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Nigeria’s Economy: Challenges And Possible Solution

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An economy is a depiction and  value of the holistic national resources and their implicit and explicit phenomenal interrelationship in engendering  production of goods and services, distribution of goods and services, flexibility and accessibility of the aggregate market system and the capability of the money supply indices for acquisition and utilisation to facilitate the course of consumption and sustain the econominal value system  of the government, the private sector and the economic units of the nation. According to D.D.S Amachree (1992), man consumes nothing but utility. Of course, it is the utility derived from the goods and services that revitalises and motivates the economic units to be more productive, and realise robust income per capita for the enhancement of the gross domestic product (GDP).Over the years, Nigeria’s economy has totally dispersed from consistent positive growth and development.
This is because the dedicated economic policies which are the fiscal and the monetary policies earmarked to engender all encompassing growth and development are all in shambles . This is consequent upon the existence of the lack of synergy between the policy makers, the inapplicable  proportional content and nature of the theoretical and empirical  framework composition of the policies and the existence of disharmonious and divergent policy objectives amongst the monetary and fiscal policies authorities. Seemingly, the yearnings of all Nigerians are to encounter an improved economic system that will boost the living standard of all Nigerians, which will equally reflect on the GDP vis-a-vis the rigorous  improvement in the income per capita via the implementation of fantastic fiscal and monetary policies which are in commensurate level with the policy objectives and specifications.
The ripple effect of this is to have an extensive prevalence of low interest rate(MPR) with a robust cash  reserve and liquidity in the financial  systems which will in turn foster investment opportunities  and a drastically low risk factors implication. Other potential economic  indices that could be achieved in this context entails, rigorously reduced government debts, zero budget deficit , consistent single –digit inflation,  a rebounds on the currency naira, effective financial market system, infrastructural development, human capital development, improved foreign reserve, dependable foreign direct investment, job creation and employment opportunities, objectivity in the distribution of national income and resources, robust internal control systems with concrete accounting information systems in the public and civil services, attractive foreign relations and foreign policies, etc. However, these aforementioned economic growth and development indices and factors are contemporarily dismal, not depicted and somewhat limited in terms of making an holistic view of the Nigeria economy. Based on this premise, as an accountant, financial analyst, researcher, effective thinker, and a patriotic citizen, I found it more imperative to disclose certain findings which I achieved in the course of my research recently, which has utter bearings with the current economic challenges in Nigeria. These findings are: A mathematical and economic model was achieved to mitigate the current incessant increase in government debt and budget deficit. A mathematical /economic/financial model was achieved to eliminate the incessant depreciation of the Nigerian currency (Naira) to a dollar, pounds and other foreign currencies.
It is evident that for the past decades, based on the concrete implementation of the fiscal and monetary policies by the British Government, the pound is invariably increasing by at least 13.50per cent (13.50%d”xe”27.50 per cent) which means x is greater than or equal to 13.50 per cent and x is less than or equal to 27.50 percent, from the value of the dollar to the value of Naira and also from the value of the pounds to the value of Naira. The above estimation or independent variable measurement is an inequality expression. For instance whenever the dollar is equivalent to N750, the pound is equivalent to N850 or more which is a difference of N 100 or more and of course this stability or static trend continues whether the naira appreciates or depreciates subsequently. This constancy or stability or static context is what my research finding is capable of addressing to make the Naira on a drastically reduced fixed rate with the foreign currencies, especially dollar and pound with a mathematical economic/financial model for a very short-term period and afterwards the Naira will begin to appreciate eventually to be at par and above par with the dollar and the pound which is a depreciation to the foreign currencies while the Naira will be successively appreciating. In order to achieve this, an ideal policy which is expressed in acronym “The COSUDTAPA” concept  model, and policy should be adopted. Curbing the inflation to a single-digit through formulation of fiscal and monetary policies which have more of empirical framework than theoretical framework in order to curtail the attitudinal excesses of the dominant strata whereby stimulating growth and development in the economy.
These policies are to be captioned by acronyms for effective and holistic visibility, monitoring, analysis and evaluation in the course of implementation. Formulation of all encompassing monetary and fiscal policies framework that is capable of bringing the Nigerian economy to the global limelight.  The holistic perception of this is that, for a nation to achieve its economic potential objectives and goals, it requires an uneasy commitments from all the distinguished economists based on the government provisions and objectivity to acknowledge and collaborate with the economists in proffering solutions to the economic challenges, irrespective of the magnitude of the economic decline and the economists limitations. This is so because it is evident that no government can do it alone anywhere across the globe without the inclusion of the economists and financial analysts. According to Mr. D.D.S. Amachree (1992, Kalabari National College, Buguma) “economics is a common sense but the common sense of the economists is not common”.

By: Charles Brown

Brown is a financial, data analyst and author.

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Opinion

The Rantings  Of Rivers ALGON

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For the first time in the last eight years , one can observe a moribund  and toothless,  Association  of Local  Government of Nigeria, Rivers State Chapter trying to lull the people of Rivers State in believing that  it exists, that it is versed and abreast with the provisions  of the 1999 Constitution  of the Federal  Republic of Nigeria (as amended), knowledgeable  about subsisting  judicial  pronouncements on  the Local government administration  matters by courts of competent jurisdiction,  and it has workers  and. the people’s  welfare at heart.
These wrong impressions  can be deduced from the text of the Press Conference  delivered by the Association  last week.
Despite the window dressing  and cosmetic posture   that the Association  of Local Government of Nigeria, Rivers Sttate chapter wants to impress on the people and residents of Rivers State,  it is crystal clear that workers at the Third Tier of  Government  have not fared well in the last eight years of the repressive  and workers unfriendly  immediate past administration  in the State.
While workers at the State were fortunate to have a controversial minimum  wage paid to them, local Government  workers did not benefit from the N30,000 Minimum  Wage which became a legal instrument  about six years until March 2024, following  a directive by the Executive  Governor,  Sir Siminalayi  Fubara,  to Local Government chairmen in the State to immediately  implement the minimum wage,  wage award and  promote workers.
Where was.the Legal Adviser  of the Association of Local Government of Nigeria, whose statutory  responsibility it  was to advise the former  Rivers State. Governor  that it is  an affront on the sensibilities of  workers and fragrant.breach of extant law  to not pay minimum  wage to workers at.the 23 Local Government councils.
Civil servants at the State and Local Government  councils were not promoted and did not benefit from the annual incremental credit for about ten years. The incremental credit is a paltry and very insignificant  amount compared to the inputs of workers to drive implementation of government  policies and programmes and what elective office holders take home within the comparable period.
I had expected a “concerned  and workers-friendly ‘ Association  of Local Government in the State to midwife the promotion of workers, implementation  of Minimum wage  and fulfill their statutory  obligations to the workers and the people at the local government  areas whose resources they hold in trust and on whose behest they are in power.
It therefore  beats my imagination that    Local  Government  Chairmen  of ALGON,  who are products of  the ballot and not  appointees of the former governor lost their “Executive” status and played the second  fiddle role. Even when there was unconfirmed tampering  of local government funds, they could not  protest or raise an eye brow.
How the people who were cowardly and timid before the former  administration  in the State  suddenly  cultivated and imbibed the effrontry  and temerity to hold a Press Conference attempting to disparage the performing  and conscientious  Sir Siminalayi Fubara-led administration  leaves much to be desired  and a bad taste in the mouth of all patriotic  and truthful  Rivers people.
I expected the self serving chairmen  under the aegis of the Association  of Local Government  of Nigeria to brace up to the challenges of seeming derecognition and denial of their right of expression as elected chairmen by the former administration  in the State.
While the ALGON has the legitimacy  to contest violation  of,  or infringement on their interests, such protest should not be seen as selective. Between  1999 and 2003,  the Association  of Local Government  of.Nigeria in Rivers State was vociferous  and so  alive to its onus that they rejected allocations  that did not reflect the true figures of what the local government councils deserved from the Joint Account Allocation  Committee  (JAAC). That was when ALGON was keen and committed  to the essence  of its formation. That was a real workers-friendly ALGON.
However, with the advent of crude and uncivilised godfatherism that circumvented real democratic processes for manipulative and coercive selection that ultimately  produced  unpopular candidates of the godfather,  chairmen were reduced to puppets, playing  subservient  roles for their benefactors instead of protecting  the interest and welfare of workers and the people of their local government areas, who they ought to represent.
Having therefore failed to speak up for workers and defend the welfare of the people of their local government areas, at a time they were oppressed,  the association  in my candid opinion  does not have the  moral justification to  cry fowl against the present  administration  in  Rivers State whose policies and programmes so far, reveal that the governor  understands  that  the legitimacy  of his administration  is  derived from the people, so he is accountable to  them by putting in place infrastructure that will give fresh breath to a people who are recuperating from  the suffocation  of repressive  and coercive  governance.
Sir Siminalayi Fubara  is today a messiah to workers in Rivers State. Local government. workers are .being paid minimum wage, promoted and duly placed at their appropriate levels after 10 years of no promotion.
Civil servants  in the State are sure of receiving  their pensions immediately  after retirement  from service  which was a marked. departure from previous  administration.
Rather than vilifying or  demonising the present  administration  in the State, the Association  of  Local Government of.Nigeria, Rivers State should thank the  Governor, Sir Siminalayi Fubara,  for doing in less than one year what their grand master could not  do for them and workers in eight  years.
Remember, everyone will stand in the court of history  and posterity  to account for their  actions and inactions  in office.

Igbiki Benibo

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Kidnapping: Need  For Govt  To Address  The Monster

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Kidnapping, a heinous crime, cannot be condoned in any circumstances. The situation in Nigeria, characterised by various security challenges, including the presence of militant groups and criminal organisations, requires a multifaceted approach to address its root causes.
A report by the Beacon Security and Intelligence Limited, a security risk management and intelligence company based in Abuja, stated that at least 2,583 people were killed and 2,164 kidnapped in the first quarter of this year.
The record carries the number of killings and abductions across the country from January to March, indicating that 80 percent of the killings and 94 percent of the abductions occurred in the Northern part of Nigeria.
This report, however, varied with the position by the National Security Adviser (NSA), Nuhu Ribadu, who said that the casualty figures were going down, the consulting firm’s report showed that an average of 28 persons were killed and 24 kidnapped.
The Nigerian government, through the Minister of Defence, Muhammad Badaru Abubakar, during the maiden edition of the annual lecture series organised by the Nigerian Army Resource Centre in Abuja, said the security situation was under control.
The casualty figures in zones, according to the data from the Beacon Security and Intelligence Limited, revealed that out of the people killed during the period, 793 were from the North-West, 681 from the North-East and 596 from the North-Central. The casualties were recorded from bandits’ attacks, farmers/herders’ conflicts and communal clashes.
The South-West recorded 194 killings, the South-South, 161 people; and South-East, 158. The five states with the highest number of killings were Borno, 517; Benue, 313; Katsina, 252; Zamfara, 212 and Kaduna, 206. The data showed that out of the 2,164 persons abducted within the period, 1,297 were kidnapped in the North-West, 421 in the North-East, 330 in the North-Central, 30 in the South-West, 66 in the South-South and 20 in the South-East.
Kaduna State recorded the highest number of abductees with 546; Zamfara, 447; Borno, 340; Katsina, 252 and the Federal Capital Territory (FCT), 102. Experts hope that the present government under President Bola Tinubu will do the needful.
Firstly, addressing the socioeconomic factors that contribute to kidnapping is crucial. High unemployment rates, poverty, and lack of economic opportunities push individuals towards criminal activities. Investing in education, job creation programmes, and infrastructure development can help alleviate these issues and provide alternatives to crime.
Secondly, strengthening law enforcement and judicial systems is essential. Improving police training, equipping them with necessary resources, and enhancing collaboration between security agencies can help in apprehending criminals and ensuring justice for victims. Additionally, enhancing the efficiency of the judicial process and holding perpetrators accountable through swift and fair trials can deter future criminal activities.
Furthermore, enhancing intelligence gathering and surveillance capabilities can help in preempting kidnapping attempts and dismantling criminal networks. Cooperation between government agencies, intelligence services, and international partners can facilitate information sharing and coordination in combating organised crime.
Moreover, addressing corruption within the government and security forces is imperative. Corruption undermines efforts to combat crime by facilitating criminal activities and eroding public trust in institutions. Implementing anti-corruption measures, promoting transparency, and holding corrupt officials accountable can help in restoring trust and integrity within the system.
Community engagement and empowerment play a vital role in preventing kidnapping and other crimes. Building strong community relationships, fostering trust between residents and law enforcement agencies, and promoting community-based initiatives can help in identifying and addressing security threats at the grassroots level.
Finally, kidnapping in Nigeria is a complex issue that requires a comprehensive and coordinated approach. Addressing socioeconomic factors, strengthening law enforcement and judicial systems, enhancing intelligence capabilities, combating corruption, engaging communities, and promoting international cooperation are all crucial components in combating kidnapping and improving security in the country. However, it is important to remember that any strategy must prioritise human rights, the rule of law, and the protection of innocent lives.

Badamasi Junaidu
Junaidu writes from Abubakar Tatari Ali Polytechnic, Bauchi.

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Local  Government As Agent Of Nation Building

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Development is regarded as sequential changes or growths that occur in a society or country over time. It remains a product of good governance, which mostly lies in the hands of those at the helm of affairs at a particular time and process that led to the emergence of such leaders.
The local government is universally found in contemporary societies, both in the developed and developing countries. It is a vital political institution, such that modern politics and administration revolves around it. Today, most countries across the globe have adopted democratic system of government, being the government of the people, by the people and for the people. In these countries, governance is centered on three tiers with constitutional backing to aid rapid development. A country like Nigeria has three tiers of government, Federal, State and Local Governments. Each tier has constitutional roles, aimed at complementing each other. The mother of them, that is, the Federal Government, plays significant roles in nation building, and this is one of the reasons why citizens always look unto the presidency and participate actively during presidential elections conducted by the Independent National Electoral Commission (INEC).
It is an established fact that citizens also perform their civic responsibilities as expected during the governorship elections, while there is a lot of apathy during the chairmanship and councillorship elections, forgetting that without a solid foundation, the longevity of structure or building is in doubt.
Citizens’ nonchalant attitude to the process that produces public administrators at the grassroots is quite alarming, and this usually results into having the wrong peg in the right hole.
Findings revealed that voter apathy associated with local government council elections was due to non-performance of some previous elected administrators, lack of security of lives or property and lack of trust in States Independent Electoral Commission (SIECs). Others include introduction of caretaker committees to man the affairs of the councils, do-or-die approach of political soldiers to the council’s polls, interest of the incumbent governors, choice of political godfathers, influence of respected monarchs and many more. The local government is a tier of government that provides essential services to the public, such as health and safety, transportation, sanitation, environmental, and utilities.
Also, it is the tier of government that ensures grading of rural roads, management of basic schools, local markets, among others. Public administrators play a crucial role in the delivery of these services and the management of local government organisations. Some time ago, the governor of Akwa Ibom State, Pastor Umo Eno, at the swearing-in ceremony of chairmen and vice chairmen of Nsit Ibom and Urue–Offong / Oruka Local Governments, compelled chairmen of the local government councils in the state to reside within their areas of jurisdiction for effective delivery on their mandate and development of rural areas.
Also, the ongoing campaign or demand for financial autonomy for local government by relevant stakeholders in the country further attests to how important this tier of government is in building a prosperous and self-sustained nation.
This development led to the conduct of local government council election in the 33 local government council areas of the state in 2021 by the current leadership of the Oyo State Independent Electoral Commission (OYSIEC), headed by a Senior Advocate of Nigeria, Aare Isiaka Abiola Olagunju. About 30 percent of registered voters took part in the election, a result that further attest to the long-time nonchalant attitude of citizens and residents to local government council elections. According to records, the feat attained by the commission in terms of voter turnout was the highest in recent times.
No doubt, democracy provides opportunity for people to choose their leaders and enables citizens to make their opinions known to those in power, enjoy good governance and interface with the authorities, especially those at the grassroots.
Adegoke writes in from Ibadan, Oyo State.

By: Adedamola Adegoke

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