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CHAPTER FIVE
POOR FINANCIAL DIRECTION AND STRUCTURING
Nigeria continues to practice financial systems not designed to cope with the growing population of the country. Most Nigerians agree that the problem lies with the federal government’s inability to plan for the future, the national budgets only meet current issues and over head cost from previous financial year.
The Nigerian government has been criticized by global administrative bodies for the lack of sustainable program it spends billions on, washed away by an incoming government so that the lobbyist and political sponsors to incoming government, can lay their hands on some form of rewarding contracts, deliberately sidling previous administrative works even if existing projects from a past administration was geared towards economic growth and was in progress. Perhaps lack of effective communication and team work does not exist in the governmental structure of Nigeria making it difficult for new administrators to work with predecessors to sustain national building and development.
Political divides remain oh high as a major contributor to the lack of consistency in administrative duties, instead of focusing on national building, the blame politics is played, where administrators accuse each other and criticize other past administrative works, instead of setting the pace for a correctional approach to development, they too (the newer administrators) will end up following the same criticized path.
The Nigerian economy is further paralyzed by the poor monetary policies it initiates, poor monetary management. For instance the most developed nations still have their minimal currencies in circulation (1 dollar, 1 pound (English pounds)), but in most Africa states it not uncommon to see monetary notes with figures as high as 2000. To illustrate the innovation in the Nigeria monetary system, the Central bank of Nigeria at some point was lobbing the introduction of a 5000 naira note after the 1000 naira note already in circulation did not meet the desired expectations for the who is who in Nigeria economy, such innovations can only lead to the devaluing of the currency and increase inflation and poverty. With such monetary measures it is impossible to see the naira trade directly outside the country or even compete with other progressing economies of the world.
Today, most state governors of the federation of Nigeria are in huge debts, debts the size of revenues for some countries
currently Nigeria is bidding to join the BRICS, a new financial market and currency hopefully to Pay off her debt ,perhaps if successful we can applude such decision and see how they survive their foreign partners whom endorse their political career for capitalism . the dollar market already rooted in many trading fronts in the country will be facing risk from Brics membership and can cause political instability using their contacts on ground to distract the current government of Nigeria 2024 .
currently there are national regional divides based on new tax administration which simply said to states , you will be given money according to your revenue contribution to the federal government of Nigeria and because of the political and regional segregation that have afflicted national growth by deliberately leaving certain parts of the country under funded based on who or which region is in power or dominant region of the country in many past administrative era of governments in Nigeria
Democratically Nigerians suffer, most individuals do not respect the rule of law
- Writer
