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Who Will Tell The President These Economic Truths?

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By Opeyemi Agbaje
‪#‎WhoWillTellThePresident That major sectors-manufacturing, hotels & restaurants, construction, oil & gas and govt (!) are in recession;

#WhoWillTellThePresident That poverty, unemployment and inequality is increasing rather than reducing in the last six months;

#WhoWillTellThePresident That while CBN pretends to be selling Dollars at N197/$, only few “priveleged” people get it, damaging the economy;

#WhoWillTellThePresident That jobs are being lost in manufacturing, oil and gas, banking, oil & gas, retail, real estate & construction;

#WhoWillTellThePresident That with population growth rate of 3%, any GDP growth less than 6% will worsen per capita income in Nigeria!

#WhoWillTellThePresident That the gap between CBN’s N197 and parallel market N270-280 is at least N70 making “people” rich at our expense;

#WhoWillTellThePresident That businesses are slowly grinding to a halt as they can’t obtain inputs and fuel shortages cripple operations;

#WhoWillTellThePresident That sooner than later foreign banks will start rejecting Nigerian banks’ LCs which will worsen economic conditions;

#WhoWillTellThePresident That maintaining a wasteful and corrupt fuel subsidy scheme that costs N1Trillion every year is a senseless policy;

#WhoWillTellThePresident That at current oil prices ($37per barrel), a fuel “subsidy” is an anomaly, even a fraud; & this is time to end it;

#WhoWillTellThePresident That with a N70/$ margin between official & parallel markets, round tripping is likely, even inevitable!;

#WhoWillTellThePresident That giving officials in CBN sole power to ration scarce Dollars at their discretion guarantees huge corruption!

#WhoWillTellThePresident That giving officials in CBN sole power to ration scarce Dollars at their discretion guarantees huge corruption!

#WhoWillTellThePresident That poverty, unemployment and inequality is increasing rather than reducing in the last six months.