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Atiku Abubakar: We Must Exit This Recession With Precision - Politics - Nairaland

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Atiku Abubakar: We Must Exit This Recession With Precision by mrkunlex(m): 8:56am On Nov 22
It is with a very heavy heart that I received the confirmation that for the second time in five years, Nigeria has entered into another recession. Heaviness of heart, because this could have been avoided had this administration taken heed to patriotic counsel given by myself and other well meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing.

Yes, the COVID19 pandemic has exacerbated an already bad situation, however, we could have avoided this fate by a disciplined and prudent management of our economy.

Be that as it may, it serves no one’s purposes to quarrel after the fact. We must focus on solutions. Nigeria needs critical leadership to guide her back to the path of economic sustainability.

We cannot afford hand wringing and navel-gazing. We must act now, by taking necessary, and perhaps painful actions.

For a start, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable. Nigeria neither has the resources, or the need to implement such a luxury heavy budget. The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation, to being a broken nation.

As a matter of importance and urgency, every non essential line item in the proposed 2021 budget must be expunged. For the avoidance of doubt, this ought to include estacodes, non emergency travel, feeding, welfare packages, overseas training, new vehicle purchases, office upgrades, non salary allowances, etc.

Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items, which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments).

Additionally, we have to stimulate the economy, by investing in human development, and increasing the purchasing power of the most vulnerable of our population. Only a well developed populace can generate enough economic activity for the nation to exit this recession.

We must invest in those most likely to be impacted by the effects of the recession, the poorest of the poor. As well as stimulating the economy, this also ensures that they do not slip further into extreme poverty.

For example, a stimulus package, in the form of monthly cash transfers of ₦5000 to be made to every bank account holder, verified by a Bank Verification Number, whose combined total deposit in the year 2019 was lower than the annual minimum wage.

Now, how will this be funded? By more profligate borrowing? No. I propose a luxury tax on goods and services that are exclusively accessible only to the super-wealthy. A tax on the ultra wealthy to protect the extremely poor.

A practical approach to this is to place a 15% tax on all Business and First Class tickets sold to and from Nigeria, on all luxury car imports and sales, on all private jets imports and service charges, on all jewellery imports and sales, on all designer products imported, produced or sold in Nigeria, and on all other luxury goods either manufactured, or imported into Nigeria, with the exception of goods made for export. The proceeds of this tax should be exclusively dedicated to a Poverty Eradication Fund, which must be managed in the same manner as the Tertiary Education Trust Fund, or the Ecological Fund.

I further propose that a 1% poverty alleviation tax should be legislated by the National Assembly on the profits of every International Oil Company operating in Nigeria, and international airlines doing business in Nigeria, which should also go towards the proposed Poverty Eradication Fund.

It is inhumane for us as a nation to increase the cost of goods and services that affect the poor, while keeping the cost of luxuries fairly stable. We must flip this, and flip it immediately

And above all, Nigeria must stop borrowing for anything other than essential needs. Again, for the avoidance of doubt, borrowing to pay salaries, or to engage in White Elephant projects, is not an essential need. This is particularly important as we need cash at hand, because the world and our economic and development partners are also focused on helping their home economies overcome effects of COVID19. We must be our own saviours.

The more we borrow, the more we will need cash to make interest and principal payments, and the less cash we will have to make necessary investments in our economy and our people. If we keep borrowing, we stand the risk of defaulting, and that will make recession a child’s play, because we will lose some of our sovereignty.

I urge the administration of President Muhammadu Buhari to swallow its pride, and accept its limitations, so that they can open their minds to ideas, without caring who the messenger is. For as Deng Xiaoping said “It doesn't matter whether the cat is black or white, so long as it catches mice.
https://www.vanguardngr.com/2020/11/we-must-exit-this-recession-with-precision-by-atiku-abubakar/

38 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Yenefer(f): 8:59am On Nov 22
Atiku 2023.

28 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by sodiqapril(m): 9:02am On Nov 22
Yenefer:
Atiku 2023.
No way all he does is tweet...not a supporter of PDP but wike has been ther financial backbone while atiku is in Dubai chilling waiting for 2023 so he can share loots to delegate

29 Likes 4 Shares

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Kosoco(m): 9:09am On Nov 22
This guys above refrain from politics and let’s position this country with Clean Mindset.... He made a valid point. What do you have to offer

87 Likes 3 Shares

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Liposure(m): 9:13am On Nov 22
We cannot afford another round of recession this time around

3 Likes 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by NGpatriot: 9:13am On Nov 22
grin grin grin

54 Likes 8 Shares

Re: Atiku Abubakar: We Must Exit This Recession With Precision by slimfit1(m): 9:14am On Nov 22
Atiku it's too late sir we are not making another mistake thank you.

38 Likes 4 Shares

Re: Atiku Abubakar: We Must Exit This Recession With Precision by BigDawsNet: 12:17pm On Nov 22
Me: I reckon if we got a dog we should call it Noodles. wink

Wife: That's silly, we eat noodles. undecided

Me: If this recession gets bad enough, yes, we would.
cheesy

13 Likes 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by nomenclature(m): 12:17pm On Nov 22
Mumu
Yenefer:
Atiku 2023.

18 Likes 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by brosom(m): 12:17pm On Nov 22
I won't be surprised to hear from liar lair Muhammad anytime soon to tell us how false and fake the news about Nigeria in recession is,

That in fact Nigeria is the number one leading economy in Africa and world at large.

What a joke of a country.

7 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by GIANTPLUSHUB: 12:18pm On Nov 22
OK sir
Re: Atiku Abubakar: We Must Exit This Recession With Precision by dfrost: 12:18pm On Nov 22
cheesy grin angry

Mt. WhiteBlack Cat, why didn't you and your principal do all these sweet-mouth watering remedies you are proposing from the sidelines?

4 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by zeusdgrt(m): 12:18pm On Nov 22
President know wetin be recession sef not to talk of the meaning of precision before e go come understand coming out methodology grin
Re: Atiku Abubakar: We Must Exit This Recession With Precision by OakConsultNG: 12:18pm On Nov 22
Interesting times..
Re: Atiku Abubakar: We Must Exit This Recession With Precision by nairaman66(m): 12:18pm On Nov 22
Nigeria cannot be in recession and these politicians would enjoy all the benefits at full capacity. They are the cause of this recession especially Mr Buhari the dull head.

For those zombies supporting this government, continue in this path, very soon your 50k stipends won’t be able to buy a loaf of bread!

11 Likes 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Mrquote: 12:18pm On Nov 22
How will this recession affect me because as for today nothing have changed for me. The price of things still remain this. Someone should explain please?

7 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Barka00(m): 12:18pm On Nov 22
Athiefku Atiku

Nigeria will well under his administration, he is a very business minded person and has finished all his stealing . The only problem is that he is too old.

1 Like 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by simplexvi: 12:19pm On Nov 22
If atiku is the only way to remove APC I will vote him again.. After all he gave us a plan, what did buhari give us? Empty promises with no plan

11 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Dangrace01: 12:19pm On Nov 22
On God
Re: Atiku Abubakar: We Must Exit This Recession With Precision by Dickson44: 12:19pm On Nov 22
Oyibo...

1 Like

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Pio44: 12:19pm On Nov 22
Once u are outside Nigeria politics, u will know all d solutions, but u enter u brain go empty, burhari and atiku is like 6&7

20 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Nomorelove: 12:20pm On Nov 22
Every corrupt politician must die
Re: Atiku Abubakar: We Must Exit This Recession With Precision by Judolisco(m): 12:20pm On Nov 22
English
Re: Atiku Abubakar: We Must Exit This Recession With Precision by LaEvilIMiss(f): 12:20pm On Nov 22
all those supporters of decay and destruction on nairaland - i hope you are happy because i know you and your families are not exactly prepared for suffering - guess wat - you are now revealed to the masses you fight against

4 Likes 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Sunnycliff(m): 12:20pm On Nov 22
I know u beta pass Buhari but all of u na d same people

2 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Mandela27: 12:20pm On Nov 22
To trust these guys called politicians is to trust a sepernt.

3 Likes 1 Share

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Beno3: 12:20pm On Nov 22
Rubbish. Who are you fooling...

2 Likes

Re: Atiku Abubakar: We Must Exit This Recession With Precision by Sodiquinone: 12:21pm On Nov 22
some Nigerians think cursing buhari is the solution, they dont know if Buhari is cursed they are cursed too

5 Likes 2 Shares

Re: Atiku Abubakar: We Must Exit This Recession With Precision by thundafire: 12:21pm On Nov 22
Even Buhari doesn't know anything about recession,he will still put useless policies.

2 Likes

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