(Thread)
“This is the time for the country to start talking about going back to regional government and slashing all the costs of a federal system which it clearly cannot afford.” 1/
Recently he approved the withdrawal of $150 million from the Nigeria Sovereign Investment Authority (NSIA) Stabilization Fund to support the June 2020 FAAC disbursement. 4/
New debt liabilities acquired in the last one week include
a) $3.4 bln IMF facility
b) N850 billion loan request approved by the Senate
5/
a) Collapsing oil prices (analysts do not project prices to rise above $40 in the medium term - 12-18 months projected for global industrial capacity and general economic activity recovery from the Covid-19 crisis)
6/
What does it all mean? Well, middle class person, let’s assume you borrowed N10m from various lenders to fix your shop, purchase inventory (capital stock) and pay your staff (O&M). 8/
9/
But you still live lavishly -drink Moët, fly first class, many cars and side chicks to boot. 10/
The naked truth is that the govt’s 5-year economic management has not met with success 11/
Lets do what is best for the country: RESTRUCTURE
12/ End