AACS Fortnightly
(Mondays)
27th February 2023

From the Chairman’s Desk,

The Morning After – The Real Work Begins

The Nigerian general elections held on Saturday 25th of February, and barring any issues, a new leader will be announced this week. This is where the real work begins. AACS had raised some key issues in her January 17th 2022 publication https://lnkd.in/emusZy62, highlighting the key issues to debate, which must serve as the foundation of the new administration. In addition to those basic foundations, the issues that ail the nation must be tackled squarely by a government of national unity that prioritises national interest above all sentiments. The key follow up issues include;

– The Debt Profile – Nigeria public debt could rise to ₦77trn ($172bn) in 2023, partly due to continuous borrowings by the Government to part-finance previous years deficit. There is a real fear of revenue lower than cost of servicing. The ways and means of borrowing from the Central Bank must be moderated too.

– Oil Theft and Vandalism – Oil production fell to the lowest level in 30 years, and theft and vandalism have played a role in declining revenues. The new administration must tackle this, as close to 37% of the daily production capacity is currently believed to be lost to theft. We must deal with the security among the most vandalised pipelines.

– Petroleum Subsidy – Currently almost $7.5bn has been set aside for fuel subsidy payments for the first half of 2023. The new government must navigate the planned removal of the subsidy, as it is a drain and drag on the nation’s resources.

– Education – Over 20 million out-of-school Nigerian children will be hopeful that the new administration brings in sweeping changes that will see more children in education with improved infrastructure. In tertiary education, ASUU industrial strikes have lasted over 1 year and 13 days, causing grief to millions of students. A more robust tertiary funding formula must evolve.

– Unemployment Rate – The number of unemployed individuals in the nation have been on the rise in the last decade, and at 33%, it is a major problem to be tackled by the new administration. The President must introduce initiatives to increase job opportunities, such as investments in agriculture, micro finance lending to stimulate SMEs, and improving the ease of doing business.

 – Production initiatives must be accelerated, and deliberate policies introduced to discourage a highly consumption skewed economy.

The nation should shelve partisanship, but pool together its best materials possible, irrespective of party affiliation, to start the urgent task of restoring the nation. On the part of the citizenry, everyone must remain involved in the affairs of the nation, as an involved citizenry guarantees accountability, and accountability drives good governance.

Falil Ayo Abina

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