Incompetent economic management occassioned by shallow minded politicians who rather want to be seen as welfarists than anything else.
First step should have been, raise VAT to between 7.5 - 10% & reduce govt. borrowing but hell no, they will borrow N2 trillion & spend 70% of it on recurrent expenses added to the extra N1 trillion of last half of 2015 & a projected N1 trillion from further collapse of oil price coupled with the unrealistic N1.2 trillion projected non-oil exports in 2016 which will further drive up our budget deficit to around N4 trillion in the next 10 months.
At this pace, Nigeria will spending 40-45% of our annual earnings 3yrs from now servicing debts.
How did we get here? sad
APC should not destroy Nigeria biko
#AkwaIbom
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