Na so e be for Naija these days! As government dey spend more money for 2024, e be like say e dey disappear like mirage. The data wey come from Central Bank of Nigeria show say total government wahala don jump from N10.02tn to N17.08tn, but e no mean say dem dey get better value for am because inflation don dey eat dem money like groundnut.
As inflation dey chook hand for everywhere, the real spending increase na just N1.26tn. So, all that big spending wey dem dey shout about no mean say anything for ground, because if you check am well, na only consumption dey increase. Na this kain wahala wey dem dey call ‘money illusion’ wey dey make people think say dem carry better cash while inflation dey chop am below.
Dr. Ayo Teriba, wey be the Chief Executive Officer of Economic Associates talk say e look like say government na just dey consume money instead of investing am. He argue say if Naija government fit reduce inflation and boost revenue, the money go fit make sense for real world.
Dr. Muda Yusuf, Director of Centre for Promotion of Private Enterprise, join the matter too. E talk say even though dem dey show say money dey increase, the real value no dey reflect that because inflation don spoil plenty things. Time wey N100m fit do plenty things don pass, now na N500m dem dey use to get the same value. Na wah!
President Bola Tinubu just present new budget wey dem dey call ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’. But as dem dey celebrate, plenty people don dey criticize am why because e show serious structural and policy weaknesses as revenue wahala dey continue. Na N30tn revenue shortfall wey dem confess say dem experience for 2025!
Economics professor, Sheriffdeen Tella, don raise eyebrow say the projections no get credible basis because dem never implement wetin dem carry come. Make e no be say we go just dey carry big numbers without real implementation work.
The final summary be say as dem dey spend more money for Naija, wey dey increase in nominal terms, e be say e dey scatter for real value. We go need find balance as we dey try grow economy while dem dey manage inflation. Na so wey go fit make sense for this our Naija! Make we dey watch as the matter dey unfold.
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