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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