Why 2023 Presidential Election Determines The Future Of Nigeria – Sociopolitical Activist (Must Read)
A civil right and sociopolitical activist has explained the cycle of debt Nigeria operates and how 2023 presidential election is important in determining the future of the nation.
The activist simply identified as Just Society For All speaking via a lengthy Twitter thread revealed how Nigeria makes less than what is needed to run the nation and uses a large portion of the income to service debt.
She explained that Nigeria, according to available figures, received N5.5 trillion in 2021 as revenue, and used N4.2 trillion in the repayment of debts from January to November, while the nation had just N1.3 trillion left for other purposes.
In total the country brought in ₦5.5 Trillion in revenue
Then it gets really crazy from here.Out of that ₦5.5 Trillion revenue, ₦4.2 Trillion was spent on servicing (repaying) debts from January to November.
So what is left after paying debts is ₦1.3 Trillion.
— JustSociety (@justsociety4all) January 17, 2022
Speaking further, the activist revealed that there was however a deficit as there wasn’t enough money for 2021’s national budget of N13.57 trillion.
In reaction to the deficit, she stated that the Federal Government borrowed an additional N12.27 trillion for the national budget.
Which, as a matter of fact; means that what is left after repaying what we owe is not enough to run the country…
…because in the 2021 national budget, the nation needs to run on a total of ₦13.57 Trillion.So since we just have ₦1.3 trillion left, an extra ₦12.27
— JustSociety (@justsociety4all) January 17, 2022
The Twitter user further stated that in 2021, Nigeria spent N12.56 trillion of the borrowed money on salary and fuel subsidy, while some were looted.
trillion is needed.
Where do we get it?
Yes, you guessed right – we borrow.In 2021 Nigeria spent ₦12.56 trillion – most of which were borrowed money spent on things that do not bring money back (salary, fuel subsidy, LOOTING, etc).
So if Nigeria was a man who makes
— JustSociety (@justsociety4all) January 17, 2022
She then compared Nigeria to a man who earns N100,000 monthly but borrows N5 million monthly to pay for running his house.
The scenario painted depicts a man who is neck deep in debt and cannot afford to repay due to poor financial decisions.
₦100k a month, he borrows ₦5 million every month to pay for light bill, and running of the house.
See the picture now?
Scary, isn’t it?The excess Crude oil account (which is like our savings) is almost empty.
So not only does this man borrows like a crazy person,
— JustSociety (@justsociety4all) January 17, 2022
he has no SAVINGS for emergencies (like if his boss decides not to pay salary).
Anyways, the finance minister thinks we are doing alright. That what we have is a revenue problem – and not a debt problem & if we make more we will be alright (this is why they are taxing— JustSociety (@justsociety4all) January 17, 2022
everything)
Of course, she could be lying.
…but she maybe right too.The rule is we should NEVER borrow more than 40% of our GDP.
We are at 36.9%
3.2% more and all the alarm bell goes off.
Now – imagine if our revenue keeps dropping, and the debt keeps increasing.— JustSociety (@justsociety4all) January 17, 2022
And one day – voom – 3.2% crossed!
Then we will really have a debt problem.
Since we currently borrow to pay salary, when the alarm goes off – further borrowing is a disaster:The Government will struggle to pay salary.
(Which is scary considering that the Government
— JustSociety (@justsociety4all) January 17, 2022
Speaking further, the political commentator suggests that the only way the Federal Government can attempt to address the borrowing crisis in the nation is to impose more taxes in order to raise money.
is the biggest employer of labour in Nigeria)
More Taxes will be imposed to raise money, Including tax of Goods which will increase the prices you pay on Foreign rice for example.Our currency will get futher devalued.
Which means things will get even more expensive in the— JustSociety (@justsociety4all) January 17, 2022
market.
This is the state of the nation…YET…
…the politicians still loot and take home fat salary.Imagine if we get the wrong President in 2023 again, who will not get these things fixed.
Imagine the disaster if we push over that 3.2%
If you think politics does— JustSociety (@justsociety4all) January 17, 2022
not affect you, then maybe you do NOT see the full picture.
Which is why i laugh at people who ignorantly say – ‘’I am not interested in politics’’
Well, guess what it? It is interested in you.
The person who becomes the President will affect the price of your
— JustSociety (@justsociety4all) January 17, 2022
Rounding up her analysis, she expressed that the person who becomes president in 2023 will determine the economic standing of the country.
The politician commentator stated that Nigeria’s next president will determine cost of basic necessities like food items, cooking gas, flight tickets, Value Added Tax (VAT) on social media apps, importation and more.
bag of rice…
…your cynlinder of gas
It affects whether or not it is safe to drive from Kaduna to Abuja or fly…
…or whether you need to pay 7.2% or 20% VAT on your Facebook ads.It affects whether you keep selling on your Instagram page, twitter or whether Instagram gets
— JustSociety (@justsociety4all) January 17, 2022
banned in the country OUT of the blues.
It affects the shipping fee you pay on your Tokunbo car.
Get the picture?
This is NOT the time to be tribalistic. Or want a President from any part of Nigeria. It is a time for THE RIGHT ONE.
— JustSociety (@justsociety4all) January 17, 2022
Admonishing readers, the Twitter user advocates that the decision of whom to vote for shouldn’t be based on tribal sentiments but on who can perform as President.
The activist then encouraged Nigerians to get involved and get their Permanent Voters Card ready to make their choice when the time comes.
You really need to get involved. In any little way you can. Even if an to get PVC, try go vote. If your Vote does not count they won’t be chasing people away at polling stations.
— JustSociety (@justsociety4all) January 17, 2022
