Kemi Adeosun Nigeria minister of Finance says keeping the deficit target of N2.2t will take precedence over infrastructure spending ..Hence if revenues fall…instead of new borrowings which will expand the deficit…Nigeria will cut spending.
Amazing……
Dear Minister, take it from me, debts and deficits dont matter…..in a recession….its like worrying about jerry curl hair…in pouring rain.
Dear Minister,
1. Borrow….
2. Spend…..
3. Cut government taxes…..
2. Spend…..
3. Cut government taxes…..
Spend on roads, rails, port, power stations, primary school,hospitals, refinaries…etc
Dont borrow to pay salaries or fund imported consumption
Nigeria is already in a manufacturing and industrial recession … you don’t do “deficit targeting”…..mba! That time has passed.
Who deficit targeting don epp?….in s recession?
When Obama was elected. …the US economy entered a recession …Obama did the $787b stimulus spending….to spur consumer spending and “save jobs”…and boost investor confidence…$787 billion!….Kemi Adeosun your N350b “stimulus” is yet to be released into then economy (when was budget signed?)…its now caught in the jaws of “due process”. …
Obama followed up his stimulus spending with a $858 billion tax cut in……So Obama reduced “PAYE” taxes by 2% adding million to workers’ spendable income. This gave US workers more cash to spend and reflate the US economy. ..
Nigeria has done the opposite. ..we have implemented taxes via
1. Maintenance fees in banks
2..Stamp duties
3..Tax on PMS
2..Stamp duties
3..Tax on PMS
I hear a tax on GSM is coming.
Just so we are clear…Obama took America out of that recession by spending. …and tax cuts…
Nigeria under your watch approaching recession is not spending. ..nor are we instituting tax cuts…What is worse. ….the US is not dealing with NDA…you are.
So The contrasts are clear…
Kemi Adeosun …be bold….spend. ….cut taxes.
Its our problem..we can fix it
