The challenges for us is to use this available information to our advantage by addressing urgently mass unemployment. Its is improbable to start curtailing our
growing population at least for now.The labour force stands at about 40% out of our population of 170m.If 54% are unemployed,then about 46 million people are
unemployed.This is a time bomb.Poverty level and standard of living will
worsen if in the next 3 years we do nothing about this discovery. Imagine the
contribution of this unemployed population to GDP in the next 5yrs.
There
should be policies to encourage local and foreign investment in lagging sectors of the economy.The sectors that are doing well should be
monitored for continued progress.
The
deadly monster virus of corruption must be tackled headlong.There are
so many loopholes that allow corruption and waste of natural resources such
as the waste in NNPC. We should address system of budgeting for expenses
and income because there is so much inefficiency built into it.
The income
side of our budget has not been correctly captured from year to year.The revelation that
there were questionable import waivers at the Ports led to loss of billions of Naira in
revenue.This is very huge when we put it on a global scale of sources of
government revenue.Accountability is getting worse at government ministries as
shown by recent mind boggling revelations of financial recklessness of some of
our ministers.The private sector is not immune from corruption in the
land. We have seen how banks MDs are being tried by anti corruption
agencies.These anti corruption agencies must be adequately funded for
efficiency.There should be no government interference with duties of these
agencies.
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