RECESSION DIARY: CHRONICLES OF BUHARINOMICS
LESSON: SELLING THE FAMILY SILVER
Like a cat with nine lives the infamous apparition, Abubakar Shekau appeared once again like Arnold Schwarzeeneger in the Terminator franchise to say " I am back".
Despite claims that he has been killed or fatally wounded the Boko Haram Kingpin reappeeared on the airwaves to taunt the Nigerian State today.
His lips filled with sarcasm and vitriol, he bègan to ascribe immortality upon his person as he issued out verbose incoherent threats against the Nigerian State.
As one watches Shekau holding his trade mark chewing stick in one hand and his holy book in another, one wonders if the recession is not bitting this criminal mastermind. Insecurity in the land is one of the key melting points that has heralded the recession. The North East lies in a pile of rubble, over 2.6 Million Nigerians have been driven from their homes, 60% of female IDPs are forced to sell their bodies in exchange for food aid and the Boko Haram terrorists still have the Chibok Girls captive all elements that can destabilise any nation. It is true that the level of bombing has reduced and the Military is battling hard to restore some resemblance of normalcy, however the earlier dishonest claims that Boko Haram had been Technically defeated appear technically untrue especially with the umpteenth resurrection of Abubakar Shekau.
Until the North East is sanitized of Boko Haram elements and the Chibok girls returned, the road to recovery remains but a mirage. Algeria had a similar problem in the 90s but determined honest leadership overcame the insurgents, thus the Nigerian Goverenment can revitalize a stricken North East if they truly intend to.
The main grouse of the Nation at the moment is the call to sell pristine National Assets by The nation's richest man, Alhaji Dangote. In a surprising tandem dive into oblivion, a retinue of Government officials have risen in unison with this idea. Hence I am forced to remind the regime and Nigerians that selling the family silver will not raise one out of the recession.
Indeed selling the family silver is a quote made popular by the British who see as deplorable selling heriditary assets like the family silver that is considered to be priceless and embossed with the emblem of the baronet especially selling for cheap when a family is deep in debt. It is seen as a prelude to entering the workhouse where paupers like Oliver Twist beg for more in the midst of less.
Now the Nigerian scenario is extremely puzzling. Is Nigeria so deep in the hole to consider selling our prized National Assets? Definately not. With the trillions of naira obtained from TSA, the Millions of Dollars of Abacha loot repariated along with the Billions in property and booty recovered from looters one wonders why the rush to indulge in a firesale!
And Nigeria has a deluge of experience in this sphere of selling National Assets with little to show for this misplaced adventure. The sale of NITEL, NEPA and Nigerian Airways are conglomerates whose fall from grace since their sale during the inglorious days of the BPE, leaves a sour taste in the mouth.
Decades later the Nation has nothing to show as infrastructure or assets obtained from the sale of these beheamoths. Now another campaign to sell our last assets of note to the same greedy cabal that twisted us into this recession is ongoing.
Indeed the thirst amongst our ruling elite to buy for cheap the best Nigeria has to offer due to the ongoing recession is akin to the unbridled lust of a promiscious man for a naked damsel. It is upto Nigerians to resist this tainted lust for it is akin to selling our children's future right before our eyes.
The Government is once again not truthful in its dealings as there is alot of measures that it can do to stimulate the economy besides selling out prized assets. The CBN can cut the record high intersts rests that have only strangulated the real sector of the economy while making bankers to be even richer than King Solomon.
They can imbibe the policy specialised by the Americans called Quantitative easing which is a technical term for printing more money to fund capital projects using local contractors.
Then there is the option of changing the face value of our currency by issuing redesigned bank notes. This has happened thrice in our history and Nigeria is long overdue to implement this strategy. Alas the ruling elite are notorious for stashing Billions of Naira under their bed or in their strong room hence such a policy will force this money out and into circulation or the banks as the rush to relinquish prospective expired money must be backed by a cap on the raw cash one can keep outside the bank vaults.
Indeed there is even the option of obtaining advance payment for our products like crude or Liquified Natural Gas in the futures market hence enhancing liquidity without the outright sale of National Assets.
Thus the alternatives are endless hence for one to box Nigerians into the corner of acceptance of this firesale is an attempt to provoke the masses to revolt.
We can all hear clearly and are not fooled by the voice of Jacob although the hairy hands of Esau caresses our spine with such deceptive tainted words.
Hence selling the family silver is not an option.
Likewise Nigerians on a personal level should think deep before selling their properties during this recession. Landed properties are an inheritance for future generations hence should be guarded at all costs. Hunger is a dangerous entity that every man alive must contend with however to sell one's destiny for a mess of porridge is not an option.
As the recession bites harder tales of selling children into servitude abound. This is even worse than selling landed properties as the younger generation is forced into a bleak future right from the onset.
Items can be pawned or leased out in the interim pending when the economy improves.
One must realize that the recession will not last forever but the basic human needs of shelter and security will remain.
It is indeed a difficult balancing act in these trying times hence one needs to excercise wisdom in tackling the prevailing circumstances.
One prays for a better future ahead but acts wisely to protect that present.
We are indeed in interesting times as the economics of Buharinomics throws up new challenges every passing day. However selling the family silver should be the last option only when the cold hand of death seeks to erode a hungry frame.
Another day brings another lesson as the recession marches on.
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