In virtually all states of the federation, outgone governors left incredible debt profiles with little or nothing to show as the investment of the proceeds of the debts.
It has become imperative for new governors to vet these debts and investments to determine the true position.
It should not be a political exercise but one that involves the Securities and Exchange Commission, Debt Management Office, Fiscal Responsibility Commission, Professional groups and credible civil society organisations.
Where there is evidence of mismanagement, proceedings for recovery of such sums should be vigorously pursued. Most state debt profiles are simply insane.
Nigeria held presidential election in February 2019 with President Buhari declared the winner.
March, April, May and now heading to the end of June, the President is yet to make up his mind on ministers and other key appointments.
This is the same scenario that worsened a bad economy and led us into recession in 2015/16.
We need a team to set the fiscal and economic direction. According to the street lingo – delay is dangerous! The President should make a decision today.
The revelation by the Senate that Nigeria spent N11trillion on fuel subsidy in six years is a demonstration of our expenditure priorities.
This amounts to N1.833trillion a year in an infrastructure starved economy. We need to get our priorities right. A subsidy on the consumption of a foreign produced commodity can neither create jobs in the local economy, garner tax revenues for govt nor conserve our foreign exchange reserves.
The govt needs to rethink this mind-boggling subsidy and citizens need to think through the advantages and disadvantages of the subsidy.
Nigerians and the Federal government want to welcome local and foreign investors who will invest to create jobs, value and wealth as well as pay corporate and personal income taxes, etc.
But this cannot be realised under the current climate of siege and descent into fascism, disobedience of court orders, ransacking MTN’ s offices shortly after listing on the stock exchange, closure of media houses, etc.
This is not the way to attract investors. Rather, it is the abc of making investors afraid of the country. The President has not made an inaugural speech and in all these dire straits, he says nothing and calls no one to order.
We need a next level of democracy, human rights, economic growth and development.