THANK GOD KEMI ADEOSUN RESIGNED?

It is a pity that erstwhile Nigerian finance minister, Mrs Kemi Adeosun had to resign when she was at the point of taking a bow for her pet project: Internal revenue growth 

The 51 year old had to resign on Friday over NYSC exemption certificate scandal that refused to go away even as she  practiced the fine art of staying mute learnt  from her boss, the President.

After she arrived the scene in November 2015 as finance minister, non oil revenue ended at N1124.72bn in 2016.

This rose to N1262 bn in 2017 although because of good smiles from the crude oil market % contribution to total non VAT revenue was down to 45.4% from 2016's 49.3%.

Mrs Adeosun it was who took on the tough task of getting more Nigerians and companies to legitimately pay tax and her strategy seemed set to deliver the goods 

By quarter 1 this year, non oil revenue was N208.25bn and given the booties from her drive, this rose to N523.85bn by the quarter to June. And it looked like this was just going to be the beginning.

But then, thank God, she threw in the towel? May be all because she didn't seem to be the minister who can show the president where some of economic policies, are leading the nation. 

In her resignation Letter, she said in part that Nigeria was on course to the promised land because "the foundation for lasting growth and wealth creation " were being laid; the President's "focus on infrastructural investment, revenue mobilisation and value for money in public expenditure will deliver growth, wealth and opportunity for all Nigerians"

Well it could if that kind of foundation is being laid. Surely, it is not being laid except this equates only to trying to make it easier to do business in Nigeria through easing of entry and exit conditions.

The point  is that  it made sense, as Kemi Adeosun argued over and over, to take cheaper foreign loans to repay more costly local ones but that is, if available resources at home have been judiciously utilised.

Unfortunately, there is nothing forward looking in borrowing in order to be able to distribute 5000 and 10000 to select less than 1% of Nigerian poor and serve a meal a day to primary school pupils who barely learn anything useful or targeted at the high tech world we now live in.

Neither is there sound economic logic, except political ones, behind bloated civil service even if ghost workers had been removed.

There is no sense taking fight against corruption to the homes of real or perceived enemies and doing ones best to undermine the constitution through unilateral decisions that need the National Assembly's nod or disobeying or obeying court decisions at your pleasure.

Besides, no amount of economic growth can be achieved if Mr President constantly sows seeds of discord by explaining away law breaking instead of applying the law or deliberately leaving the all important security of the nation, as diverse as Nigeria, in the hands of the President's sectional constituency.

Yes, like Mrs Adeosun declared in her letter, the president led Nigeria out of recession although many forget conveniently that he also led us into it.

The point is:  until Nigeria takes value added as sacrosanct in all its policies, strategies and projections, the only guarantee of good times now and in the future, for Nigeria and Nigerians is higher prices for oil and  gas at the international market.

Hence it is good that the ex finance minister reminded the President that very tough decisions lay ahead and this is hoping that politics and nepotism  can allow any Nigerian President for that matter, to be able to bite this bullet soon.

Go well Mrs Adeosun, you have done your bit.



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