HOW NOT TO END RECESSION
The
last time I checked, people had abruptly become fond of crediting silly jokes,
even the one cracked by a-day-old child, to Robert Mugabe – the Zimbabwe
president – probably because the said political leader is a known clown.
Currently, a day won’t pass without experiencing a certain comic utterance
trending on the social media, and when one scrolls down, he would observe the
comment is credited to no other person than the man in question.
The scenario is related to what is making the
rounds in the Nigerian State at the moment. Right now, any misfortune in the
country, be it personal or corporate, is wholly attributed to the President
Muhammadu Buhari-led government owing to the obvious irregularities the administration
is characterized by. No one ought to be penalized for nurturing suchlike
insinuation or claim, considering that ‘no smoke without fire’.
It
would be needless to reiterate that Nigeria is presently undergoing recession
that is nearing depression. I’m afraid, if the needful is not put in place as
quick as possible, the latter might set in soonest. Hence, sound thinkers
cannot fold their arms as the painful and pathetic situation lingers. It is
their duty to proffer the needed remedy as well as tender constructive
criticism when and where necessary to ensure that the embattled giant of Africa
regains its strength.
The
Federal Government (FG) has promised that the forthcoming 2017 budget,
estimated at #7.298 trillion, would pull Nigeria out of recession. This pledge
does unequivocally not augur well for the country since the implementation of
the 2016 budget of #6.08 trillion is still ongoing, and over 60 per cent of the
budget is apparently yet to be implemented. It’s noteworthy that the recession
had set in prior to the approval of the 2016 budget; it suffices to say that
the said budget ought to possess the capacity to end the lingering pitiable
condition.
Besides, do not forget in haste that
Nigerians were equally promised awhile ago that 2016 budget would end the
recession. Intriguingly, the focus has suddenly been shifted to the yet-to-come
2017 budget. How do you reconcile these? This confliction of promises
significantly indicates that the actual plight ravaging the country’s economic
status is yet to be discovered by those whom are entrusted with the economy. Sure,
they may not concur with this candid observation, but it’s a reality.
If the truth must be told, I would say
the 2016 budget can end this monstrous era once and for all, if the needful is
adhered to. Read my lips. The 2016 budget is conspicuously bedevilled by
limited funds; hence, the prime problem is not its implementation but how to
cough up the required funds. For urgency’s sake, we need to concentrate on
realistic issues rather than futuristic ones. This is the only way we can
progress, and not regress as it is currently the case. Nigeria has indeed grown
of age, thus is required to do things maturely and differently.
If
we fail to implement the 2016 budget as expected, we will arguably still
encounter similar hurdles when the awaited 2017 budget is eventually approved
by the National Assembly (NASS). Moreover, a deficit of #2.269 trillion in the
2017 appropriation bill is enough reason to worry about. This implies that
Nigeria would continue to live on mere promises whilst thousands of Nigerians
are dying and countless firms running into comatose, on a daily basis. Since
the NASS is yet to approve the Presidency’s request to borrow $29.9 billion externally,
which is in line with the people’s wish, I suggest we look inwards toward
sourcing for funds internally. Several stakeholders would be willing to lease,
or even donate, to the government; the FG should endeavour to extend hand of
fellowship to them; it takes two to tango.
Though the FG has thrived relentlessly
towards curtailing excesses via the ongoing anti-graft war, a lot still needs
to be done. We need to tackle tax evasion headlong by deploying forensic
mechanism. Instead of causing the masses more pains by overtaxing them, let’s
shift attention to those corporate bodies that have ab initio been dodging
payment of taxes. Some inconsequential incentives, such as wardrobe allowance
and so on, due most public office holders ought to be put on hold for now till
further notice. They should cope with their old wears, or what have you, till
we get out of this mess. These measures would enable us to generate huge funds.
The FG has often times told Nigerians that the
funds returned by the looters were not meant to be utilized since their cases
are still in the law court. I beg to differ from this perception. It’s
imperative to acknowledge that these monies were not refunded under duress,
rather through plea-bargain. So, court proceedings have absolutely nothing to
do with monies that were willingly returned by these foes. In fact, the refund
is a clear evidence that they are guilty of the crime accused of; in other
words, the court hearing is just for an apt conviction to be delivered. Thus,
let’s use the funds to service the 2016 budget that is presently wearing a
pathetic physiognomy.
Above all, we must tackle the ongoing
Niger-Delta militancy without further ado. I advocate that the FG should deal
directly with the militants, than calling the so-called elders to a roundtable.
Hear from the horses’ mouth and stop beating about the bush. We also need to
revisit the various existing policies towards making amends. For instance, the
oil subsidy has been totally removed from the country’s budgets, hence, there’s
a compelling need for a sound alternative policy in this regard. Similarly, President
Buhari also needs to reshuffle his cabinet having observed that most of his
allies aren’t currently serving where they are meant to.
Before I round off, I want to solicit that
governments at all levels should, henceforth, start taking the Nigeria’s fiscal
year seriously to enable them plan ahead. The country’s fiscal year is between
January and December of each Gregorian calendar year. An appropriation bill
ought to be ready before august of every year, so that before the end of
November, it would be passed as budget by the legislature for the incoming
year. Let’s focus on realistic issues, and jettison frivolous ones. Think about
it!
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