Increases in Electricity Tariff and the Price of Petrol are for a reason

Like a thief in the night the increments chanced upon us. There is this saying that he who goes a borrowing goes a sorrowing.

Those familiar with Nigeria's economic

President Muhammad Buhari
history of the 80s would recall the term - Conditionality. Look no further for the reason for the increase in Electricity tariff and the price of Petrol, these are the dictates of the World Bank as we seek their loan.

Borrowing is a source of Capital for businesses. Every serious lender makes plans on how to get his money back. 

My worry with the World bank loan is utilization. With our unserious fight against corruption, this loan could be frittered away and coming regimes left to grapple with questionable debts.

Politics and government remain veritable sources of quick lucre in Nigeria. This explains why in the words of Chinua Achebe cost of projects in Nigeria remains among the highest in the world.

Anti - Money Laundering Legislation in Nigeria should focus on Government projects as avenues for Laundering money.

The laughable part of our foreign loans is the fact that they are sunk into projects that are executed not by Nigerians but by foreigners who end up eating their cakes in earnings on project execution and yet await repayments of their loans as in the case of Chinese loans.

We cannot afford to saddle our people with foreign debts and joblessness all at once. With the loans we can embark on projects to be executed by Nigerians while earning Living Wages.

Coupled with unemployment is the scourge of criminal under pricing of wages going on in the economy in the name of outsourcing.

For Labour and Emploment Minister Chris Ngige and his Minister of State Festus Keyamo,  it is not about who is a Mushin boy or a VI boy, it is about tackling Labour issues with the benefit of Victoria Island mentality lest majority work hard enough to live in Victoria Island only to be paid wages good enough to take them to Mushin.