CORRUPTION: NIGERIA LEADERS TURNS NAIRA TO A WASTEPAPER.
- 6 Poderia, 2022
- 2934 views
By David Adenekan.
6th May, 2022
Copy this link to watch video :https://youtu.be/-pRcSDlD8Us
It is important to lay the basis for this piece on one of the popular economic theories called Keynesian theory of money.
According to Keynes and his followers, individuals should save less and spend more, raising the marginal propensity to consume to effect full employment and economic growth.
In this theory, one dollar spent in fiscal stimulus eventually creates more than one dollar in growth.
In contrary, and looking at the video clip above, how do we reconcile the Keynesian money theory with the deviant behaviors of Nigeria leaders who out of foolishness, greediness, selfishness and wickedness stocks and piles billions of naira in hidden room with no ventilation to
preserve the face value of the money?
Also, how many politicians or technocrats in the past had buried billions of naira beneath the earth and the face value of the money was destroyed by the heat temperature? A classic example was the erstwhile Inspector General Of Police, Tafa Balogun who stole billions of naira that was meant for Nigeria police service and kept it beneath the earth.
Moreover, what sense does it make when you steal billions of naira that you don't need and stock it in a hidden place?
Is this not share madness because this pattern of behavior defies all logics?
How on earth can we explain this madness in the midst of many that cannot afford two square meal a day?
Is Nigeria not the second largest country in the world with people that have extreme poverty?
Why is our leaders so corrupt at the detriment of the suffering masses?
What is wrong with the minds set of our leaders?
Yes, there is so much hunger in the land and many Nigerians are dying of hunger on daily basis; and we have leaders who are stocking and piling up money in a warehouse for electioneering campaigns.
Dollar is now a very scarce commodity because our desperate politicians have mopped up all the dollars in our foreign reserves for electioneering campaigns ahead of 2023 general elections.
The scarcity of dollars both in the forex and black market has further depreciate the value of $1 to naira from N550 few weeks ago to about N600, currently at the black market.
In fact, many banks in the country are out of foreign exchange reserve. This is the trend in the forex market.
Where did we get it wrong?
The Buhari administration has succeeded in mortgaging the future of this generation and our unborn generations.
Endless and senseless borrowing from both International Monetary Fund and world bank that does not translate into well being of the largest percentage of the population is the trade mark of Buhari administration.
Is this not ironical of their so called campaign slogan, "NEXT LEVEL"?
Are we truly in "NEXT LEVEL" or we have entered 'ONE CHANCE'?
Hmmm, time will tell.
David Adenekan writes from Chicago, Illinois.
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