2016 BUDGET:I.M.F POSITION ON OIL PUTS NIGERIA IN FRESH TROUBLE BY ABDULMUMINI ADEKU.

2016 BUDGET:I.M.F POSITION ON OIL PUTS NIGERIA IN FRESH TROUBLE

BY ABDULMUMINI ADEKU.

The International Monetary Fund [I.M.F.] position that global oil  per barrel must not be sold more than $20 to any nation could spell an air of fresh trouble for Nigeria.

In an interview with the News Office Desk of Paedia Express Multimedia at his home in Lagos,the Chief Economist of the group,Professor Charles Adeiye said that Nigerians should prepare for belt tightening measures in 2016 as the situation was tensed

He affirmed that the only way to finance the current budget proposals as presented recently by President Muhammadu Buhari to a joint session of Nigeria’s National Assembly was for the nation to borrow more.

While taking a cursory look at the terrain ,the University of Lagos don urged Nigerians not to expect the change they voted for so soon until may be another four or five years..

Adeiye reiterated that since Nigerians lay much emphasis on  monetary policies then they will have to wait for an incubatory period for the economy to pick up.

He advised that since the state have the capacity to borrow huge funds using treasury bills ,it can also leverage on its muscles to tax high net worth individuals and all forms of religious organizations in the land.

The University don wondered why religious bodies who were making so much money will be tagged  under the term charity  by the Corporate Affairs Commission.

The Economist noted that it was time Nigeria as a nation promote a concise economic and cultural integration with a level playing field that will boost a free market rather than forcing people to do the mandatory one year National Youth Service Corps[N.Y.S.C].

He added that an unemployment rate of about 10 percent was not abnormal in any economy as it was humanly impossible for everybody to be gain fully  employed.

He also picked at the issue of interest rates saying even this cannot go beyond a particular level if we want a good and functional economy.

His Words:”I hear that they say that they 90 percent of Nigerians in agriculture,I do not think that this is practicable at all”

“even in the most advanced societies of the world this is not done at all,what they can however do is to encourage 5 to 10 percent of the populace into farming  while supporting them with all that is needed to bank roll commercial agriculture”

In a related issue ,an accountant who does not want his names in the prints insisted that Nigerians should prepare for more hardship than they have ever experienced all through their life time.

According to him,The President ,Muhammadu Buhari would have to even borrow more money than he has already announced if he truly intends to fund the recently announced budge for 2016.

He lamented the fact that President Buhari in trying to win the 2015 elections at all cost made a lot of unrealistic pledges to Nigerians .

The source recalled that just before been sworn in As President of Nigeria ,the latter was mandated by some of his predecessors to tell Nigerians of the true picture of what was on the ground which he later did  but to the chagrin of the public.

The source explained that the little success the Jonathan regime had recorded in the field of agriculture has now been lost due to the spending habits of the current regime.

He pointed out that even proven administrators like Barrister Babatunde Raji Fashola will soon find out that working at the Federal level was a whole lot different from managing Lagos state.

The source added while he believes that Buhari will provide a platform for a better Nigeria  which we all dream of but quickly added that the Nigeria of our dreams will only come up much more later on.

His words:”I do not know what is really happening ,things are really tight at the moment,do you know that this may sound difficult to believe but in three days I have not been able to lay hands on a mere N100.00 “

When told that Nigerians will not want to hear of any forms of failure on the part of Presdent Buhari and his team,the source quickly added that even if they do not like what they hear from the government the nature of what they are faced with will make them to see reason and accept the situation naturally.

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