By Lawal Mutiat Aderonke.
The word “Recession” has become one of the most used words in a typical Nigerian Conversation nowadays such that even the illiterates know what it means for an economy to be recessed. According to the Merriam Webster dictionary, “Recession” is the act or action of receding” and simply put in today’s Nigeria context, it is a period of reduced economic activity. But it is commonly said that nothing happens without a cause. What then is the bane of the Nigeria Economy? For only when we know the cause of a thing can we find the solution.
It is no longer news Nigeria is witnessing the worst economic downturn since its inception and it all started with the crash in the price of Crude oil and the Nigeria Currency-Naira was devalued twice coupled with the activity of the Nigers that led to the drop in the production of Crude oil. Recently, the prices of goods continues soaring higher while the meagre income of most Nigerians remain constant or reduced by half (as some states,Osun state for example imbibed such custom because of their inability to pay their full monthly earnings).,
The factors leading to current day economic decline in Nigeria boils down to just a cause which is Bad Governance. We possess every good thing but good and trustworthy leaders. Qualities of a good leader include the act of being selfless but it’s really saddening we have a few or none to call our selfless leaders. At least, the two years already spent by the incumbent President-General Muhammadu Buhari revealed that 90% of our Politicians are corrupt and only aimed at embezzling the country’s fund though many have accused the president of only hunting the opposition party members but the fact that Corruption is inherent in our Politicians is proven and until this wrong is right, Nigeria will continue to be in distress.
Now, How has bad governance over the years contribute to the recent decline of the economy? I would start with the outrageous earnings of our leaders,using that of our legislators as an example. The Nigerian legislators earn nothing less than some figures in millions plus countless allowances. A recent article on Buzznigeria.com by Ogechukwu Nwabugo proved that the sum total of any Nigeria legislator’s annual salary is #353,756,988.00 and Nigeria has not less than 109 Senators and 360 members of the house of Representatives.
The above amount when multiplied by the numbers of the legislators would be enough to feed and improve the nation if judiciously utilised and do you realise that great amount exclude the salaries of the President,Vice-president,Ministers,Governors,Ambassadors and other top officials?,thus,it no longer baffles me why they fight tooth and nail for Power. Our Political leaders should be the public servants serving the nation by serving the people since it is the government of the people,by the people and for the people but it is ironic that the electorate,the Nigerians serve them instead. Nigerian politicians,no doubt are the highest paid politicians in the world. Now,the economy’s in distress, what next? The answer would be found in this riddle.
“A man earns #1000,and from this amount,the wife takes #600 while the children share the remaining #400 according to their age,but suddenly the man’s income reduces to #400. What should be his next plan of action?” The answer is simple. The man and his family would cut their expenses and adjust to the new system.
The above scenario applies to Nigeria,the man is Nigeria herself,the wife is our leaders while the children are the populace. The #1000 signifies the Oil boom period while the #400 is the situation in Nigeria now. Thus, Nigeria would be better off if she could cut her expenses and invest more. The Outrageous earnings of our leaders should be reduced and that would not only raise the economy but also create apathy such that only people who are ready to serve would show interest. We would then have a good government that would not salvage the economy but make it better.
Furthermore, Bad governance on the part of our leaders has also contributed to poor economic planning. It is no news Nigeria has been operating a mono-economy over the years. Though there are other sectors which we
have their ministries like the federal ministry of agriculture,it seems those ministries are only for records and its employees are only being paid for no effort. Nigeria solely depends on Crude oil while neglecting other sectoors and worse still, the crude oil are refined abroad despite the amount realised from petroleum. Now tell me, what ordinary would happen to an economy that has imports greater than exports?
The deed is done and it is high time we corrected our steps. I believe,in my opinion, the government should cut the country’s expenses,develop other sectors,particularly the agricultural sector and the education sector and as well promote industrialization by giving incentives to infant industries in Nigeria. GOD BLESS NIGERIA!.