By Kikiowo Ileowo
If you can afford basic necessities, perish the thought that the government should provide some palliatives for you.
If care is not taken, even the government may not be able to pay salaries in the next few months if things continue this way.
Let us think about this, if the FG is to give half the population (100m people) N50,000 each, that is
100,000,000 x N50,000 =
N5,000,000,000,000.
N5trn is approximately half of Nigeria’s total budget for 2020 before it was reviewed downwards.
1. Nigeria doesn’t have the money.
2. Nigeria can’t simply create the money through ways and means (including printing).
3. Even if it does number 2, there are simply no production and value to back up such amount of money.
4. You will end up having more money in the economy chasing few goods and services.
Though some claim that money in everybody’s hand will increase demand, the flip side is plenty money will be chasing few goods leading to hyper-inflation. The funds will erode the real value of our local currency as prices of the few goods available will increase spirally.
In the mean time, the real solution is for us to increase production capacity. Each and everyone of us must engage in productive activities in critical sectors of the economy.
FOR NOW, LET US FORGET WE HAVE CRUDE OIL DEPOSIT IN NIGERIA!
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