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1. Hello tweeps. There are some conversations we should be having around the economy with the effect of COVID-19 on oil prices. This is not a Government problem but a "WE" problem. How does Nigeria navigate the myriad of economic problems. These are my thoughts:/2
2. Government should not be expected to borrow money from the IMF or anywhere else in order to pay salaries.
3. Government must reduce its overheads.
4. How does the FGN navigate this dichotomy-Reduce the current recurrent expenditure without laying off staff?/5
3. Government must reduce its overheads.
4. How does the FGN navigate this dichotomy-Reduce the current recurrent expenditure without laying off staff?/5
5. I think the way out is as follows:
(a) Labour (NLC/TUC etc) should grant to the FGN a moratorium of 2 years certain when FGN is allowed to reverse to the old salary structure before the minimum wage increase and attendant increases for other grade levels./
(a) Labour (NLC/TUC etc) should grant to the FGN a moratorium of 2 years certain when FGN is allowed to reverse to the old salary structure before the minimum wage increase and attendant increases for other grade levels./
(a contd.) Moratorium does not mean salary increase forfeiture, but a deferral. FGN will still owe the extras which will be paid back in instalments or graduated scale after 2 years or when revenues rebound, whichever is the earlier occurrence./
(b) All public (politically appointed) (not civil servants now since they will maintain old salary) should also take a 25% cut on salaries and emoluments. This will include the NASS
6. More expenditure cuts should come from travels by public officers. More business meetings should be conducted virtually except that are impossible to achieve in that manner.
These are my initial thoughts. Can I ask us to think on these and many more that I am sure you have/
These are my initial thoughts. Can I ask us to think on these and many more that I am sure you have/
7. The FGN has reduced price of fuel. How I wish this had not been done because to me it would have been a way to recover the under-recoveries of the past, but since this has not been done, the good thing that has happened is that the subsidy/under recovery regime is now gone/
8. We are all in this together folks and our sacrifices are going to make our rebound from this global looming recession quicker. @wFalabede @IsuphJt @yinkanubi @Ayourb & all the economics gurus. I know I am a layman and may not be making sense, but do way in: How should we move?
