Economic Recovery; Zainab S Ahmed must be commended!

By
Abdullahi D Mohammed


The global economy, no doubt, is in disarray, leaving governments and policy makers exasperated and forced to take proactive measures to mitigate the tide.

Nigeria is not spared as rising prices of commodities, diesel, aviation fuel and insecurity are roundly taking a hit at the economy. Exacerbated by the Russo-Ukriane conflict, global food shortages, according to the UN will inevitably lead to famine.

With Nigeria's rising debt, nonetheless, borrowing to fund critical sectors is nominally acceptable, but government must explore other avenues to shore up revenue.

The 5 percent hike in tax for voice and data, as announced by the Honourable minister of Finance, Zainab Ahmed, is one of such measure. And, expectedly it generated mix reactions.

First, minister of communication and digital economy, Ali Pantami obviously had his emotions becloud the entire purpose of the hike, in view of the current realities. The taxation system in the country has been anything but porous and ineffective, which led to the borrowing spree. Government cannot continue to borrow. At some point, we must look inward to raise funds to save the economy from imminent collapse.

Pantami ought to understand the impact and enormity of economic meltdown, especially on an Oil dependent economy such as Nigeria.
Furthermore, he must understand that, federal government consolidated revenue-to-gross domestic product (GDP) ratio at 7.5 per cent, at this point is about the lowest in the world. As such, a more realistic fiscal policy is needed to save the economy and put the country on path of recovery.

He must not try to extricate himself, and work at cross purposes inorder to depict a picture of a populist, or pro masses, while demeaning his colleagues, like Zainab Ahmed. We are aware, Nigeria's has one of the weakest tax policies in the world. It is about time, Nigerians make the inevitable sacrifices inorder to get the country out of the economic abyss.

Government on her part must do away, completely with fuel subsidy. Micro loans must be made available to deserving entrepreneurs.
Total diversification should not be anchored by mere lip service, rather through an enhanced and proactive actions, especially in agriculture. Interventions, like provisions of fertilizer to farmers at affordable rates should be championed. It will boost the agricultural sector.
No individual should be sacrificed for Nigeria's economic woes, and efforts to get it out of the doldrums.

The Honourable minister of Finance, Zainab S Ahmed, despite malicious attacks on her person, and deliberate sabotage, has been trudging through the difficult terrain, in a patriotic effort to reposition the country's economy.

Only recently, she was drawn into Governors/FEC squabble, and the politics of Paris Club refund. It is a needless distraction from her torturous journey to ensure Nigeria's full economic recovery, in the midst of global crisis, with grave consequences.

The Double tragedy of past two years -- Covid-19 pandemic and Russia-Ukraine War, has had devastating impact on world economy, of which Nigeria is also a victim. It takes a Woman, with steel-like nerves to even attempt to stay the course in bringing her country's economy back to life.

Zainab S Ahmed must be celebrated, not the other way.

Abdullahi D Mohammed is a columnist, public affairs and policy analyst.
abdullahkidnyce@gmail.com

How much dem pay this one to write rubbish, economic recovery ko, olodo recovery nee

When will these azzholes start taxing cows.

after4:
How much dem pay this one to write rubbish, economic recovery ko, olodo recovery nee

Don't mind him. Paid propagandist