NAIJA NO BI LAGOS (NIGERIA IS NOT LAGOS). By David Adenekan

#Iroyinominira

25th October, 2023

The Economic Analysis And Plan To Replicate His So Called Achievements In Lagos State In Nigeria May Be A Myth: A Rejoinder To President Bola Ahmed Tinubu Open Speech At The National Economic Summit Group, In Abuja, Titled "Nigeria Desires Prosperity; Renewed Hope Is Real."

To start with, in real economic terms what are the tangible achievements in Lagos state that President Bola Ahmed Tinubu will like to replicate in Nigeria? Is it the tax regime that has been laced with monumental corruption?A monthly 13% deduction from the Internal Generated Revenue, IGR by a tax and accounting company, Alpha Beta that he established through his own proxy. That 13% is more than enough to transform the public schools in Lagos state to a state of the arts and technologically advanced institutions, a computer laboratory in all our public schools system in this digital age will do the magic for quality education.

Today, public schools in Lagos state have been deserted for the many mushrooms private schools because of the very poor standard of education. Some parents are now at the mercy of shylock proprietors.

What a mess!

Is this what President Bola Ahmed Tinubu wants to replicate in Nigeria?

Suffice it to say, nothing is wrong with a tax regime, however, is it with the intent and mindset of a progressive tax system with transparency and accountability coming from a stewardship that is devoid of corruption? If not, the vast majority of Nigerians, particularly northerners will resist and reject any tax regime that will be anti people.

Yes, Nigeria is not Lagos state (Niaija no be Lagos) and President Bola Ahmed Tinubu should thread softly in trying to replicate his policy in Lagos state that has turned many people to abject poverty (extreme poverty) in Lagos state.

Again, Naija no be Lagos!

It is noteworthy at the least, that President Tinubu in his opening speech admitted that the economy is depressed. BRAV0! .

However, getting out of an economic depression will take an average of 3 to 5 years and this must be tackled head-on, with sound and robust economic policies. I will give him credit for seeing what many have been denying that, the Nigeria economy is depressed as a result of wrong timing and poor management of the removal of oil subsidy.

Yes, for months they have been living in denial!

Yes, the president has concurred that the economy is depressed but he is still economical with the truth that the wrong timing of the removal of oil subsidy and lack of immediate palliative to cushion the effects, triggered off the economy depression.

Also, the fundamental issue he has failed to address is looking inward to increase the level of agricultural products and tap into our rich mineral resources to increase the level of productivity.

You cannot build a vision to achieve a one trillion economy by 2026 on nothing.

Who is fooling whom?

We do not really have anything that is bridging the gap in our balance of payment deficit apart from crude oil that is practically next to nothing because of lack of our own very and effective functional refinery.

Moreover, the over reliance on foreign loans or external funds may be counter productive except we match it with aggressive domestic production to cancel the negative effects.

Tinubu administration is about to mobilize another external loan of $10 billion to save the country from a very serious cash crunch that still persist in the forex market. However, in another 3 months to this time, the $10 billion will disappear into thin air and we are back to square one. This is because, Nigeria is a very big market in Sub Sahara Africa that constantly has huge demand for forex exchange for foreign goods and services. A mono product economy indeed!

Yes, the local currency, Naira is still in for a free fall until we are able to increase our foreign reserve with a high level of productivity.

In addition, about three months ago, based on economic indices/indicators, I predicted the free fall of the naira but some of my kinsmen were calling for my head (Fatua in Islamic doctrine ) and called me a sadist. Hmmm.

Yes, it is what it is and we should stop chasing shadows.

Also, I will be the first to commend President Tinubu if I see a real policy direction. Yes, I will. This is because, I am a realist. I do not joke with data.

Hmmm! Will this administration be pragmatic and do the needful (like I suggested in two of my previous online articles on how to look inward and save our economy from the cabal that have their knees on our necks)?

President Tinubu need to stop all of these empty rhetorics on the podium that some people are applauding and get to work. .

There is too much hunger in the land.

Yes, Nigerians are dying of acute hunger!

Hmmm, call me a sadist but truth is bitter.

ONLY TIME WILL TELL.





David Adenekan Is The Editor Of Shekinah International Magazine And Media Expert. He Writes From Chicago, Illinois.



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