Obsession With Sharing Formula : The Conjuctural Path To Nigerian Economic Crises - THE DAILY CRUCIBLE

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Sunday, October 31, 2021

Obsession With Sharing Formula : The Conjuctural Path To Nigerian Economic Crises

         •A section of Nigerian governors 


The Daily Crucible | Published Sunday, October 31, 2021

By Kunle Alaye

The rentier nature of the Nigerian State, hitherto the poor or non production culture of the country, is consistently overwhelming and retrogressive. 

It is incontrovertible that any nation that depends so opulently on the importation of goods and services with little or no production status, will be riddled and shattered with economic crises.

Nigerian State as at today, "produce none and import all", including some of  the commodities which are purportedly claimed to be the nation's products: Such as cassava, rice, tomatoes etc. 

The leading Cassava, rice and tomatoes producing nation still ironically still import some of these basic goods. This is disastrous and indeed a catastrophic development for a nation with such enviable resources.

Nigeria presents itself with paradox, the country is rich but its citizens are poor. According to the the recent statistics of the World Bank, Nigeria remains the largest economy in Africa. However, the statistics recently released by the American Brooklyn Institution confirmed that 105 out of over 200 million Nigerians are living in poverty. The statistics above, unfortunately represents more than half of the country's population.

Again, the same country according to the Organisation of Petroleum Exporting Countries (OPEC) is the 6th largest petroleum producing nation in the world but ironically the highest importer of petroleum products in the entire world.

It is very questionable and appalling to know that there is annual budget by the Federal Government , for the maintenance of the petroleum refineries in Nigeria, yet nothing has ever been maintained nor sustained in the facilities. 

It is also shameful to know that refineries in Nigeria today are obsolete and rendered useless. The last time Nigerian government built the refineries was during the military administration of Babangida in 1986.

The conjuctural nomenclature of the Nigerian economy, is so embarrassing rediculous and repugnant. Ironically quite avoidable, if the nation has vissionary and altruists as political elites, unfortunately reverse is the case.

Nigeria has a bunch of unscrupulous demagogues who only channel the limited resources of this great country (Nigeria) into prebendal, patrimonial and compradorial shenanigans. All these of course deny Nigerian masses of access to the limited resources.

It is gravely regrettable that the political elites especially, the ruling class are indiscriminately engrossed with such dialectical panacea of "sharing formula" from the Federation Account every month. However, they are apparently parochial or wielded with hedonistic tendencies.

None of the Nigerian governor, including the Federal Government itself, ever thought or think out of box on how to increase production formulas so as to boost the economic status of the country. They are less concerned of what to produce to increase their Internally Generated Revenues (IGR). Rather they are more conscious of the strife - prone sharing nature of the limited resources.

It is indeed simple: likely implications of any state in the category of sharing without production capacity include:

- INFLATION RATE

- POVERTY

-UNEMPLOYMENT

-UNDEREMPLOYMENT 

-MEDIOCRITY 

-INSECURITY

-POOR INFRASTRUCTURE

Just to mention a few. Sincerely, except Nigerians take responsibilities of how to tackle the political elites and hold them accountable, especially at the state levels  to imbibe production culture.

The usual sharing formula which has eaten so deep to the fabrics of the Nigerian economy may no longer have any promising path to the economic development ditto growth or recovery which invariably makes the economic status conjuctural and crisis episodic.


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