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Kalu Aja


Sep 23

7 tweets

Brent Crude is $85, Brent was higher, Nigeria could not service her debt This is the first oil boom that Nigeria has not increased revenues. The Federal Government failed the simple task of selling crude oil The macroeconomics today are worse than any period under democracy

Let me repeat for emphasis, since Nigeria was created, this year 2022 has seen the worst macroeconomic environment for the Federation of States, in the Republic of Nigeria

The irony is that 2021 to 2022 has been the period of opportunities for Nigeria to have raked in the most revenues in her history Oil prices, an all-time high Gas prices, an all-time high Yet, not only is the Federal Government broke, she is borrowing more.

I don't think Nigerians appreciate the hole they are in. Technically, the Naira has no intrinsic value today; the FGN has survived not via tax revenues but by fines on MTN and literally printing of cash by the "independent" CBN (N15t minimum to date.)

After 62 years, the only saving the largest economy in Africa can boast of is about plus or minus $1b in the Sovereign Wealth Fund. That's it. The excess crude account is technically empty.

Power supply today is at 1999 levels in terms of distributed power Credit rates are minimum of 14% MPR Food inflation is 22% FDI has cratered Yet N4t has been earmarked to pay of imports of PMS. Makes no sense

The only light I see at the end of the tunnel is the elections in 2023. Perhaps, Nigerians will understand the economic hole they are in and elect a business minded CEO Nigeria today is like GE, a failed conglomerate of opportunities. She needs a competent CEO.

Kalu Aja


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