When earlier this year it was declared that Nigeria is the biggest economy in Africa after some economic gymnastics called rebasing, I chuckled but was afraid to disagree publicly. After all, who am I to dare challenge a Harvard trained and a World Bank and world class economist and financial expert? This expert is so large and special that in her, we got two ministers for the price of one. And that is why she goes by the title of minister of finance and the coordinating minister of the economy. Brilliant! Now, why did I chuckle? I chuckled because I fail to understand how a country without energy (electricity) sufficiency and minimal industrial activities can be the biggest economy in Africa; how and why a country with over 70% unemployment rate and weakening currency can be the biggest economy; how a country rated to be highly corrupt and largely dependent on one source of revenue and lack of accountability can be the biggest economy; a country with poor transport industry and infrastructure; a country with a self serving political elites consumed by wanton waste of public resources and where basic infrastructures are lacking can be crowned as the biggest economy in Africa? Everyday and at every given opportunity, this economic magician told us the economy was growing at a frenetic speed and by 2020, Nigeria will be one of the 20 biggest economy in the world, that unemployment has been cut by 50% and that the Naira is strengthening against major currencies of the world. But now we know better. We are now being told that the same buoyant economy is now in trouble and need $5Billion to stabilize, the economy is so weak from declining oil prices that the Naira need to be devalued and has since been devalued. The federation account is in red and many states cannot pay their workers. Poor citizens have been called upon to tighten their belts whilst the political elites and their fronts continue in their opulent lifestyles. The presidency has a fleet 13 different aircrafts, most state governors own or charter private aircrafts for movements, government officers travel first class for routine medicals, billions of Naira budgeted for foods in government houses and the villa, high number of political appointees without clearly defined responsibilities and duties and elected officers earning obscene salaries and allowances. So, where do we go from here? The 2015 elections should not be about electing people to positions alone, it should be ISSUES based elections also. Key issues should be: 1. System of government- should we continue with this system and can we afford it; 2. Reducing the power of the presidency and making it less attractive; 3. Independence of local government councils in terms of funding; 4. Resource control and allocation and so on. For example, we can propose and adopt that constituencies sponsor and pay the allowances of their representatives at the national and state levels, that states own and control resources belonging to them and pay taxes to the federal government and so on. Friends, we are in trouble and we need to think smart at personal levels. Do not buy things you cannot afford to impress and if you can, please save and save for the days ahead. We are not the biggest economy in Africa at least, not in reality!
Posted on: Tue, 25 Nov 2014 23:40:01 +0000
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