APC AND ITS FLACCID ECONOMIC POLICY EXPERIMENTATIONS

With each passing day, it becomes clearer that the government has lost touch with reality and is only bent on needless experimentations with economic policies that eventually lead the country nowhere. In the end, the poor masses bear the brunt with their economic life badly damaged in the wake of the bad decisions/indecisions of the government. A few years ago – just before (and early in) the ascension of APC to the leadership of the country, the price of rice was a mere N8,000 – N9,000. In less than a year in the saddle, APC ensured the price moved up to N14,000 and, for some time, oscillated between N17,000 and N20,000 for quite a long time. Eventually, we settled for about N13,000 until a few weeks ago when the government thought the masses seemed too comfortable and therefore toyed with the idea of adding to their economic troubles. In other words, if care is not taken, the rising price of rice may finally settle at around N18,000 by the time normalcy returns to the market. This is the same way it happened in 2016 and there is presently no indication that things would pan out better this time around. I foresee a similar trend with the current price spike.

Just like it happened in those very hard days when the government was pursuing an unrealistic economic agenda – without a stable economic structure. It has started another round of economic trial and error policy that would bring nothing but more hardship for the helpless citizens. I do not think we have to build our Rome in a day. The government in saner climes always make palliative arrangement for their beloved citizens before taking drastic actions that are capable of substantially impacting the lives of the common man.

When we remember that since 2015 the wages and salaries of workers have not increased by even 1%, we would understand the economic troubles the masses have been subjected to over the whole life of the current administration. Just few weeks ago, the government approved a 50% increase in VAT. The CBN has also approved a percentage charge on cash deposits and withdrawals made on personal accounts. Even though the then ACN, one of the legacy parties of the now ruling APC, championed the popular opposition of the reintroduction of toll fee less than a decade ago; citing the prevailing harsh economic situation, APC itself is now mulling the idea of doing same as the ruling party. That is amidst multiple taxations extending to the use of internet data. This is in spite of the fact that recharge cards are already priced inclusive of VAT.

For how long are we going to serve as the guinea pigs of the government’s poorly thought out economic policies?

God bless Nigeria!

 

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