By Esievoadje Oghenetega
Please permit my use of this medium to tell you precisely how Buhari caused the economic downturn and technical recession.
Buhari caused it by
(1)Instability in pronouncements relating to currency today they would say banks should not give dollars to BDC(bureau de change ) tomorrow they would say banks should give dollars to BDC. Today they would say no to devaluation tomorrow they would say yes to devaluation…these instabilities in pronouncements only leads to speculation and no business owner would want to invest in such an economy.
(2)Over taxation thereby reducing disposable income in the hands of the citizens whose salaries are not increased…the indirect tax on citizens via increased prices for pms, electricity tariffs, bank charges etc it taking much more from citizens.
(3)Little or no government spending ETF,NDDC, PTDF and other intervention federal agencies are also not spending, regular subsidy on agriculture to farmers in form of fertilizers and seeds have practically been put on hold.
(4) The noncompliance with the rules of law, recall MTN was told to pay a fine of about 25% of the 2016 budget and MTN was practically muzzled out of court and forced to settle out of court for an undisclosed fee, that’s aside detaining people even after the court has granted them bail.
(5) Restricting access to forex in a global economy where nations must interact is also a major issue .The clear open manifestation of 97% and 5% dichotomy also gave rise to agitation from several section of the country and this discourages investment.
Quite recently withholding tax was increased and even interest rates have been increased. All these and more has led to the technical recession.
For the records, I have never and would never be irrational with respect to any and every of my analysis and I would continue to oppose the federal government without telling lies about them.
It is sad to note that whenever my likes oppose these policies we are called wailers, but surprisingly, when the government wakes up to rationality and comes to agree with us and even reverse their pronouncements after the damage has been done those who rejoiced at the first pronouncement still rejoice over the new pronouncement.
As patriots we must steadily think within and outside the box when considering the pros and cons of any and every policy and we must never allow ourselves to be blinded by party affiliation.
