Discipline is seeing a well laid bed but sticking to your routine by ensuring all your work is done and completed before jumping in it. No matter how many times it calls you. 🤣
This is why the Naira is falling uncontrollably... An unbiased and unadorned explanation.
If you know Dr. Nnaemeka Obiaraeri, you'd drop everything & watch this. No cap.🧢
I finished my SSCE in july 2013, and my parents enrolled me in tailorshop a week after. I learnt tailoring and fashion designing for a year, then I wrote jamb in 2014 and would later get admitted to study computer science in the Lagos State Polytechnic, ikorodu. 😔
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Here is idea #32 🧵:
An increase in fuel prices and unpegging of the Naira has led to an increase in local costs. A palliative of sorts is needed to cushion the immediate impacts of these policies on the Nigerian household.
Considering a non-retail cash transfer between the Min of Finance/FIRS/Customs as a possible subsidy is expedient. Specifically, funding a 3 to 6-month holiday on Import and Corporate Income tax duties on food, educational and healthcare products and services.
In effect, the loss of customs and FIRS revenues to the Federation is the subsidy paid for by book transfer at the Ministry of Finance, which oversees the Customs Service and FIRS.
This subsidy immediately impacts wages and inflation; wages rise (as food costs fall), and inflation (caused by food prices) also falls. It is also an all-encompassing subsidy that benefits the very poor in Nigeria, who spend the bulk of their wages on food
Take even 30% of the "subsidy savings" from the removal of subsidy on petroleum imports and apply it towards
What is the catch? it harms local farmers who will see depressed prices for their output; you extend the subsidy to local farmers when you guarantee local food prices; remember, there is nothing wrong with local subsidies that maintain or boost local jobs.
Imports are not a long-term solution, but in the interim, Nigeria must drop interest rates by focusing on the causative driver of inflation, which is higher food prices.
to summarize
1. immediate security operations to secure farmland and boost harvest for next season
2. transfer of subsidy savings to cover income loss from customs and guaranteeing minimum prices for local farmers
3. in the medium term, focus on investment in the agricultural value chain; think of Lake Rice, a partnership between Lagos and Kebbi States; that bag of rice should be 50% less than any imported bag; if not, find out why? Invest in that specific area to raise overall productivity. e.g. if the road or rail from Kebbi to Aba is bad, fix it. If the power supply to Abakaliki that makes rice is bad, fix it
Food is the ground zero in fighting inflation and growing the economy in Nigeria.
Agriculture employs the largest number of Nigerians and is one of the most significant contributors to GDP growth. Any measure that drops food costs is a good measure that must be funded and supported.
Buhari Signs Amended Constitution To Allow States Generate, Transmit Electricity
The President, Major General Muhammadu Buhari (retd), has signed into law the constitutional amendment allowing states in the country to license, generate, transmit, and distribute electricity.
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