Removal of the oil subsidy will save Nigeria $10 billion annually. How much would we save by cutting the cost of governance especially those jumbo packages that the legislators get? If you add what they receive informally those dudes are collecting what $2 to $3 million a year? There are like 1000 of them. Then go after the MDA’s. How much do you figure we can save?
El Rufia (not my favorite person but hey don’t kill the messenger) gave a pretty good analysis of the cost of governance in Nigeria. I’m on the look out for corroboration. Still it paints a pretty grim picture. Fuel subsidy has been one of the few ways that the rest of Nigeria have been able to enjoy their own piece of the national cake. Why start a war while a revolution is brewing already?
His write up points out just how weak Jonathan is, last time we had this kind of looting was under Shagari’s presidency, another weak President. Jonathan seems to think that ‘releasing’ money and watching people spend it will jump start an economy. So does my uncle Joe back home. He is a zoologist afterall. Jonathan that is. Thank ye Lord that Ngozi is back!
That said as a small/medium entrepreneur the increase in interest rates and inflation worries me to no end and I really want to understand in as simple a language as a lawyer can understand what that means for my start up business. I know it just got a whole lot harder but how specifically? But what do I need to do to protect my businesses?