Introduction Is it not appalling to be asking the meaning of
economics from the society of elites? As we have
already known from the acceptable definition of
economics, in the event of time, like Nigeria, it
requires another conceptual understanding of the
concept, particularly polish the Robins definition. Without missing words, the caption of this article
suggests that we first understand the basic
concepts. What is Economics? And what is Eco-
nonsense? Has Economics changed to Eco-
nonsense in the political institutions? How will
the Obasuyi Econoremedy Model play an important role in Nigerian economic
development? Firstly, Economics helps to
understand human activities and provide rational
conclusions to solve economic downturn in scarce
and abundant resource environment of a given
economy. On the other hand, Eco-nonsense is an activity put in place by an institution (Political
class, Rich class or Capitalist class) to harm the
economic life of the people in order to increase
the wealth of the rich and deplete the wealth of
the poor such that the poor is left with nothing.
Let us peruse the Inverse U-Shaped Kuznet Curve on economic growth and income inequality. It
explains that inequality of a given economy
should be allowed to rise until it gets to the pick
and later falls (Kuznets, 1955 ). Since the advent of oil boom, a small portion enjoys the proceeds of
the oil. Income inequality remains over several
years waiting for the inverse U-Shaped Kuznet
Curve prediction to come true. But for how long
should the inequality rises before it begins to
fall? The Nigeria experience, a developing economy, shows that the rich class disallows the
U-Shaped Curve to take its cause over the years
(Stewart & Samman, 2014 ). No wonder that the geography of poverty is in Africa especially
Nigeria the largest economy of the region with
61% poverty rate ( Hulme, 2014).This article proposes to unravel the condition of Nigerians,
what is left for them and what Nigerians should
do to avert the evils of Eco-nonsense policies. Reality: Nigeria Economy versus Household Though I am struggling to be an economist, but I
wonder why economic policies of Africa, which I
named as “Eco-nonsense” have no human face. I wonder that our economic behavior is always
dependent. As such, I wonder why two most
influential variables (Oil subsidy removal and
deregulation) were implemented simultaneously
in a depleted economy. Nothing remains for the
people in Nigeria again. My concern is, since IMF had been deregulating our currency, has it
yielded meaningful development to Nigeria or
Africa where such policy was implemented? What
does the poor derive from deregulation in return?
I begin to ask: What actually are we benefiting
from the tax we are paying to the political class, the so called government or another way, the rich
class? No regular electricity supply (in some
places, none). Roads are dead trapped. People
provided their own water by digging a borehole
(no power to pump the water). The price of fuel
goes up to #145.00 from #87.00, thereby no longer affordable for the poor nor for the average
Nigerians (To researchers in development, there
is work for you on Fuel Poverty in Nigeria). Since the past six months ago, no salary as a
government worker. No other job to supplement
the income. Internet services are on the high side
price and most times not available. No good
physical environment provided to think off our
troubles. The market economy has collapsed. The financial market is deadly. Unemployment rate is
high among the youths and so on. Currently, the National Assembly (NA) is using all
its might to attack Lecturers of the tertiary
institutions in Nigeria proposing in a bill that they
should be put to jail on a trivial matter of what I
called “Matter of Consent”. Sex or hunger to death, what order of ranking in a scale of
preference? Is the order Economics or Eco- nonsense? (Read: http://educhats.com.ng/re- nigerian-senate-moves-to-criminalize-lecturers-
students-sexual-relations-plans-5-year-jail-
term/ ). Sad, the NA refused to come up with a
sound model(s) that would provide food for the
people of their constituency that are dying of
hunger. Why is it that African leaders are still sleeping in governance? Why are they always
playing the role of spectator in the world
economic movement? Why is it elusive to make
provision for model that would provide good life
for the poor people? Why do they find it difficult
to develop their own suitable model for development? Why is it that we quickly subject
ourselves to the West in dictating how we should
live our lives? Can’t we imitate the Asians that are
developing their own models of living, the
emulation theory of Reinert? Or are we still living
in what I named as “Modern slavery or Modern Colonization?” These questions are paradoxes to human perception about Africa Governments,
particularly Nigeria. Currently, in Nigeria, the academicians (the
“ojogbons” – Professors) have no place in
governance. The research institutes are having no
recognition. My worry is: Can we rule out
Research and Development (R&), one of the
models of the developed economies, in our dear country? To be precise, any country without R& can never be developed. Any government or country that neglects the learned can never get it
right. Why? It is because they have the tool to
get systematic and scientific discovery and arrive
at suitable conclusions in a well-researched
phenomenon. They have the rules of innovation
and creativity. It was noted that US used to recover its economic problems at a point in time
with R& (Reinert, 2008). US had been listening to the voices of Harvard University Dons to
formulate policies carry out her economic
activities. After US independence in 1776, the
philosophical thought of Adam Smith, the learned,
was used to recuperate her market economy from
the evils of the British Colonization ( Reinert, 2008). Thereafter, they developed their own model of two edged sword, one reserved to
promote her economic activities while the other
side of the sword was prohibition against
competitiveness. US does spend billions of dollars
annually to support private companies despite
Washington Consensus of free enterprise economy and globalization agreement ( Reinert, 2008). At this point, Nigeria government is missing the point of development. Rather they
are enjoying misplacement of priority. Since the poor households have little power to
harness their pains to the ruling class (the rich
class), let us wait and see whether the subsidy
removal policy would save people from hunger.
Currently, government implementing these
policies should never forget that 70% of Nigeria workers in the public sector have not received
salary for minimum of 5 months now. The
consequence of the removal is that the price of
basket of goods (and services) would
multilaterally go up resulting to an increase in
12% inflation rate of March 2016. No salary, how will a household cope with the rising prices of
goods and services? It’s a cruel behaviour of the
time, we guess. Again, let us wait and see whether the
deregulation evils of IMF .would turn to
opportunity to Nigerians this time. Let us wait
and see whether the implemented currency
deregulation policy of May 2016 would bring the
Nigeria poverty rate down from 61% to appreciable rate at the end of this current
administration without constructing our own
model for development. (Malaysia poverty rate is
0.6%). (We shall publish a comparative analysis of
poverty and its dimensions in our next article).

CONTINUATION

Nigerians, what should YOU Do? In concluding this ruminating exercise, the poor
are seriously at the mercy of the political class.
The Functionality Theory would break-off leaving Conflict Theory of Karl Marx to regulate the economy. First, conflict theory does not explain
preparation for war. No, not even carrying gun
and be killing ourselves is sufficient. That is
where the true Economics comes in. Now, why
should we apply conflict theory? We are seeing
that the gap between the rich and the poor would be widened with the subsidy removal and the
deregulation of Nigeria currency. The life of the
poor would become wretched the more. This is
because nothing is left for them again by the rich
or political class. Even the so called averaged
people would be vulnerable to fall back to poverty very soon. We equally observe that the country is
toiling with security problem in the future
because of the teaming unemployed youths
where over 70% of parents working at the public
offices receive no salary for six months and
without three times meal to keep the soul (I am not talking of balanced diet but unbalanced. Just
to eat. We are used to that). How are we sure that
our society would not become a dead-trap of
criminals because of no salary, no food, wages
constant, fuel price increased with an increased
aggression? In so doing, as a matter of fact and in the interim, it would be appropriate for Nigerians
to look critically the below Obasuyi Econoremedy
Model. Econoremedy Model. This is a model which explains how the poor and
the averaged Nigerians could suppress the
harshness of economic policies of May 2016
Subsidy removal and IMF Currency Deregulation
implemented in Nigeria. This will help the poor
keep pace with good life suggested by ( Sen, 1999) and by tackling the multidimensional poverty
symptoms developed by United Nations
Development Programme (UNDP). The Obasuyi
Econoremedy Model assumes that at a point
where economy offers no benefit to the poor, the
poor and the averaged people themselves should prioritize or rank their living activities to keep
pace with good living and put the living cost at
minimal level. In so doing, the worries of the poor
would be minimized and keep living for a good
life. Facing the reality, adopting the Econoremedy Model would allow keeping ‘peace of mind’ for oneself and keeping peace with members of the
society. It will allow for critical thinking of
minimizing lifestyle so as to eat food three or two
times daily- though may be unbalanced
sometimes because of the economic harshness.
To conserve and protect good health, mobility is a necessity of life. The people with mobility are
faster to participate fully in the market economy
and reduce the stress of walking thereby
protecting them from over-walk stress of the
road. However, we beg your pardon if the Econoremedy Model will be offensive to you. Nevertheless, we won’t keep shut to suggest that, as warming
economist, the poor and average people should
begin to order their priorities in all their facets of
life, in this era of misplacement of priorities of
the government. Practically, the Econoremedy Model assumes that in a society where two strong variables – subsidy removal and currency
deregulation – are simultaneously implemented,
without consideration for the living standard of
the poor, the poor and averaged people
themselves should begin to purchase new bicycle
and motorcycle as means of transport if one wants to live a life of satisfaction in this episode
of PMB Economic Recovery. Truly, it can’t be an easy life to cope with those economic episodes of
PMB. Even the writer of this article is not an
exemption, so to say. As a matter of fact, buy
yours before the price of these products (Bicycle
and Motorcycle) goes up beyond your financial
capacity and capability. The bicycle would enhance your good health like in those days when you
were riding it. The motorcycle would enhance
your movement in a relative distance and to enjoy
your social interactions with associates in a
relative gathering place to your home destination.
It is fuel efficient. If you have big cars and you cannot maintain it because of fuel subsidy
removal, don’t be ashamed to export and sell it to
neighbouring countries where fuel price is
friendly. Use the sellable amount of the old car to
buy a small car that can move you and your family
around. Rank your movement around the city and outside the city. I mean, prioritize or order the
places where you should go daily. Choose event
you should attend at a particular time to minimize
the cost of transportation or fueling. Make use of
Social networks that provides free services so
that you maintain your social connections and consciousness at optimum level. These social
networks would help to minimize the cost of
moving around. Secondly, don’t be too big or shy to go back to
the fertile land that you left several years ago to begin with subsistence farming (farming that will
provide agricultural outputs such as yam, maize,
cassava, varieties of vegetables, okra, wheat,
plantain and so on, for your family consumption).
The suggestion of this Econoremedy model of
eating lifestyle would rescue the household from been vulnerable to extreme hunger. It will
enhance the family feeding behavior before one
escape this sinful and hopeless world. Though this model is bond to have criticism from
the religious perspective, especially where
acquisition of wealth is the brain-box of sermon,
the reality of the social environment explains that
mobility and food is the strong anchor for human
development. That is, you eat food to get strength and later proceed to search or walk
about to get additional food for the next meal.
The food may be at distant place. Hence, mobility
(Bicycle and Motorcycle) would come to rescue
one from the stress of walking long distance
thereby protect the person from been vulnerable to health hazards. However, if one religious
affiliation rebuke this practical model for living, in
abeyance for elusive acquisition of wealth where
there is no job, no salary syndrome, and
deliberately act otherwise, the proposition of this
model is that in a shot distant time, the same government (the rich or political class) that
inflicted hard economic life on the people will
equally arrest, prosecute and put to jail or
sentence to death the violators of societal rules.
So, it is better to adopt a simple model of Obasuyi
Econoremedy provided in this article. It will enable the poor life expectancy improve from 51
to a life of 70 or 80 as the Creator promises.

Good stuff.

Unfortunately,Nigerians don't read articles that are this long.

BY

NIGERIANS, ARE WE GETTING IT RIGHT?
“ECONOMICS” OR “ECO-NONSENSE”? ‘OBASUYI
ECONOREMEDY MODEL’ – THE SUBSTITUTE Folorunso Obayemi Temitope, Obasuyi Department of Economics, College of Education, Ikere Ekiti.

Thanks to my main Man Plaetton, I actually enjoyed this stuff very much. Even kept a copy for myself.