Based on the approval of over N400 billion as an intervention fund to end the lingering crisis of unpaid workers’ salaries by President Muhammadu Buhari, Dr Katchi Ononuju, has criticized the action stressing that it would lead to an unprecedented inflation in the economy.

Ononuju, a renowned economist who stated this during an exclusive interview with Post Nigeria on Tuesday, disclosed that it was only the removal of fuel subsidy that can cushion the effect on the economy.

According to Dr. Ononuju: “The so called bailout is likened to a rainfall; the questions to be asked are would there be adverse weather?, YES! Would the Government take some prompt decision that would affect the poor and vulnerable?

“The best thing is for the Government to pay off what is owned in salary arrears to the workers across the country so that it could act as a tool for stimulus and once that is done, the Government can remove fuel subsidy.
“So when you remove it, the poor do have money to conquer any adverse effects from the removal of subsidy.

“That’s the only way we can use one stone to kill two birds, he should release the money in piece meal and let it be like the Udoji salary commission payout in 1972.”

Jerome Udoji was the Chairman of the Salary Review Commission that proposed an enhanced salary structure for civil servants.

It was a welfarist attempt to enhance the purchasing power of the civil servants. It was the first time that Nigerian workers enjoyed salaries that enhanced their capacity and improved their purchasing power.

He further explained that if the needful was not done Nigeria would be neck deep in high rising inflation that might cripple the economy. Read More: http://www.post-nigeria.com/bailout-buhari-can-kill-two-birds-with-one-stone-katch-ononuju/

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But....

he does not even have a stone talk less of killing a bird