A few days ago, I put out words on the nationwide protests in Nigeria. Notwithstanding, I have not written much on the protests considering that a part of Nigeria has been protesting for years, and no one paid attention. Yes, the sit-at-home in the Southeast which takes out a day or two days in a week is also a protest, and it is hitting close to 6 years or so. But magically, Nigeria did not bother.
Consequently, over the last few years, the Southeast Nigeria has moved from #2 on per capita on tax to about #4. In other words, productivity has dropped, revenue went down, and economic opportunities severely diminished. That is a huge cost to Nigeria, and the implications have compounded our national economic challenges.
Our national leaders thought that losing two days in a week in one of its regions is a regional matter. They did not know that the Southeast people will still eat, which means even as demand stays constant, supply has reduced, pushing inflationary pressure in the nation. If Nigeria saves the two lost days in sit-at-home in the Southeast, we will reduce inflation within weeks. But if those protests remain, EVERYONE in Nigeria will continue to pay the prices.
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The current nationwide protests in Nigeria could be traced partly to the years-long sit-at-home protests in the Southeast which has cost Nigeria at least more than its national budget. Why? You cannot close Aba, Enugu, Onitsha, etc some days of the week for years without Yobe, Kano, Akure, Jos, Ibadan, etc paying the prices economically.
If you doubt me, check the latest VAT numbers per region; Southeast is way down and that is affecting everyone: “The debt service to revenue ratio has increased significantly, from 33.8% in 2017 to a projected 110.4% in 2024, signaling potential difficulties in meeting debt servicing obligations relative to revenue generation” – Afreximbank. Southeast used to provide tons of VAT revenue.
So, Mr. President, as you work to fix the nationwide protest, do not forget the sit-at-home protest. I challenge you to solve that problem because since that protest started, Nigeria’s economic position has deteriorated. I can provide you hard numbers to show how we are losing 4% of national economic output for more than half a decade!
I am compelled to comment because in your speech this morning, you omitted that sit-at-home protest. But you cannot fix the nationwide one sustainably without fixing that, as Nigeria cannot attain economic equilibrium without SE operating at full capacity!
Comment on LinkedIn Feed
Comment: Good to know! But the Governors of the Southeast region needs to do more has anyone ask them what they are doing with the humongous monthly FAAC coming from Abuja to that region?
My Response: Your comment is the current mindset we have in the nation now: it is a Southeast problem. But if people are hungry in Kaduna, it is a nationwide problem. But the day you understand that what affects SE affects the whole of Nigeria, we will be better. Check the data, Nigeria has been going down economically since these sit-at-home protests started. But you are fixated that it is a regional issue under the control of governors as though those protecting for hunger do not have governors with “humongous monthly FAAC” allocations.
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