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People trending 'pay us with Bvn' on TwitterNG lately are the most unrealistic set of people in the world today. It's even more ridiculous that these same set of people are the ones 'god forbidding' IMF's projection that Nigeria is on the verge of it's worst recession in 30 years
We know your intentions are good but good intentions never and won't prosper an economy. Economic principles dont bow to feelings/nationalistic sentiments.
Even before the arrival of Covid19, Nigeria's 2020 budget is a deficit budget even when it was prepared at $60/barrel oil price. Imagine Nigeria having to borrow to fund that budget even at $60/barrel oil price.
Now let's take into cognizant the following:
- Oil (Nigeria's major source of revenue) price is dwindling globally, today it's less than$30/barrel.
- Nigeria Custom Service could no longer generate revenue due to border closure.
- Oil (Nigeria's major source of revenue) price is dwindling globally, today it's less than$30/barrel.
- Nigeria Custom Service could no longer generate revenue due to border closure.
There's been a drastic cut in revenues generation by Inland Revenue Services at the federal and state levels due to the fact that the economy is on a standstill
Chronic Inflation is looming as there's been disproportionate relationship between production and consumption pattern
Chronic Inflation is looming as there's been disproportionate relationship between production and consumption pattern
in the Nigeria's economy. I could go on and on.
But these well-meaning Nigerians think Nigeria has some trillions kept somewhere to distribute to its over 40million BVN registered account holders citizens.
But these well-meaning Nigerians think Nigeria has some trillions kept somewhere to distribute to its over 40million BVN registered account holders citizens.
I think the call is borne out of the fact that some countries are crediting their citizens' accounts as palliative measure against Covid19. If other countries can do it, why not us? They forget that our economic reality is different from theirs.
As I've said earlier, we understand that your intentions are good. It's just that fact don't care about feelings.
'God forbid' all you want and call the IMF all sort of names, it won't do anything to avert the looming economic catastrophe.
'God forbid' all you want and call the IMF all sort of names, it won't do anything to avert the looming economic catastrophe.
No matter how disturbing we find this IMFs projections, it is based on informed analysis of our economy, and facts will always trump feelings.
The best we can do is brace ourselves for the looming recession, not trivialize or make light of it as if it's some novice opinion.
The best we can do is brace ourselves for the looming recession, not trivialize or make light of it as if it's some novice opinion.
While IMF is pleading for a pause in debt repayments and debt forgiveness on behalf of Nigeria, we shouldn't be advocating
further debt accumulation.
further debt accumulation.
The purpose of this thread is that Nigerians should brace themselves for even harder times as the payment via BVN advocacy will most likely not materialise. It's sad and quite unfortunate but it is what it is.
Let's prepare our minds for the worst reccesion to hit our economy in 30 years so we won't be surprised when we start seeing it's ripple effects. As the Yorubas would say: A person whose eyes are deep in their sockets start his weeping from afar.
