Nigeria is back to 2002 in that very soon its Debt servicing will consume 30% of its revenue as was the case during Obasanjo’s first term. Except that since a lot of the debt is local the punishment meted out to the average Nigerian is going to be twice what it was then with not only less federal expenditure in health and education but also soaring prices of goods as the government prints currency to solve its problems.
Clearly Nigeria is in deep trouble and the present administration is running up the wrong avenue in its efforts to bridge the financial crunch. I laugh when I hear Kemi Adeosun now talk about taxing even beggars. Is she SERIOUS? How do you tax a people whose government has provided practically little in the form of infrastructure and services? Where are the roads? Power? Water? How do you tax a people who have been impoverished during the last two years?