle men and women in blacks sitting at the tool gates Ikeja on daily basis. The money wasted on sure P could have been used to established TOMAMTO factory in the north ( 3 Tomato factories) . The North has abundant raw tomato which could have been used as a source of raw material. The farmers will be happy to grow more tomatoes since there will be more demands for their tomatoes but the government prefer to waste the forex amount to 1 billion dollars on importation of tomato paste alone in a year. The devaluation of naira is a wrong step taking by the CBN governor. The consumers and the low class will suffer for it because the nation economy depends more on importation rather than manufacturing. A devaluation of the exchange rate will make exports more competitive and appear cheaper to foreigners. This will increase demand for exports and boast the economy but the reverse is what we should be expecting. The import goods will increase the agitation for imported goods suppose to reduce but do we have alternative to imported goods? To be continued...
Posted on: Sat, 29 Nov 2014 08:47:25 +0000
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