The End May Be Near For Nigeria If Urgent Steps Are Not Taken
Nigeria is being hit by double whammy. Coronavirus and drastic drop in crude oil price.
Nigeria is in deep trouble as price of crude oil dropped to $5 per barrel and coronavirus pandemic is about to cripple the economy due to the stay at home order.
The economy is going to take a nasty nose dive due to drop in oil revenues when the coronavirus pandemic is over.
The government is not going to be able to meet its obligations. A lot of people are going to suffer.
Printing more Naira as suggested by Asiwaju Tinubu a Chieftain of the ruling party APC would only lead to hyperinflation and cause the exchange rate of the Naira to jump to 1,000 Naira to a dollar.
What I would recommend is the immediate arrest of all looters and threaten them with execution if they don’t return all their looted money back to the treasury within ninety days.
Also, I will ask all the Senators and members of National Assembly to personally pay for the new vehicles recently acquired on their behalf and if they can’t, sell the vehicles for needed cash.
Finally I will reduce the salary for Senators and House of Reps by 50% and eliminate the constituency allowances and other allowance payments.
Unless we do the above Nigeria is about to go bankrupt and become insolvent.