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NO COUNTRY ON EARTH HAS EVER REMOVED PETROL SUBSIDY AND FOREX SUBSIDY AT THE SAME TIME.
TINUBU IS MAKING HISTORY.
Because of the enormous risk of removing fuel and forex subsidy no leader on earth has ever attempted it, It posses humongous economic, social and political risk.
Removing petrol subsidies and floating a currency simultaneously poses serious economic, social, and political risks, especially in a developing or import-dependent country like Nigeria.
Here's a breakdown of the major risks: 👇❤️🔥
it would lead to an uncontrolled Inflation especially in an import dependent economy like NGR
VERDICT: Inflation in Nigeria is dropping ( PBAT effect)
It Increased Poverty and Inequality
VERDICT: BAT has increased salary of Federal workers twice, targeted poor students with students loan, crash rice and other food prices..
Done cash transfers, target technical school students to acquire skills and being paid among others.
It could lead to Uncontrolled exchange rate
VERDICT : Naira is standing firm for over a year now.
It could lead to crash of the stock market.
VERDICT: Nigeria stock market is the best performing in Africa
It could lead to Social and Political Unrest.
VERDICT : NLC and TUC went on strike over 7 times over this policy Tinubu manage the situation perfectly, Other leaders will burdge, Zanga Zanga riot erupted Tinubu remain focused in the face of the storm.
He is still standing If he had surrendered and reversed the policy, it would have undermine investors confidence, create market confusion and destroy Tinubu long term credibility in the eyes of investors Over $40billion investment are here today.
Tinubu strategic support for local manufacturers and farmers have grew Nigeria non oil export by over 30% in one year, and stabilize the economy.
I t would have led to the end of his political career and death of his party
VERDICT: Tinubu political career is growing exponentially as all biggest political names in Nigeria are streaming to join the Tinubu train, Possibly leading to one party state.
In The coming years The world would call what Tinubu had done " THE NIGERIA MIRACLE"
WHY WOULD TINUBU WANT TO THREAD THIS MASSIVELY RISKY ROUTE NOBODY HAS EVER THREADED.
The weight of this subsidies on Nigeria has reached the breaking point.
A little delay would have spell doom that Nigeria would never recover from in this lifetime.
The 2023 budget says it all.
Nigeria had N21trillion budget.
REVENUE - N10trillion
BORROWING: N11trillion
Salary Bill - N8.7trillion
Debt service - N7trillion
Fuel Subsidy - N6trillion
Electricity subsidy - N2trillion
Total Debt $108billion
Net External Reserve - $3billion( can barely finance 2weeks import bill)
And more money was needed to defend the Naira at N450 to a dollar in cabal rate...
This where the figures that made Buhari say he was eager to return to his cows in Daura...
He doesn't want to bite the bullet...
If Tinubu came and start speaking grammar like Obi and Atiku
Nigeria would have crashed like Yemen, Sudan, Zimbabwe, Stri Lanka, Bangladesh, Myanmar, Zambia, Argentina among others
Nigeria had no time in 2023 and Tinubu had no margin of error.
Expectedly he has delivered
Those of us who believe in Tinubu are grateful to him, His critics can remain in their fools paradise.
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