Usually, when a car breaks down, the owner will see certain signs and it will get worse over time if repairs are not done on time. The nation’s economy has been showing some dangerous signs that all is not well with the economy.
There have been accounts of students who paid school fees and were duly debited, but were eventually deported because the Central Bank of Nigeria was unable to finance the deal. Big manufacturers who rely heavily on imported materials are in dire need of foreign exchange, but after commercial banks took their money, denominated in naira, and sent it to the CBN for months, recipients have yet to receive their money. badge. Suffice it to say that most letter of credit requests and currency offers are mere pieces of paper lying on the table at banks.
Before long, if you need something abroad, you’ll have to go find your dollar outside of the banking sector; and to avoid trouble, you may still have to take your cash dollar and board the plane with it, or else your money may not reach the recipient because the CBN may not be able to honor the deal.
The brightest young men and women—doctors, nurses, information technology experts—have emigrated, and now teachers will join them. Real estate appraisers, accountants, lawyers and various professionals are migrating in large numbers.
Commercial banks no longer get foreign currency for Form A. Students would be deported because their payments did not reach their schools. Medical treatment and indeed all those essential necessities will no longer enjoy the benefits of forex. What a terrible situation!
The most surprising thing is that the new naira notes, also called newly redesigned naira notes, are not yet available in commercial banks. Customers continue to be paid with old tickets even after the start date of December 15, 2022. Something is wrong somewhere. It is said that the money obtained from the stamp duty ended up in some pockets. More often than not, you will wish that most of the news was fake.
How did we get here? This is a great question even without an immediate answer.
One of the solutions to our problems will be to develop the skills that will enable us to do almost everything that China is doing so that Nigerians can consume domestically produced goods. We may suffer for a decade like Cuba and still drive old cars etc, but with time, things will get better.
Billionaires whose worth is denominated in naira may not even be able to import things through banks as the dollar will not be available in 2023. Demand for dollars in the parallel market will skyrocket as almost all imports will depend from the black market. One dollar can be exchanged for N1,000 in January and then it can go up to N1,500.
The tax compliance push will be stronger than ever in 2023, but the Federal Internal Revenue Service must be careful to avoid too much pressure on those who already pay and work hard to widen the tax net.
Tax exemption based on less than N25m turnover is likely to end as we are likely to lose much more to small businesses, in view of the fact that many large manufacturers will face hard times with difficulties in obtaining foreign exchange to buy imported raw materials; and they may start to close certain lines and move them to a more stable forex scenario in Africa.
Most airlines are likely to halt their route to Nigeria as many have already done so because they were unable to raise hard currency to repatriate their earnings. This means that there will come a time when you will need foreign currency even to buy plane tickets. By some accounts, some airlines no longer accept naira.
To solve our serious problems, we need all professionals to sit together to solve our problems. As one of my older brothers in Abeokuta said, “when elections are contested and won, the government belongs to everyone” and to that extent, I will recommend a national unity government of the seven major parties: the All Progressives Congress, the Peoples Democratic Party, Labor Party, New Nigeria People’s Party, Social Democratic Party, African Democratic Congress and Grand Alliance of All Progressives.
We all need to join hands to work together to find solutions to our problems. The year 2023 calls for patriotism and not political struggles. Some guys who have been in government since 1999 have information about where our dollar money is kept and who stole it. They even know where the accounts are. Therefore, we do not need to spend money on litigation. All we have to do is start taking control of that money and putting it back into our foreign exchange reserve account so that we can at least have a new Nigeria.
We understand that the kind of money in the hands of some people is so much that if they go to war against Nigeria, they can win. Some people have enough money in dollars and pounds abroad that it is enough even to rebuild all our schools and set up a national airline like Nigeria Airways or Air Nigeria.
Yes, we need all those dollars. There is no need to stress about our judges and the prison budget. All we have to do is get whatever we can to keep the country going and get it back on track. So we must accelerate our development in the areas of roads, railway lines, hospitals, technical schools, universities, ICT, reduction of the number of subjects in primary and secondary school with a focus on career paths. We must end the 35 percent loan rate and have a maximum interest rate of 15 percent if we really want growth in the real sector.
We need men and women of integrity, character, and intelligence to come together to work for the good of the country. I’m talking about men who understand that they don’t need billions to have food and clothing. Men who place more value on hard work than pleasure
We must all join the next cabinet no matter who wins the election and which party we belong to; Yoruba, Hausa or Ibo. All tribes and ethnic nationalities must unite to free our country from the coming danger. It should no longer be a personal or partisan interest but a national interest.
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