Reflecting on the harsh consequences of fuel subsidy removal and the growing high rate of Naira to Dollar, coupled with the government's plan to have proceeds from fuels sold by NNPCL directly remitted to the CBN account instead of NNPCL's personal account, I explored multiple pages of comments on Nairaland where related was posted to gauge public perception of the new policy. See the thread here

Subsequently, I engaged in a discussion with a good brother(a mathematician turned accountant), to gather insights on whether this move might address corruption within NNPCL and earn us more FOREX. In our conversation, we discussed various challenges facing our country. In summary, we agreed that while certain government policies, such as total subsidy removal and a floating Naira, are theoretically sound, their effectiveness is hampered by the complexity of Nigeria and the attitudes of our people.

A few hours after our conversation, an idea surfaced in my mind on how to address the problem of food insufficiency, which disproportionately affects the poor and makes life challenging for civil servants. What if the Federal Government collaborates with private food companies, like Gunju farm Fresh, that sell food bags (e.g., Ramadan packages with 25kg rice, 5kg beans, and other items) for around 60k ?

The government could purchase these items in bulk and sell them back to citizens at a more subsidized rate, say between 30-35k. To prevent corruption, they could incorporate people's National Identification Numbers (NIN) at authorized centers in each local government and provide a thumbprint before purchasing the subsidized food. Each NIN would be entitled to only one bag per month, curbing corruption among those in charge.

In my opinion, this approach appears more effective than the current palliative measures that often fall into the hands of the greedy and corrupt individuals or where are the CNG buses, the rice and billions of Dollars they said they distributed?

Additionally, such an initiative could create job opportunities as food companies would require more personnel thereby reducing the problem of unemployment.

This strategy could be sustained until the subsidy removal regime is over, there is a stable exchange rate, and there is an increase in the new minimum wage. What are your thoughts on these?

Thanks

Gafari Lukumon is writing from Oyo state.

Cc:
Lalasticlala
Seun

The economy is gone. Gradually, the country is being buried.


Buhari was a disaster you can't wish to your enemy or any country. He wreck this country and he did it pretty well.

The simple answer to your novel idea is roundtripping. Collect at a subsidized rate from government and sell at market rate. Officials stealing it.
You see this our Nigerian citizens, we are a peculiar people. People here most play the blame game and complain when they are not the ones of it is not their person benefiting.

Lukgaf:
Reflecting on the harsh consequences of fuel subsidy removal and the growing high rate of Naira to Dollar, coupled with the government's plan to have proceeds from fuels sold by NNPCL directly remitted to the CBN account instead of NNPCL's personal account, I explored multiple pages of comments on Nairaland where related was posted to gauge public perception of the new policy. See the thread here

Subsequently, I engaged in a discussion with my good brother, Afeez Ajiboye Wasiu (a mathematician turned accountant), to gather insights on whether this move might address corruption within NNPCL and us more FOREX. In our conversation, we discussed various challenges facing our country. In summary, we agreed that while certain government policies, such as total subsidy removal and a floating Naira, are theoretically sound, their effectiveness is hampered by the complexity of Nigeria and the attitudes of our people.

A few hours after our conversation, an idea surfaced in my mind on how to address the problem of food insufficiency, which disproportionately affects the poor and makes life challenging for civil servants. What if the Federal Government collaborates with private food companies, like Gunju farm Fresh, that sell food bags (e.g., Ramadan packages with 25kg rice, 5kg beans, and other items) for around 60k (thanks to Bro Saheed Olagunju for his initiative)?

The government could purchase these items in bulk and sell them back to citizens at a more subsidized rate, say between 30-35k. To prevent corruption, they could incorporate people's National Identification Numbers (NIN) at authorized centers in each local government and provide a thumbprint before purchasing the subsidized food. Each NIN would be entitled to only one bag per month, curbing corruption among those in charge.

In my opinion, this approach appears more effective than the current palliative measures that often fall into the hands of the greedy and corrupt individuals or where are the CNG buses, the rice and billions of Dollars they said they distributed?

Additionally, such an initiative could create job opportunities as food companies would require more personnel thereby reducing the problem of unemployment.

This strategy could be sustained until the subsidy removal regime is over, there is a stable exchange rate, and there is an increase in the new minimum wage. What are your thoughts on these?

Thanks

Gafari Lukumon is writing from Oyo state.

Cc:
Lalasticlala
Seun

9jatriot:
The simple answer to your novel idea is roundtripping. Collect at a subsidized rate from government and sell at market rate. Officials stealing it.
You see this our Nigerian citizens, we are a peculiar people. People here most play the blame game and complain when they are not the ones of it is not their person benefiting.

But I think if linked with NIN where people thumbprint and they (those in charge) give account based on the number of people (thumbprint) captured, that might reduce round tripping I think.

reiddecuti:
The economy is gone. Gradually, the country is being buried.


Buhari was a disaster you can't wish to your enemy or any country. He wreck this country and he did it pretty well.

Tinubu buried the economy

Lukgaf:


But I think if linked with NIN where people thumbprint and they (those in charge) give account based on the number of people (thumbprint) captured, that might reduce round tripping I think.

The Nigerian in me will always see a lacuna in every solution that the arbitragers can weaponize against any policy.

Our middle men can start buying NIN numbers from teenagers and jobless Nigerians who may not be buoyant to purchase the items on their own thus making redundant your suggestion.

If we can beat all the measures instituted by inec, this one is a piece of cake.

Your suggestion is not fraud-proof either. I think we should start by coming up with a national register/database that has integrity, just like social security number work in the USA.

A citizen's account can be credited from CBN to ameliorate these harsh effects. single FX market and subsidy removal were all supported by the three major candidates during their campaign/manifesto however, the abrupt removal of the subsidy is where Mr. President got it all wrong.

Now, he is looking lost and confused.

In my own opinion it will not favor all of us tho.

Number one problem facing Nigeria food security is insecurity don't pretend as if you don't know another is transportation apart from high cost of diesel do you know how much a trailer driver used to settle police and area boys on the highway

they know what to do but corruption will not allow them.

nnatobryno:
Your suggestion is not fraud-proof either. I think we should start by coming up with a national register/database that has integrity, just like social security number work in the USA.

A citizen's account can be credited from CBN to ameliorate these harsh effects. single FX market and subsidy removal were all supported by the three major candidates during their campaign/manifesto however, the abrupt removal of the subsidy is where Mr. President got it all wrong.

Now, he is looking lost and confused.

And how many people have account with banks in Nigeria?

Our problem is bad leadership coupled with corruption...!!

Everybody know the man currently occupying aso rock didn't win any election but today he is parading himself as the president, stamped.by the corrupt judiciary..!!

Look at the Senate, the current Senate president didn't even contest for primaries but today parading himself as Senate president and you think by some miracle these criminals have the good of the country in their heart...let's call a spade a spade politics or not, a criminal is a criminal no matter what type and they got nothing good to offer other than to steal and destroy...!!

Let's start by cleaning up our institutions first and get the right people based on merit in, then follow it up with sound economic policies, not this kalo kalo policies the current government is doing now..!!

Further the fulanis should be put in their place and handled with iron hand, so the farmers, both small amd large scale in the North and other regions of the country can go back to farm without the fear of been killed or their farm been destroyed by the fulanis...!!