Now that Nigeria is officially in recession, By Femi Orebe

This past week, the Bureau of Statistics (NBS), in its Second Quarter Report, said the Nigerian economy contracted by 2.06 per cent to record its lowest growth rate in decades and that it shrank by 0.36 per cent in the first quarter of 2016 to its lowest point in 25 years. Unemployment, it further said, increased to a record high of 13.3. The U.S is currently at about 4.9, down from between 9.6 -10 percent during President Obama’s first year in office in ‘09. But first, let me salute the Comrade Governor, Adams Oshiomhole, who, on Channel’s television, Friday, 2 September, 2016 did much more than all the information agencies of the President Buhari administration have ever done, to bring to the public space, the challenges confronting the government and how it has been trying to resolve them and bring succour to a traumatised citizenry. The ‘Mammy Water’ slayer, a name he got by reclaiming water-logged and totally impassable roads in Benin-City-, also passionately demonstrated that he understands the very essence of governance when, in answers to the panelists’ questions, he showed how he has done his best in meeting the yearnings of the people. How, for instance, he has turned former governor Igbinedion’s ‘swimming pool’ township roads to six lanes in some areas of the state capital, and how water now flows in the Ekpoma area of the state where it was once believed you could never have productive boreholes and people had to depend on rain water, stored over time.

May your tribe increase, Comrade Governor.

There had been no shortage of suggestions to the president by all manner of experts as to how to exit recession since the Bureau of Statistics made its report public. Incidentally, many of those who collaborated with the Peoples’ Democratic Party (PDP) to bring the economy on its belly have also been out parroting solutions as if Nigerians do not know where they are coming from. As I read many of the suggestions which are mostly from economists and allied professions, I am reminded of another trained economist, a Mr Fasua, who, on two different appearances on the Gbenga Aruleba –may the good Lord comfort the family on the loss of their darling daughter, 13-year-old RereOluwa – moderated programme – FOCUS NIGERIA – made the point that resolving Nigeria’s current economic problems are far beyond Economics. And may I say, I completely agree with him. In so doing and while perfectly aware that we are neither in a military administration nor President Muhammadu Buhari a military dictator, a particular step would have to be taken which might be considered draconian. It is a low hanging matter which, once confronted, with the support of thoroughly affronted and bemused Nigerians, some of who now pawn their little children for foodstuff, would rid Nigeria of some horrible acts of corruption which are literally ravenously eating up the country itself. The result would be massive savings which will facilitate our ability to exit recession. I would conclude the article with that lo hanging fruit but in the meantime, here are some suggestions from J.J. Jegede as ways to exit recession:

Accelerate the prosecution of alleged looters in order to release the stolen funds back into the economy. Funds already collected are, unfortunately, currently idle and so not having any multiplier effect on the economy.
With NASS support, declare an economic emergency.
Encourage very aggressive local food production through grants, loans etc
Strengthen internal controls to block leakages.
Place embargo on salary increases.
Explore new sources of revenue generation.
Implement the Oransaye Committee recommendations.
Mandate local governments to collect levies and taxes in accordance with Approved Levies and Taxes Act. Bring informal sector into the tax net.
Rigorously increase security to encourage investors.
Reduce cost of governance.
Improve power supply

What I call the low hanging fruit is nothing other than the National Assembly with their huge illegal allowances. In case our legislators cannot, by themselves make the offer, I think the time has come for Nigerians to call on the National Assembly to prorogue itself for, at least the next one year. The Yoruba would say: Ore bo le gba mi, fi mi sile bi o se ba mi, meaning, if you can’t help me, leave me as you met me. This 8th assembly – the two chambers – has been totally unhelpful to Nigerians. Aside the multiple ways in which they financially undermine the country, their salaries and illegal allowances are far beyond what Nigeria should be called upon to pay in a recession. If they cannot by themselves offer to give up a minimum of 50 percent of their earnings according to Hon Jibrin, then it is time for either President Buhari or Nigerians, by themselves, to call their bluff. I give below, a sampler of Hon Jibrin’s disclosures. Conerning what the House calls ‘running cost’, Jibrin wrote: “Most of these members use it to acquire properties, cars and live a life of luxury they never had before coming to the House. Though there exist systems for retirement but a simple investigation by a primary school pupil will reveal the massive fraud therein. From computation of various sub heads of allowances of the House, the 10 Principal Officers received the following amounts:

Speaker Yakubu Dogara has been in the House from 2007 to date. He has received about 1.5billion naira
Deputy Speaker Yusuf Lasun has been in the house from 2011 to date. He has received about 800million naira
House Leader Femi Gbajabiamila has been in the House from 2003 to date. He has received about 1.2billion naira
Deputy House Leader Buba has been in the House from 2007 to date. He received about 1.2billion naira.
Whip Alhassan Doguwa has been in the House from 2003 to date. He has received about 1.2 billion naira
Deputy Whip Pally Iriase has been in the house from 2011 to date. He has received 700 million naira.
Minority Leader Leo Ogor has been in the House from 2007 to date. He has received 1.2 billion naira
Deputy Minority Leader Barde has been in the House from 2011 to date. He has received 700 million naira
Minority Whip Chuma has been in the House from 2007 to date. He had received 800 million naira
And finally, Deputy Minority Whip Binta has been in the House from 2011 to date. She has received 700 million naira”

I ask Nigerians: Can we afford these luxuries even without a recession?

President Buhari, Nigerians are waiting for your clarion call.

Credit: Femi Orebe