The situation is extremely tough. Oil contributes over 70% of total govt revenue, 90% of export earning but a meagre 8% to our GDP. In clear terms, the govt will become bankrupt in terms of revenue. But the GDP figures offer a little bit of hope, hard choices will have to be made
Our revenue at the budget benchmark could barely pay salaries at N18,000. The govt needs to sit down with labour unions and let them know the reality. Our debt to revenue ratio will become worse, the govt cannot afford to borrow to keep the workforce. That will be suicidal...
This is the time to sit with labour unions, the legislature. The workforce must be trimmed, I will only keep revenue generating agencies and essential workforce with focus on Security, healthcare, Agric, education.
The constitution has to be temporarily amended.
The constitution has to be temporarily amended.
18 ministers, 3 from each geo-political zone for the next 2 years. Sacrifices must be made by everyone.
Presidentcy / Legislature - 70% cut in expense. Basic salaries no allowances.
I will offer civil servants with huge wage bills their full pension in exchange for retirement.
Presidentcy / Legislature - 70% cut in expense. Basic salaries no allowances.
I will offer civil servants with huge wage bills their full pension in exchange for retirement.
Younger civil servants who want to retire can also have their pension and key into Agric schemes.
If they choose to stay, there is no money to pay them! Priority will only be given to Security, Healthcare, Education and Agric.
No magic, pure facts.
If they choose to stay, there is no money to pay them! Priority will only be given to Security, Healthcare, Education and Agric.
No magic, pure facts.
Agriculture and food security will be paramount. The exclusive list will be trimmed down to allow states manage extractive industries while paying taxes to the FG. We can still ramp up exports from Agric produce and solid minerals.
No subsidy!
No subsidy!
Subsidy will be diverted to manufacturing. With oil accounting for 8% of our GDP, we have a lot of sectors to play around with.
Local consumption is the focus, currency will be devalued to encourage exports and reduce needless demand for foreign goods.
Local consumption is the focus, currency will be devalued to encourage exports and reduce needless demand for foreign goods.
And also to attract foreign investment into other sectors of the GDP.
Time to dispose off liabilities and 'assets' that aren't generating revenue for the govt. All the houses, National theatre, Stadium, companies, refineries and other monumental money draining projects.
Time to dispose off liabilities and 'assets' that aren't generating revenue for the govt. All the houses, National theatre, Stadium, companies, refineries and other monumental money draining projects.
PPP models for power, roads, tertiary hospitals and public housing. Give willing investors free land, tax breaks for power projects and mechanized farming.
Heavy taxes on luxury items, it's survival mode. FiRS needs to rake in every penny available. Widen the tax net in 2 years
Heavy taxes on luxury items, it's survival mode. FiRS needs to rake in every penny available. Widen the tax net in 2 years
We need Data, national identity number and a proper database of people who earn any form of income. They have to be dragged into the tax net.
This is needed to push up our tax to GDP ratio from 6% to at least 15% in two years.
Social safety programs to cushion the effect..
This is needed to push up our tax to GDP ratio from 6% to at least 15% in two years.
Social safety programs to cushion the effect..
Health insurance, mass transportation, mass housing etc.
The governors should go straight to farming, service industry and mining.
We have a battle ahead.
#GovernancePuzzles
The governors should go straight to farming, service industry and mining.
We have a battle ahead.
#GovernancePuzzles
