NIGERIA’s MISERY BUDGETs: An out of the box opinion

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In actual reality, Nigeria’s budget can easily be called poverty advancement and progression ritual. The actual reasons for these are neither the Niger Delta Avengers menace nor the PDP 16 looting years so advanced by the government, it remains to be the same thing that hamstrung past government. It is an idea problem, a knowledge problem.
Actually you can’t have 170m people and budget just about $22B. LOL! Singapore is a one city state of just about 5m and budgets $60b without oil, a city state just the size of FCT. Think about that a while. Nigeria’s budget shouldn’t have been anything below $120B. That in itself is misery.
So what is money? Well it is the first question any sovereign government must answer. The idea of money within the government circles in US for instance is not the same thing with government in Nigeria or UK. You must answer that question before you know how to create money itself.
US for instance can easily print its USD in the name of quantitative easing when it has a serious deficit problems; it can transfer its debts to other nations by way of so many artificial instruments it created but Nigeria cannot do same.
The simple definition of money is actually government debt. LOL! Money is a government debt that can only be managed but never paid. LOL! I know you are calling me a crazy man now right? Ok, I am not crazy but let me tell you the truth about money.
Money is a receipt actually that a government issues to you that she is owing you some virtual gold reserve somewhere in the moon. It is a bad fiat my friend. It is paper. A man in UK may disagree with me somewhat because his pounds sterling is actually backup by real gold, silver or platinum reserve somehow. What I am saying is that UK maintains large bullions of gold, silver and platinum. Nigerian CBN has none of this. So money is paper with a dollar back up value for a Nigerian or the government. That is the present scenario and at the heart of the nation’s problems.
So then, since we have no bullion of gold, silver and platinum nor the technical sagacity of US, what should have been money to our government? On what should we back up our Naira?
Well the answer is simple but not trivial. We should have backup our Naira on the labors of 120M Nigerians. That, my friend is the crust of the matter. On our labor is where the actual money is not on oil or on dollars.

I enjoyed this crazy economics, hope we do it again.

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