Heโs a miracle-working God๐๐ป๐๐ป๐๐ป๐๐ป. Heโs a miracle-working God๐๐ป๐๐ป๐๐ป๐๐ปHeโs the Alpha and Omega, ๐๐ป๐๐ป๐๐ป๐๐ปHeโs a miracle-working God!๐๐ป๐๐ป๐๐ป
Here are my thoughts on President Tinubuโs speech on the economy. I will respond to each paragraph, so you would need to reference the full speech to follow my thoughts:
1. It is good that he came out to explain the reasons behind the policy measures.
2. It is good that he chose to talk in simple terms without economic jargon.
3. I agree with the removal of fuel subsidy although I am not opposed to subsidy per se. It could have been possible to tackle the fraud in the system, and to ensure that only the poor benefit. This will rely on a credible and comprehensive database of the poor, with full knowledge of each Nigerianโs income. Because since that cannot happen overnight, it is better to first stop the country from bleeding $16 billion every year on subsidy that we cannot afford.
4. I agree subject to my views on point 3, above.
5. I agree.
6. I feel that the preceding administration could have acted sooner. I agree that subsidy was initially well-intentioned but has become a millstone on our necks.
7. I agree that the multiple exchange rates gave a few people an unfair advantage.
8. I agree.
9. Understood
10. I agree
11. The hardship on the streets is clear.
12. Good to acknowledge that these are only immediate steps. Good to focus on businesses, the working class and the poorest.
13. Ok but there is a need for speed with these.
14. Suspension and deferred commencement of some taxes will benefit business. I havenโt yet seen the Executive Orders. I will look for them.
15. Funding 75 enterprises with N1 billion each at 9% interest for 60 months is an interesting idea. How the 75 enterprises are selected will be key for the credibility of the initiative, as will how their progress is tracked and reported (including how they are paying back the loan).
16. It is a clear policy choice to energise MSMEs. Some prefer to energise big businesses in the expectation that MSMEs will benefit collaterally by supplying them components. There is no one answer. Either is a policy choice with which reasonable people can agree or disagree.
17. I am glad that the N50 billion grant is to nano businesses and that it is conditional. I am also glad that the touted N8,000 to 12 million households, using the National Social Register, for 6 months doesnโt appear to be happening anymore. As always, how the nano businesses are selected will be key for credibility, as will a report on how they are meeting the conditions attached to the grant.
18. Ditto
19. I look forward to details about efforts to reduce food prices.
20. Release of grains is good. Again, how they will be distributed is important.
21. Ditto
22. Clear policy choice.
23. I look forward to seeing the approach agreed on.
24. Noted
25. It would be good to ensure that this new Infrastructure Support Fund is focused on basic education and primary health, not another state university or โultramodern hospital.โ
26. Using the fund to improve rural access roads is also good.
27. CNG buses are better than diesel or petrol. The provision will benefit transporters.
28. Same comment on how beneficiaries will be chosen. It will be good to think about how the poor will pay to ride in them.
29. Great to see that the minimum wage is being reviewed. It is important to find ways to ensure that the states and businesses are able to comply.
30. Noted
31. I agree
32. We still need to find ways to cushion the effects on the poorest.
33. Noted
34. I hope so too.
35. How the savings from subsidy removal is accounted for is key.
36. I look forward to the details.
37. Noted
38. Interesting. The โhowโ will be interesting to see.
39. I hope so.
40. Noted
41. Thank you too and may God bless Nigeria.
@renoomokri The movie is not anti government. It just brought political thuggery to light atleast some will get a better understanding of it. Not much was really exposed in a broader sense though. Just a tip of the iceberg, hopefully more movies like this will be released.