Nigeria is an impoverished country. In fact, the country has never been rich – in the economic sense of the word. The assumptions of wealth have always been hyphenated to the abundance of crude oil and other natural resources.

But these alone do not make the country rich. As a matter of fact, the exploitation and expropriation of these resources by the thieving elite have only made the country poorer – and of course, the poverty capital of the world.

The price of crude oil has come under immense shock. The US WTI (West Texas Intermediate) crude price entered negative territory ($-2) on Tuesday. Though Brent crude, Nigeria’s brand still trades at $26.36. There is no doubt; it is a long way from recovery for the oil market as forecasts by some industry experts say.

According to Bloomberg, ‘’a near-term recovery in prices is unlikely’’.

‘’A near-term recovery in prices seems unlikely, with around 70% of 130 respondents to a Bloomberg Intelligence survey saying they see Brent still below $30 a barrel by June,’’ the business news organisation said.

‘’About 70% of Bloomberg Intelligence’s 130 survey respondents see Brent below $30 by June, prior to OPEC’s next meeting.’’

What does this mean for Nigeria where crude oil still accounts for 90 percent of government’s export revenue? It means the government cannot meet up with some of its obligations to citizens. It implies, the government may not be able to fund some capital projects and may experience challenges in paying salaries. There is a leaner purse; hence there is an exigent need to cut down the cost of governance at this time.

Already, the federal government has revised the 2020 budget, slashing it by over N320 billion; from N10.59 trillion to N10.27 trillion. But this is not enough. At a time Nigerians are losing jobs owing to the adverse impact of COVID-19; when some doctors confronting this lethal disease are receiving N5,000 as hazard allowance and even without an insurance cover; when small businesses are closing down, I believe our political leaders must show exemplary leadership and not leave the cross only to everyday Nigerians to bear.

In October, I wrote: ‘’The flatulent size of the national assembly accents the orthodoxies and paradoxes of Nigeria. Nigeria’s lawmakers are some of the highest paid in the world, in a country where about 100 million people live on less than a dollar per day, and where citizens are expected to be stoic and exist in deficit while their representatives in parliament ensconce themselves in surplus.

‘’Is it not pharisaic that while the government insists on burdening citizens with more taxes and increasing the yoke, there is no reciprocity on their part? What is the government doing to shrink the cost of governance?’’

Alas, I am revisiting this topic owing to the never-ending deprecating realities of Nigeria.

In Nigeria? For all I know, Nigerian Politicians rather introduce 70% Tax increment to foot their Greed than slash their salaries.

Watch as their supporters who love Nigeria more than you defend their masters . It's only unfortunate

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Belated Wailing ...

Exactly what I have been thinking!

In a country of over 200 million people, with over 70% living in extreme poverty , we have one of the highest paid lawmakers in the world.

Isn't it ridiculous?

This is one reason why politics in Nigeria is a do or die.

Their salaries should be reduced drastically to that of cashiers in the bank.

Service to ones country is a thing of sacrifice and patriotism; not a means for making and looting more public funds

can we stop saying impossible things please? Slash salaries in Nigeria? That of upper chamber?

Please, spare me that bull crap

fulaniHERDSman:
Belated Wailing ...

See them. The lovers of Nigeria. The patriots.

The legislators should be paid on a level scale, they are doing nothing special. Even corruption will be controlled if we reduce their pay

Asking Buhari to do the right thing is future impossible tense... The only language he understands is going to mortgage the life of unborn children by borrowing from China, when we could save a lot by running a cheaper government.

Slash by 70%?

You make me laffu. Iya Silifa say rice don finish, you say make she give you rice on book me down.

You nor dey hia wod. Niger Delta Oil income don finish, finito!

Go back home go farm. The real question is now that Niger Delta cannot farm, na who go feed dem?

Politicians go soon turn armed robbers if you nor hold dem well wellu. Catch dem before dem run o!

No they won't, those pple are wicked. Why do you think they kill to get there.

People are really ignorant in this country I swear ...the president can't slash or increase salary of him self or political appointment there is a body for that even if he the president gives the other it won't come into effect till 2023 may 29th

Lots of people in Nigeria don't Know how the government works