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Thursday, 15 December 2016

Economic Crunch – MMM On the Rescue



img Economic-Crunch-MMM-On-the-Rescue .gif" alt=" Economic Crunch – MMM On the Rescue "> </p>
The high rate of inflation in the country is no joke. People are beginning to device means possible to survive the recession which appears heading to depression. The federal government seems helpless about the situation. But is it that the government has run out ideas on how to remedy the situation or that it is a deliberate ploy to punish the masses for just to no course.

Politician could be very tricky and it is the reason why they are known to have no truth in them. Funny enough, what you don’t know, you call names and what you know you destroy. What is actually wrong with MMM if individual seek to leverage the platform to enhance their finance. Isn’t that personal decision?

It baffles me indeed to see what is been written about mmm. But the question is; would the press have to blame those participating in mmm? It has been claimed in many area that the mmm is faceless for now as they seem not to know the person/people behind the money making or doubling scheme. I want to say here that Nigeria seems vulnerable in the mixed of this continued decline of the economy.

So, what do you expect of people trying to find a way to survive the economic crunch? What is the current rate of unemployment in the country? After spending years in the university, how many were able to secure job. Those that were able to secure job, the lucky ones, how many of the acclaimed lucky ones got his/her job on merit? Isn’t it based on whom you know?

In Delta State for example, there was a time in the ministry where applicant were ask to cough out N800,000.00 – N1,000,000.00 as a sure way to get job. Yes, some who had capable relative that assisted them to get the money eventually got the job. There were many petition to that effect and our able governor (Senator Ifeanyi Okowa) came in and find out the level of injustice and nullified the employment when he came into power.

The people involved were subsequently punished depending on their involvement. Hey, this is not only applicable to Delta State alone; it could also be going on in other state. The economy is currently not friendly…there is no job opening, the price of goods and services is on the increase, and the business environment is not friendly anymore.

The so called lucky ones working could no longer meet up with the high cost of goods given their salary, how about the jobless. Our leaders don’t seem to see and understands what the people are going through. The policy measures put in place seem not working. What then do you expect? Would you look for a way out in as much you’re not going into stealing?

I heard that mmm is not safe to put your money with all sort of reasons why it is not safe. The history of the founder was traced to google and how it has not succeeded in other countries before now. To be candid with you, I don’t see how the government has the people at heart. After all, there are many who had lost millions in the past on account of acclaimed registered bank…and never recovered the money till date.

Everything in life involves some level of risk. Those who can take the risk of investing their money in returns 0f 30% should be allowed to. Truth is that mere campaigning of the danger of mmm and urging the people to stop getting involved might not discourage people from participating especially those that are already enjoying it and must have achieve one thing or the other with it.

Obviously, it will be difficult. What I think that will work to discourage the people is creating another alternative, better alternative to mmm. And of course, this should be in the area of job creation and transparent process to getting the job. Again, skill acquisition center should be set-up and thereafter given starter park. Soft loan should be made available to those seeking to establish small scale business.

The banking system seems to ask for too much when you approach them for loan thereby discouraging aspiring entrepreneurs. Banks ask for plot of land with C of O, property in choice areas, you must have certain amount of money in your account and more. If I have those things that the banks ask for, I wouldn’t go to them in the first place…

Funny enough, when you put money in the bank, you’re not been given any reasonable interest at the end of the money. Instead, you’re been taxed on all sort of things. Do you see why the people are vulnerable…and are always seeking for avenue that seem easy, better and rewarding to them not minding the risk?

I once heard from people talking about mmm while on queue waiting to use ATM. They said, that even if the mmm is not safe or that will crash, that they don’t care in as much they enjoy it in the time being. They said that they only involved their spare money in mmm and that if it goes blank in the future, they don’t care...

They noted that even in the mmm site that it is boldly written that participant should not use all they have but their spare money. With that note of warning, anyone who desired to participate in mmm should apply wisdom. Life demands that you apply wisdom in all that you do. Be it mmm or anything you intend to involve yourself in.

Be that as it may, the government as cautioning the citizen is doing what they are supposes to do. The essence is that when what they are expecting happens, you wouldn’t blame them. The participants are also praying for the safe life of mmm. Out of the abundant of the heart, the mouth speaks is what the Bible say. However, I want to say here, while mmm last, apply wisdom.
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Wednesday, 2 November 2016

The Need to Mind Your Business in the Face of Nigeria Economic Hardship!



“Financial struggle is often directly the result of people working all their life for someone else. Many people will have nothing at the end of their working days’’ – Robert Kiyosaki. The current situation in our country is such now that retrenchment is been going on in all sector of the economy…the financial, manufacturing, oil and gas sectors and even government ministries. The economy of Nigeria has been declared as in recession and that has had its toils on the system, and hence the massive retrenchment in the economy.

Of recent the oil and gas union (NUPENG) has threaten to go on strike if the oil and gas giant do not halt their mass sack of workers. According to the union, about 3000 workers has already been dropped…and more is been said to be dropped, hence the call to the Federal government to call the oil companies to order. The question is, will the call bring the already sacked workers back to work?....

Or will it stop the obvious truth why the company is dropping the workers? Their reason is been attributed to the harsh economic realities militating their operation – the bombing and destruction of pipelines, hence production halt, foreign exchange scarcity, and the general unfriendly business environment. Unless all these factors are addressed, the federal government will have little or nothing to do about the job cut going on the economy.

The federal government has lost about 2trillion naira in 2016 alone to bombing and vandalizing of pipelines. The federal government in joint ventures with these multinationals spend billions of naira to lay all the oil infrastructures been destroyed only in seconds. It is easy to destroy than to build and people just go on destroying oil installation unreasonably…

The environment is been bastardized, the job loss, the loss of revenue…and these things are affecting you and I. The destruction of oil installation at the slightest provocation has made the present government led by Buhari to take the issue of economic diversification very seriously.

Diversification is not done in a short period; it could take between one to two years to begin to see result, hence the current harsh economic realities facing you and I. It is easy to blame Mr President and its government but you and I know that the government is not sleeping about what is going on. However, it is important to know that certain policies of the government cannot start yielding result in the short-run but rather in the medium or in the long-run.

Be that as it may, it is high time you and I begin to mind our business. Minding our business is the only way out of this economic hardship. There is now need to purge our mind from heavy dependent on oil and gas sector for our livelihood. Everybody wants to work, however, majority want to work in the oil and gas companies. Those that are not even working want to claim entitlement of been taken care of by the oil company operating in their area. Entitlement mentality has even caused us much destruction than good. ‘’To become financially secure, a person need to mind their business’’ – Robert Kiyozaki.

‘’When I say mind your business, I mean to build and keep your asset column strong. Once a dollar goes into it, never let it come out. Think of it this way, once a dollar goes into your asset column, it becomes your employee. The best thing about money is that it works 24hours a day and can work for generations. Keep your day-time jobs, be great hard-working employees, but keep building that asset column’’…

However, today, many are crying of job loss, some crying of value of money as depreciated which affects whatever salary s/he is being paid while many has loss their job and have nothing to fall back to, hence the high unemployment rate in the country. Many has left cities to their village to farm while some who lives nearby go their community to farm and come back to the city in the weekend.

The way out now is to go into farming. Yeah, farming! The price of food stuff is generally high and there has been complaint everywhere in the country. But I want to believe that price of goods are extra-ordinarily high in Warri and Port Harcourt. At present, a bucket of custard power measure of garri is N800, a bag of rice is N26000, a four liters of palm oil is N4000, 20 liters of groundnut oil is N10000, a butter cup of rice is N140, while beans is N100 and so on. The people are crying and there seems to be to respite yet.  

Be that as it may, there’s a need to be patient while the federal government deals with the situation. There is this believe that prices of food stuff will soon go down. Yeah, I want to believe that by the time everybody go into farming this year, maybe because the price of garri for instance is high, by next harvest, supply of these food stuff will outweigh demand, hence the likelihood price will crash.

On the other hand, you must not only go for crop farming; poultry farming, piggery, snail, palm plantation, plantain plantation, sweet potatoes farming etc. You need also go into skill acquisition; acquire skill if you haven’t, not minding you’re a graduate or not. Open a small business you could grow…and good to know that a lot of Nigerians are beginning to realize the need to start doing their own thing. All hand must be on desk!
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Saturday, 24 September 2016

Niger Delta Militant Bombs Bonny Export Line: How About the Ongoing Dialogue?




The Militant group is been reported to have bombed the Bonny 48 inches crude oil export line on the ground that government is not sincere about the ongoing dialogue and negotiation. At this point in time, what will the federal government do? The economy is already in recession, hunger everywhere on the land, millions of unemployed graduate are roaming the street with no job, the already employed before now have been dropped in numbers from different sectors of the economy, the seller in the market is no longer making sale as price of goods has skyrocketed, there is confusion everywhere. Even at present there are conflicting ideas on what to do about the economy. Where do we go from here?

The militant needs to be appealed to. Why? So they could continue to see reason for dialogue as the best option and not bombing the pipeline. While the masses applaud them for the initial understanding to go into dialogue with the federal government, they should not run out patient. On the part of the government, they should show that they are sincere about the dialogue by acting urgently to see that the ongoing negotiation is done with the urgency it demands. Democracy is all but dialogue and negotiation. We need to move forward in this country. All hand must be on deck now. Every sacrifice that needs to be made ought to be done with urgency. Life is all about give and take. 

what do you think?
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Conflicting ideas on pulling Nigerian Economy out of recession: The Way Forward

img Conflicting-ideas-on-pulling-Nigerian-Economy-out-of-recession-The-Way-Forward .gif" alt=" Conflicting ideas on pulling Nigerian Economy out of recession: The Way Forward "> </p>
Suggestion from some members of Senate calls for the sale of key national asset to raise about $15billion dollar to shore up foreign reserve and embark on capital projects,

Treasury Single Account (TSA) should be look into as it has been discovered to have done more harm to the economy than good as it has cause acute shortage of fund in the nation’s financial institutions,

Anti-corruption war is been suggested to looked into as the way and manner EFCC has been going about it has create fears in the mind of people from investing their money for fear of not being questioned and arrested. 

Sequel to the nation dwindling economic fortune leading to recession, there has been calls for the sale of the national assets to raise fund to the tune of $15billion dollar to shore up the nation’s foreign reserve and be able to finance capital project in order to boost the economy. However, this suggestion didn’t go down well with some members of the senate. Some sees it as a desperate decision which needs to be examined critically. This school of thought believe that though the economy is in a dare situation and need urgent solution, however, the nation’s key asset should not sold for the fear that the asset will end up in the hand of individual who may exploit the system to the detriment of the people. 

The NLC and TUC are already against the idea and have position themselves to may be embarked on nationwide strike if federal government at the end chooses such option. The harsh economic reality is biting hard, the general price of goods and services is on the increase, and people can no longer afford to eat three square meals, hunger in the land, crime rate in on the increase and many more ills in the society. If you can’t use what you have to solve your immediate problem, what is your suggestion on the way forward? Already there has been name calling, portraying those for the sale of the nation’s key asset as none-patriotic Nigerians. There is need to examine this option (pros and coins) critically without resorting to name calling. What Nigerians need this period is meaningful and practical solution and not argument that will not yield any solution.

On Treasury Single Account (TSA), it was believed that the Jonathan led federal government initiated it but never implemented it during his administration. Every policy has its advantage and disadvantages. What make policy acceptable is when it did not end up making majority worse-off…there should be Parato optimality in every economic decision(s). Why is it that Jonathan initiated the TSA but never implemented it? Did the government later examine it and discovered that it might make the economy worse-off irrespective of the perceived benefits? Is it the political will he never had to implement it? 

Meanwhile, President Buhari came on board and starts the implementation of the TSA policy and every federal government kobo was made to be transferred to a single account. It is believed that most of our financial institutions (Banks) depend on this federal government account domicile in their bank. However, these funds are no longer with them and some now find it difficult to cope hence the cutting down on their workforce. It should be noted that economy is interdependent, no one exist without each other.  If the TSA as implemented by the current administration is causing more pains to the economy than good, then there is a need to revisit the policy and see how it could be made flexible.

On anti-corruption fight by Mr President, some people see it as witch-hunting and selective, others also see it as a welcome development. However, you may look at it; corruption is an ill that does no one good. It has been our problem as a nation and it will continue to hurt us if we collectively don’t fight it. In fact, this corruption fight is one of the agenda of the president that brought him to power by the people.  Of recent, there were lots of mind blowing revelations on amount catered away by single and heartless individuals. Many as a result have been arrested and fund stolen returned to the federal government.   

Be that as it may, it’s amazing to know that after arresting these looters and detain them for a while and some amount returned, they still walk freely and go on with their normal life. It has even been reported in some quarters that some politicians are defecting or have defected to the ruling party to avoid been probed. It is also believed that some even with their genuine money is afraid of investing their money for fear of not been arrested by the EFCC. This corruption fight is a good fight for the benefit of the country and needs our collective effort to succeed. However, I want to believe that this fight can succeed more effectively through institution/structural change back up by law. 

In other word, every loophole should be blocked and checked always. There is a saying in my dialect that let the thief take the one he has stolen but let another one not be stolen again. I am not saying the fight should not go on, the EFCC should apply some restrained in the fight. There should be confident building in the system…the government should encourage and assure those who make their money genuinely to come out and invest in the economy. When the righteous rule, the people rejoice. If you know you make your money genuinely and have the interest of Nigerians at heart, come out and invest in the country. The Nigerian unemployed graduates needs jobs, you don’t need to carry your money to another country to develop them while Nigeria go through this hard time.

The federal government needs to harmonize urgently whatever suggestion that have been made aimed at pulling the economy out of recession and begin to apply them. The state government should not allow only federal government to carry this cross. All hands MUST be on desk. Time is obviously running out.
 
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Designed by Jide Ogunsanya.