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Hey, I'm good inning all and
welcome to another space with me calu Aja.

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Of course, we call it our
money space, and on the space,

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we are talking money, the economy
and finance, and we try to

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make it personal to you. How
do the topics of the week, those

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big money topics affect your wallet personally. That's what we want to talk about

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right this week, we are talking
in general about Nigeria's fiscal issues i et.

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Tax, budget issues, and we're
asking a very very simple question.

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Does Nigeria have an endings problem i
e. Revenues flowing into the country are

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not enough? Or does Nigeria have
a spending problem i e. We get

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the revenues, but it's been wasted
through you know, wasteful spending. I

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want to talk about today. Of
course, that's a topic that's gonna take

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us into many areas, into how
the government is set up, into how

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the states and the local governments get
funds and how they are spent and how

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they're all tied back into a general
plan. So a very simple question,

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forever wide topic here for us to
discuss. As usual. I to give

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like an intro with the fact that
the numbers and of course you guys can

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all hop in if you want to
speak, request to speak, or send

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a DM or grab it and then
you can have your take. I just

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sheard a tweet, so that's going
to be my last tweet just before this

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space started, and I'm reviewing the
Nigeria's income statement in financial year twenty twenty

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three. So just that tweet alone
sort of encapsulates all we want to talk

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about in this space. Just take
a look at that last tweet. It's

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literally there. It startled Nigeria's Income
Statement financial Year twenty twenty three. I'm

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going to read it rather slowly just
so that we understand and we take in

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the point I'm making. And these
figures are all from the Federal Government of

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Nigeria. All these figures it's published
online the Budget Office, Federal Government of

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Nigeria. Number one, Nigeria's oil
revenues cannot cover the cost of salaries of

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MDAs. Again just salaries. We're
not talking about allowances, what about pensions,

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Just the salaries. So all the
oil you see, all the Dangote

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refinery, Shell eggz On oil and
gas, every infrastructure you see in Nigeria,

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in Portaco, Delta, a Quaibum, all the revenues from those assets

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cannot pay the salaries salaries alone of
mds in Nigeria. Salaries alone. We're

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not talking about pensions or servis,
white votes, just salaries alone. And

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the receipts are then the tweets.
I've posted the budget nombers so you can

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look at it. Receipts are all
there. Number two Nigeria's total revenue.

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So now we're talking about the oil
and gas, What about coco? What's

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on about the fines that MTM pays
everything Nigeria makes. Everything that you has

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earned for financial year twenty twenty three
cannot cover debt service, not the loan

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we've borrowed. I think we're in
about one hundred and one trillion or something

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crazy like that to service that debt
Nigeria has borrowed. All the revenues.

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If you take every revenue from oil, gas, cock Cowpe finds electronic money

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payments, every revenue Ninjera has earned
cannot cover the debt service that Nigeria is

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paying for financial year twenty to twenty
three. Second Tata point ten Thatta point

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the interest the Federal Government of Nigeria
paid to the Central Bank of Nigeria.

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For borrowing under the now discarded ways
to ways and means is three times what

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Nigeria and from V. Eighty.
So let's go back again. Nigeria's largest

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largest enning source, even if you
include crude oil, is from taxes corporate

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income taxes then V. Eighty.
So what we're saying here is that what

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Nigeria, the Federal Government of Nigeria
paid to the Central Bank of Nigeria as

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interest for borrowing from the Central Bank
of Nigeria seventy twenty three trillion Mira,

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is three times the amount of money
that was earned from that to the Federal

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Government of Nigeria. How I mean, these are crazy. If they are

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not there, we will argue this
was real and of course sec and zero

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for the Federal Government of Nigeria in
the whole of twenty twenty three. So

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all the noise, all the run
around you sees is doing when they are

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red knights cute jackets, they contributed
absolutely zero to the Federal Government's budget or

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revenues in twenty twenty three. Again, figures from the Federal Government of Nigeria's

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Budget Office have posted it online.
The receipts are there so you can see

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it. It's not my handwriting,
it's literally there. How do you have

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a country that the total revenues,
I mean, America is borrowing a trillion

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dollars every one hundred days. So
if you say one hundred days, America

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bullows borrows one trillion. But America
is paying their paying back at four percent,

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but they're still paying back. Nigeria's
case, Nigeria's total revenues, everything

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we earn. We can service the
debt from the total revenues, even the

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crude oil and gas that is worth
supposed to be the largest exporter of crude

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oil in Africa. Right, we
can't pay salaries of just salaries, not

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debt, not fixed roads. Forget
about fixing roads or or something. I'm

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about salaries alone, not not like
allowances, not like training, just salaries

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alone. What kind of countries?
What does it look like a serious country

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to you? Let's look at the
nationals snouts sound of pick a national semi.

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Particularly of all the budgets in Nigeria, there is only one budget that

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is not broken down line by line. The President's budet is broken down.

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The Defense Intelligence Agency, our own
version of the CIA, the FBI,

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the n s A all these secretive
institutions. If you go online, you

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can see their budgets broken down line
by line. The NSAS budget, Nationalistic

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Advisors budget is broken down line by
line. The President's budget is broken down

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line by line. Many states governors
they break their budget down line by line.

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The only institution in the whole of
Nigeria whose budget is not broken down

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line by line is the National Assembly
of Nigeria. They simply give you a

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figure and that figure should be a
figure. Three is a nine billion?

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End of story, go to town. That's it. They don't break it

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down. Why don't they break it
down because that's where they put all the

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waste that they spend money on.
National Assembly had five billion for a library

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or so last year. Waste the
library. All these cars they import,

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the SUV is the import. It's
in that non broken down budget. All

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the quotes unquote, tokens and pray
as they get, it's in that budget.

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So go back to our question,
is the problem with that twenty three

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budgets I just read? I just
read that now is it a question of

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that Nigeria is not ending enough that
the total revenues from crude oil and gas

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can only pay salad, they can
only cover salaries or is it that the

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salaries are too much if you citicize
are too much. Remember that the minimum

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wage of Nigeria is still thirty thousand
naira even though yes, oil and gas

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workers and more, but still the
minimum where the baseline is still thirty thousand

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naira. And we are saying that
when we export crude oil at eighty dollars

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a barrel ninety a barrel, when
we sell gas from Nigerla financial gas and

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we get the dividends when we export
cocoa, when we find empty and empty

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and pills in dollars, whatever we
do in Nigeria as a country, the

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total revenues from Nigeria cannot pay the
salaries off the Federal MDA workers alone.

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There's the problem, guys. It's
no longer a mass question and it's a

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problem of the structure. I argued
that the issue is wasteful spending, not

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the revenues. We know everybody in
these revenues. We know there is no

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nation on earth that has revenues to
spend at will. But in Nigeria's case,

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they relate to we get we have
blown it into we just spend and

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it's not just the spending guys.
Let's get the structure right. When oil

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prices go up, Nigeria increases salaries. We did this with the Udoju report.

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We've done this with win more wage
increases. When we had the golf

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war, increase golf war revenues,
we increase salaries, we increase expenditures.

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But the income of Nigeria is tied
to crude oil and crude oil revenues are

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variable. So when could oil revenues
go back down? Nigeria does not reduce

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her budgets and her salaries back down, so the baseline is always high in

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Nigeria. Exact same thing has happened
today. We want to increase minimum with

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Nigeria from thirty thousand, so accurding
to label four hundred and fifty thousand.

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That means that if label gets untyre
ThReD thousand, they might not get it,

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might maybe get something lower than that. That becomes the baseline. But

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we're making this baseline because corude oil
is at eighty. What happens when colde

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goes to fifty? What happens we
see have to pay a wage bill based

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on the crude oil of one hundred
and twenty five or whatever it is that

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label has negotiated. You see the
problem. We have never in Niger's history

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cut down costs of salaries. We've
only had one austerity budget and we called

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it SAP. If it's in Nigeria's
sap it elicits huge negative connotations because Nigerians,

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instead of fixing the problem, want
to spend more to fix the problem,

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to bother up the problem. Look
at the federal government's response to the

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economic crisis that's going on today.
They want to spend more. They want

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to spend about two trillion. My
cl collision, I'm going to spend nearly

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four trillion. They're going to borrow. This is not the budget too,

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this is the more they're going to
borrow extra to spend on things like giving

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money quote unquote wink wink to the
poor. They're going to buy CNNG bosses.

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Had If I hear CNG bosses one
more time, one more time,

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If I hear anybody saying CNG bosses, just one more time, we're gonna

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buy those things again. You know. So there is no rhyme, there's

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no strategy. It's just, oh, the people are complaining, let's give

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one to the poor. Let's buy
bosses. Let's let's do farming. Remember

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we're going on to farming. I
saw the first lady. I comment her

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with her guardian farm. She was
wearing gloves to farm. I command her.

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Fine, I have no issues with
that, but Nigeria needs me.

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Let's let's leave that. So dot
my rant. I've given you numbers,

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giving your figures. Like I said, just go to the last treet I

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did before the space started. It's
right there. I didn't purpose, so

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you're gonna have to search for it. You see a total breakout of Nigeria's

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twenty twenty three ACTU oil budget.
If you look at the projections, they

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are a joke. Oh, before
I forget, Nigeria says they want to

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get to two million barrels of crude
oil a day in twelve months, so

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by this time next year, we'll
have two million barrels a day. That

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just tells you that this is a
joke to the guys we're in the economy

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with all sense of responsibility, Nigeria
cannot get to two million barrels at the

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crude oil just like Chelsea Football Club
can now win Champions League last year.

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It's just not possible. Have you
seen the oil experts figures? You have

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gone from two point two million barrels
in two thousand and five. That's when

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your country was booming. That's when
you had reversed Jack Bart, when you

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had people coming from the UN and
the World Bank to work in Nigeria,

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When you had people coming back to
Nigeria. Your oil price was about sixty

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seventy and you had sixty billion in
your point reserves. There was no speculation.

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How can you speculate when there's sixty
billion in the CBN to defend then

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ir because you had two million,
two point two million barrels a day export.

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That export number today is about one
point four one point five. Our

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own budget, Nigeria's own budget is
one point seven. We haven't met it.

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Opek give us the target of one
point five. We haven't, so,

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Opek says Nigeria, you can't export
one point seven which is in your

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budget. We want you to only
export one point five. We haven't met

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the OPEC one point five, but
we want to miraculously in twelve months increase

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that one point four to two million
baros a day. Because they know that

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nobody will challenge them and people will
praise them online. So it just tells

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you the level of who you're dealing
with. Put just true figures out there,

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because we are are companying rice is
expensive. Oh, just true figure

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out. They just do a plan. They qull it the ASAF plan.

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So, guys, if you haven't
noticed, we have a problem. My

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fifteen minutes is up with means in
my time to get out of the way

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and let the real owners of time. Jia. You guys listening speak,

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I'm harding to talk about Kenya and
we're going to talk about this. Samar

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agreements sometimes, but for now,
let's deal with the issue that we have

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a spending problem or revenue. Like
I said, it's a very simple question,

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but you don't tail in too many
things. First to speak, I

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got Oak, then I got after
it. Bill. Here, mister Oak,

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what's going on, sir? What's
your take? Do you agree?

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Where do you stand? Do you
have a spending or do you have a

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revenue problem? You've seen my numbers, I've given you received. What's your

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take? Answer? Good? Everyone? Yes, I can go for it.

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Yeah. I don't want to be
rude, but Nanja is a joke

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of your country, your political class. Kay, are taking us for a

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right. There's no checks, there's
no balances on what they're doing. It's

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sure, it's osure that we have
a spending problem. When you're talking about

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the further, you're also put in
the status as swell the elephants project,

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the airports that are necessary, that
the directing left, right and center,

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the aids. We all know what
they're doing. But how can the country

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grow? In fact, I usually
say that we don't have a purpose as

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as a people if the policular class
can look backward and look what the the

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the our fur father has fought for
the escess of gaining independence. I think

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with the theaters from that angle,
we are actually seen individual glow. Agree.

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We don't know how propose on the
community of Let me ask you a

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question. How don't have to tell
me you exactly, but how old?

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What? What band are you?
Twenty twenty five, forty five to fifty?

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What band? Would you say?
Your ages? That's my lad?

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Did you have you voted in Nigeria
before? Yes? How many times?

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Twice? Twice? So would you
vote the next time? Just just curiosity?

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Do you think your voting had an
impact? Would you vote next election?

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I mean, irrespect of who's running. I'm done. I'm done with

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voting in Nigeria. Why I'm done
there is why I'm done, because we're

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seeing how the the political class have
hijacked all the institutions that're supposed to work

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for everyone. We say that it
was what happened. The last lection was

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a joke. I hear you.
But how else do you think you can

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change the country if just a joke, if the project have debated on track,

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what's your idea? How would you
change something your local government? How

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do you change your local government?
We need we need to go back to

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the blueprint. We need to go
back to regional government. That's my home

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take. We need to shift away
power, take it away so much from

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the center and give it back to
the people. Let us go back to

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the way we were were. Those
are too far from the grassroots. Let

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us go back the way we were
and let us get it right from there.

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Got your good points, I hear
you, go back to regional You're

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not really happy with the politics of
the country. I want to take it

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back to a more You want to
get governors that is nearer to you.

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I hear you. Every well,
you had the young man he's thirty,

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he has bought there twice. He's
done with elections, but he wants to

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have this new regional framework to get
governance back home. Every boy, what's

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your take on this? Oh?
Thank you, appreciate you, sir.

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I think we got the floor.
Hi kind of can you hear yes?

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Second? Yeah, I was.
I was just laughing when you were fifteen

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minutes because he touched most of the
points. Let's take it off, most

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of the bags you got up there. It's a sept a question. As

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he said, we've always had a
spending problem. I cand of recall atleas

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in the last twenty years where we
didn't have a spending problem, but our

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revenues were enough to upset that.
Our revenues were safety net in a way

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for politicians in discretion. They never
really had to have fisical discipline because if

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you waste money this month, yeah, you said, you have the ex

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amount of brilliance coming interesting point,
Yeah, you have excess funds. This

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is that is the that was the
reality for the last for the last eight

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years, the last twenty years before
that. Now a lot of these politicians

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now the same class of politicians then, And I don't think mentally they've made

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the adjustment. Well, obviously they
haven't made the adjustment because how we are

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not deep into austerity measures now.
I'm not sure it should be I should

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I should have started austerity measures.
We have the governments of web looks even

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for democratic system of governments of weblooks. You have too many ministries, diministries,

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have too many prior statis, they
have too many programs. I don't

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know what to sidetrack and get into
this. Giveaways and I call them giveaways.

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These are giving money to the board. Nobody's tracking this. I've never

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seen I've never even seen a follow
up. Yeah, it's waste, waste.

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You give, you give cash to
you give you. You know what

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happens in that when you have political
pressure in the part of the country.

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You se you're giving money to the
poor, you give it to the politicians

240
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there the potions keep quiet. That's
how you buy silence. So we took

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00:20:08.680 --> 00:20:15.079
five hundred million dollar loan from the
World Bank to institute a cash this once

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supposed to the poor. Unless very
very clear, I support that policy.

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It's worked in Brazil. It's not
the cash given as a problem. It's

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that the money doesn't get to the
poor people in Nigeria. That money is

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stolen. You know you how it's
stolen, and that's why I sometimes you

246
00:20:29.799 --> 00:20:32.720
fold the World Bank. This money
is not giving away with biometrics, and

247
00:20:32.759 --> 00:20:36.119
you just kept quiet. Now we
have five million while going to pay back.

248
00:20:36.160 --> 00:20:37.920
You and I were paid back.
The poor didn't get the money.

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00:20:37.920 --> 00:20:44.400
The money is probably in Dubai and
London right now. So yeah, exactly,

250
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But even that I could even add
to your point. It does affect

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when you give money out. You
can't treat economics as a system. There

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is an inflationary pressure when you pump
one into the system, whether you're giving

253
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it out or your wistnesses project.
That doesn't mean it doesn't have an impact

254
00:21:00.880 --> 00:21:03.920
for the goal of it, but
there is a slight it's an inefficiency.

255
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If you have to be handing out
money, well we're not an all time

256
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country. If you have to have
money to the poor like chunks, there's

257
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a bigger there's a bigger problem,
much bigger problem. But get so we've

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always had They don't have a media. They don't they haven't media adjustment.

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If you look at I think I
saw maybe you've seen this as well.

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The budgets of the Chief of Staff
office in the last ten years, literally

261
00:21:30.440 --> 00:21:36.480
going from millions to billions. The
chief of Staff is gnified executive assistant to

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00:21:36.519 --> 00:21:41.039
the President. It doesn't do,
it doesn't do, It doesn't have any

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function outside as a work. But
you have a budget matching some part of

264
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staff. I mean, if you
want, if you want to play that

265
00:21:51.640 --> 00:21:56.200
game, look at the National Assembly
budget is larger? That is it twenty

266
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two states? Twenty two states?
Or is it eighteen states? In masch

267
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know as smily budget, it's larger. I think it's eighteen or twenty two

268
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states in the federation. How is
that even possible? How is that possible?

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The federal government, the National As
Center, how many are they?

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They have a budget larger than eighteen
or let's just go with eighteen? By

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it, by that the eighteen states
if you call if you call it,

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they made the case. I think
a company many years back, I don't

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remember how that you know they have
to increase their salaries to reduce corruption.

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Is that a joke? But that
was a formal statement. But I think

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we can find it a formal statement. I mean, if you take away

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the National Assembly today, if you
took them away today the GP of Nigeria

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will go up and we wouldn't miss
them. They have no purpose in Nigeria.

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I'm talking about the House and the
Senates apart from passing the laws.

279
00:22:53.079 --> 00:22:56.799
I get it. They're not providing
the check and balance, they don't providing

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oversight. They are simply spending money. We don't need them at all.

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Function what they've done, what they
done lost even say some of the lost

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suggestions, they're not They're not doing
anything at least they clearly. I mean,

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we have how long did we spend
talking about the national anthem to the

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line in the state of emergency?
When it comes to our finances, we

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have four Nigeria has got four budgets
concurrently running four budgets twenty twenty three budgets,

286
00:23:26.039 --> 00:23:29.960
twenty three suplementary, twenty four budget, twenty fourth supplementary. Then we're

287
00:23:29.960 --> 00:23:33.480
still going to start the twenty twenty
five budget process. So you might have

288
00:23:33.759 --> 00:23:37.480
four budgets and one in progress.
Why not simply collapse all four into one

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00:23:37.559 --> 00:23:42.319
new austerity budget and start all over
again. Why do you need four budgets?

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00:23:42.359 --> 00:23:47.680
I tell you why because the money
that is that that is tied to

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00:23:47.680 --> 00:23:49.759
approa one budget. If you collapse
it, they lose that budget. That's

292
00:23:49.759 --> 00:23:55.640
why they don't collapse it. Who's
who? Whose house or company here on

293
00:23:55.680 --> 00:23:59.480
this space runs four budgets? You
have you say, oh my, I

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00:23:59.559 --> 00:24:02.720
want to spen money, but it's
on year twenty twenty five budget. Let

295
00:24:02.720 --> 00:24:06.039
me let me leave that. Who's
who does that? You always have one

296
00:24:06.079 --> 00:24:10.839
budget. But if you're a politician
and you have you your mind to smuggle

297
00:24:10.880 --> 00:24:14.440
in some spending into your budget,
and it's in twenty twenty three budgets and

298
00:24:14.440 --> 00:24:17.640
it's not being done, of course, you vote that it extended so the

299
00:24:17.680 --> 00:24:19.319
money can come out and you get
your money out. That's why they're doing

300
00:24:19.319 --> 00:24:22.079
it. It has don't do it. It doesn't make any sense. There's

301
00:24:22.160 --> 00:24:26.880
no country on earth that has even
one or two budgets. China does ten

302
00:24:27.039 --> 00:24:30.960
year, US does two years.
You've got to sit on a plan.

303
00:24:32.720 --> 00:24:34.359
How do you plan with four budgets? So, oh, oh, twenty

304
00:24:34.400 --> 00:24:38.200
three budges. It was inflicted in
twenty twenty three, was inflicting twenty four.

305
00:24:38.920 --> 00:24:44.000
Everything is gone out of the window. Four budgets. There's no there's

306
00:24:44.039 --> 00:24:48.359
noa each year. The budgets is
disconnected from reality, especially economic reality.

307
00:24:48.440 --> 00:24:53.240
Even more, and then they get
even more ambitious with the with the metrics

308
00:24:53.279 --> 00:24:57.079
over how many bottles of oil we
expect, definition numbers we expect those.

309
00:24:57.559 --> 00:25:02.559
Those keep going down and the expectations
keep going up. And I'm not sure

310
00:25:03.039 --> 00:25:07.079
why they're not making that adjustment two
million going to two million abouts per day

311
00:25:07.160 --> 00:25:10.960
in the time frame they suggested.
It hasn't even been done, and it's

312
00:25:10.960 --> 00:25:12.839
an insult. But I hear.
I mean, like you said, Nigeria

313
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has a baseline. We haven't adjusted. The people have adjusted people, are

314
00:25:17.440 --> 00:25:22.480
you seeable but doing sachees, spending
one on one or even eating one the

315
00:25:22.519 --> 00:25:29.160
population taxpayers have adjusted, but the
politicians have not adjusted to keep at all.

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00:25:30.759 --> 00:25:33.680
Gotcha, Ken? Thanks to people. Can what's up? Man?

317
00:25:33.599 --> 00:25:42.119
Yeah? Thank you for the opportunity
living in calum believing in everyone to be

318
00:25:42.160 --> 00:25:49.319
honest. I would like to say
that after watching the video today from the

319
00:25:49.359 --> 00:25:56.480
first lady, I just flashed back
and I remembered the military error when the

320
00:25:56.599 --> 00:26:03.640
same message was being propagated telling people
to plants in their in their backyards and

321
00:26:03.200 --> 00:26:08.039
feed themselves, and that was the
Nigeria. Then you know that Languia where

322
00:26:10.079 --> 00:26:17.319
where where you could find pure water? The truth of the matter is that

323
00:26:17.440 --> 00:26:22.839
one of the one of the one
of the efforts that helped to reduce colora

324
00:26:22.960 --> 00:26:27.440
cases in Nigeria was the introduction of
pure Sasha water the more we called pure

325
00:26:27.519 --> 00:26:34.319
water. So Nigeria moved from pure
water pure that was basically water from tap

326
00:26:34.480 --> 00:26:38.079
directly into an ireland and then they
sell on the street for one are back

327
00:26:38.119 --> 00:26:42.640
then that was that was that was
that was pure water then, but or

328
00:26:42.720 --> 00:26:45.720
rather they call it ice water,
Yes, I remember they call the coll

329
00:26:45.759 --> 00:26:51.920
it ice water back then. Then, having pure water helped to kind of

330
00:26:52.799 --> 00:26:59.319
show that households had some I would
say sanitized water, you know, portable

331
00:26:59.359 --> 00:27:03.400
water for people to be able to
drink people who don't have access to you

332
00:27:03.440 --> 00:27:07.000
know, water bought by burn water
in their house. That's that was that

333
00:27:07.119 --> 00:27:10.920
was the substitude. But right now
do you know that Calu, Nigeria has

334
00:27:10.960 --> 00:27:14.440
gone back to the age of ice
water. People are now selling icewater on

335
00:27:14.480 --> 00:27:18.799
the street because pureat is now expensive. And then you ask yourself, how

336
00:27:18.839 --> 00:27:25.119
did cholera come back? All of
it so out of nowhere? When have

337
00:27:25.200 --> 00:27:30.240
you heard in the last ten twenty
years that one hundred Nigerians died as a

338
00:27:30.279 --> 00:27:34.279
result of cholera within a very short
period of time. All of these things

339
00:27:34.279 --> 00:27:37.599
are adding up. All of this
they adn't know, But I would like

340
00:27:37.640 --> 00:27:41.440
to bring decades of Argentina. You
know, you've been flu in Argentina very

341
00:27:41.480 --> 00:27:47.559
well, and the kind of inflation
they've been dealing with before the new administration

342
00:27:47.720 --> 00:27:52.559
came. This new admistration that came, they did four or five things,

343
00:27:52.599 --> 00:27:56.400
which includes some fiscal measures and the
monitary measures. In Nigeria, we have

344
00:27:56.440 --> 00:28:02.759
done the monitoring measure. We've seen
frantic efforts from the siblent coming, you

345
00:28:02.799 --> 00:28:07.319
know, issuing circular on a daily
almost on a daily basis to sanitize the

346
00:28:07.359 --> 00:28:11.279
moneyitory side. But on the physical
side, if you sit down with our

347
00:28:11.279 --> 00:28:15.640
politicians and you tell them that they
need to cut course. If an economist,

348
00:28:15.839 --> 00:28:21.200
if there's been a professional and knowledge
in that space, they will throw

349
00:28:21.240 --> 00:28:22.799
you out of the room. They
will tell you that you don't know what

350
00:28:22.839 --> 00:28:27.200
you're saying. How can we reduce
costs? And it typic an Anglian politician,

351
00:28:27.240 --> 00:28:33.720
they don't understand that a country like
Nigeria can be broken. They don't

352
00:28:33.759 --> 00:28:37.480
get it. They don't believe when
you say that we can no longer print

353
00:28:37.599 --> 00:28:41.480
money or we can no longer borrow. It doesn't make sense to them.

354
00:28:41.920 --> 00:28:45.920
For them, they will continue to
spend and they will continue to borrow.

355
00:28:47.160 --> 00:28:51.559
If they cannot find the money anywhere, they will borrow, they will manufacture.

356
00:28:51.799 --> 00:28:56.319
They will do whatever they need to
do to do that. And Argentina

357
00:28:56.440 --> 00:29:03.400
right now they've reduced an inflation from
one hundred and fifty to as at me

358
00:29:03.960 --> 00:29:07.480
what they have they have target to
get it down more and Calu what they

359
00:29:07.519 --> 00:29:12.720
did. What he did that was
significant was on the physical side, which

360
00:29:12.759 --> 00:29:18.839
include cuting costs of governor's bars more
than seventy percent, including using salaries of

361
00:29:18.880 --> 00:29:23.240
government officials. That was what he
did in Argentina. But can you do

362
00:29:23.279 --> 00:29:29.279
that in Anglia? Can and any
politician think of doing something like that and

363
00:29:29.599 --> 00:29:33.039
it's going to be successful? I
don't think so we need to. Yeah,

364
00:29:34.000 --> 00:29:38.319
Boharry had the political capital to do
it, to change the jerior fundamentally,

365
00:29:38.319 --> 00:29:42.160
he could have done anything he wanted
and survived politically. He didn't do

366
00:29:42.240 --> 00:29:45.640
it, and maybe he maybe when
he felt sick he came back and to

367
00:29:45.640 --> 00:29:48.839
completely lost his way. That was
the last guy I think that could have

368
00:29:48.920 --> 00:29:53.759
done something like that and still won
re election you know, to scrap all

369
00:29:53.799 --> 00:29:56.880
this waste and all that, and
you make the point, you know,

370
00:29:57.640 --> 00:30:02.079
I don't know how it works.
You know, the the Cardoso and while

371
00:30:02.240 --> 00:30:04.200
I do are Boat are both quote
and I'm not trying to be disrespect to

372
00:30:04.240 --> 00:30:07.640
They air boat ten noble boys.
They work with mister Tenobu, so they

373
00:30:07.680 --> 00:30:11.039
have their own kitchen cabinet they meet. Now. They are both quotes and

374
00:30:11.160 --> 00:30:15.480
quote economy, so they understand money
money flow. So on one line,

375
00:30:15.480 --> 00:30:22.960
you have mister Cardoso increasing own a
tip policy rates because there's too much cash

376
00:30:22.039 --> 00:30:27.319
in circulation. On the other hand, same government, you have mister waller

377
00:30:27.400 --> 00:30:34.640
Do increasing money supply in the economy
by passing this new two trillion asap policies,

378
00:30:36.039 --> 00:30:40.839
by spend all this money. So
Cibian is increasing rates because cards,

379
00:30:41.039 --> 00:30:45.880
because Wile I Do is increasing spending
all under the same government who is paying

380
00:30:45.920 --> 00:30:51.839
for this taxes the people of Nigeria. So why not come and say we

381
00:30:51.920 --> 00:30:56.559
can't fight inflation because inflation is driven
by food, So why not just reduce

382
00:30:56.599 --> 00:31:00.480
the interest rates. Let's drop the
inflation, but let people be able to

383
00:31:00.519 --> 00:31:04.319
feed. Open the borders, get
food. In Argentina opened the borders,

384
00:31:04.559 --> 00:31:10.680
they caught spending. There's a lot
of pain and they're not finding it easy.

385
00:31:10.839 --> 00:31:12.920
People are softing Argentina, but the
man is saying, you've got to

386
00:31:14.039 --> 00:31:18.559
suffer today, so aftermorrow things get
better. Were also the money in flying

387
00:31:18.599 --> 00:31:22.480
commercial went on to see his girlfriend. That video in Nigeria. Go back

388
00:31:22.480 --> 00:31:27.359
to the comments on that Nigeria.
You see people defending Oh it's yeah,

389
00:31:27.400 --> 00:31:33.000
it's a stunt, but you've got
to show the perception that you understand the

390
00:31:33.119 --> 00:31:37.279
mood of the room. In Nigeria. The president's planes are bad, and

391
00:31:37.359 --> 00:31:41.359
I get it, for security reasons
he has to fly private. I get

392
00:31:41.400 --> 00:31:45.640
it, But read the room.
Why not read the room and say,

393
00:31:45.640 --> 00:31:48.240
okay, even if we're going to
buy a jet, maybe not now,

394
00:31:48.839 --> 00:31:52.400
but it's almost like once it's the
president's then we must, we must spend

395
00:31:52.440 --> 00:31:56.160
up with that. Once it's presidency
or any to do with foreign airlines.

396
00:31:56.440 --> 00:32:00.440
Nigeria has money. Once it is
assu or anything to do, it's spending

397
00:32:00.480 --> 00:32:04.079
off a structure. We don't have
money. It's crazy. Yeah, yeah,

398
00:32:04.160 --> 00:32:09.200
yeah, I mean I mean you've
you've okay, go ahead and just

399
00:32:09.480 --> 00:32:14.240
let spoken Okay, Okay, No, I mean you've you've you've captured it

400
00:32:14.319 --> 00:32:17.160
excellently. Well, I mean,
I don't I don't understand. I've said

401
00:32:17.200 --> 00:32:22.400
it to one of your space spaces. That Andian government officials right now,

402
00:32:22.480 --> 00:32:30.319
the most speciality letter ones they should
be a minimum wage as issue of seriousness,

403
00:32:30.440 --> 00:32:34.759
that we are really committed to the
minimum wage. Back to can,

404
00:32:34.799 --> 00:32:37.000
there are many can the minimum wage, Well, it depends on what you

405
00:32:37.000 --> 00:32:40.359
define as minimum, because they keep
complaining that even the ones they are collecting

406
00:32:40.440 --> 00:32:44.880
is not enough. That's what they're
saying that it depends on what you define

407
00:32:44.880 --> 00:32:46.839
as minimum. At the end,
if you pull up the salary of it

408
00:32:47.039 --> 00:32:51.880
Nigerian senator, he ends less than
a Nigerian bank manager. The problem is

409
00:32:51.880 --> 00:32:59.680
this allowances that they get satory salaries
and allowances, most especially that the black

410
00:32:59.680 --> 00:33:04.680
box, the black box of the
National Assembly members most especially. That's that's

411
00:33:04.720 --> 00:33:07.359
where the issue is. Nobody knows
what is happening in there in their space.

412
00:33:07.640 --> 00:33:12.480
They do whatever they like. They
have the power of appropriation. Because

413
00:33:12.519 --> 00:33:15.079
of that, they use it to
their to their advantage. And and and

414
00:33:15.119 --> 00:33:20.039
I mean it's quite it's quite.
It's quite unfortunate. You talk about flying

415
00:33:20.440 --> 00:33:25.839
commercial flying commercial link, why YU
back then in Singapore did the same thing.

416
00:33:27.559 --> 00:33:30.920
He was doing the same thing,
not to appear like their rich country.

417
00:33:30.960 --> 00:33:34.880
Meanwhile, they were a poor country. But he needed help from the

418
00:33:34.920 --> 00:33:38.960
rest of the world, and because
of that he abandoned his private jet and

419
00:33:39.119 --> 00:33:44.279
flew commercial. For goodness sake,
you want to save the country, they

420
00:33:44.359 --> 00:33:46.759
told us. In fact, the
wife said, the president's wife said to

421
00:33:46.880 --> 00:33:51.359
Nigeria's that they don't need Nangelia's money. But for goodness, why why is

422
00:33:51.359 --> 00:33:54.599
there projects for the first for the
first lady? Why why is there an

423
00:33:54.640 --> 00:33:59.079
office for the first lady? Look
at what has happened in Kenya to the

424
00:33:59.119 --> 00:34:04.160
point that if the project of the
first day that that's that, that is

425
00:34:04.200 --> 00:34:09.280
not if we needed at all.
We have this problem, not a revenue

426
00:34:09.280 --> 00:34:15.800
problem problem. We need to change
that culture. It is key. Let's

427
00:34:15.800 --> 00:34:19.079
have take slow down, let him
finish, then you can speak. Let's

428
00:34:19.159 --> 00:34:22.880
slow down, Ken, thanks for
the submission. Is Naja has a spending

429
00:34:22.920 --> 00:34:25.400
problem? I got you all me
just just don't worry when you speak.

430
00:34:25.440 --> 00:34:29.280
That's why you're already added. So
you speak. That's want to take put.

431
00:34:29.280 --> 00:34:30.320
I have joined it earlier than you
a lect you to speak. Just

432
00:34:30.320 --> 00:34:37.000
hanging there, yeah, olimity high
doing Ken, Thank you Olimita. Hi,

433
00:34:37.119 --> 00:34:43.719
are you with us today? Yeah? Yeah, great. I mean

434
00:34:43.719 --> 00:34:47.320
I find your comments where you you
are attached the capital markets to Nigeria's day

435
00:34:47.360 --> 00:34:52.679
to day spending. I find it
very very refreshing. What's your take really

436
00:34:52.719 --> 00:34:54.440
on this topic? We all know
we want, we need more revenues,

437
00:34:55.000 --> 00:35:00.440
but the excess spending is just mind
blowing that a country that does that cannot

438
00:35:00.440 --> 00:35:06.480
pay salaries. It's contemplating buying new
private jet has already built twenty one billion,

439
00:35:06.559 --> 00:35:09.519
marshals for the VP, is buying
SUVs for the first lady of the

440
00:35:09.559 --> 00:35:15.320
first lady. It's it's just a
tone death, let them eat cake kind

441
00:35:15.360 --> 00:35:20.880
of administration. What's your take on
this? First of all, you know,

442
00:35:21.360 --> 00:35:25.559
I've been wing for a while,
and you know that I've written so

443
00:35:25.639 --> 00:35:29.920
much on this part that I get
tired about it. I think, you

444
00:35:29.960 --> 00:35:31.800
know, I know the narrative and
I know where you stand that I know

445
00:35:31.920 --> 00:35:37.519
the CONCERNSS. We definitely have a
big spending problem and it's so bad that

446
00:35:37.760 --> 00:35:45.039
it has created in depleted revenue structure
and in niger economy. You know,

447
00:35:46.119 --> 00:35:52.480
I was just looking at the numbers
and I spoke with different policymakers on why

448
00:35:53.599 --> 00:36:01.280
revenue endemic. And the answer is
that simply because the structure of the economy

449
00:36:01.360 --> 00:36:07.639
is not efficient. You know,
we often have been shouting why is revenue

450
00:36:07.719 --> 00:36:12.679
this low? Why is the level
of competence and accountability? I just want

451
00:36:12.719 --> 00:36:15.800
to make a little anatomic structure so
that people can understand. You know,

452
00:36:16.199 --> 00:36:21.679
the body is so structured that a
lot of people think they had produces the

453
00:36:21.679 --> 00:36:24.679
blood. But blood is producing the
boom marrow. And if you understand what

454
00:36:24.760 --> 00:36:30.880
they had does simply just osciliate and
distribute around the body. And you know,

455
00:36:31.360 --> 00:36:35.239
when you look at that, you
put it in the context of the

456
00:36:35.280 --> 00:36:37.440
CBN, When you put the boom, Mary, put in the context of

457
00:36:37.480 --> 00:36:40.880
the NMPC. Now when you put
the brain and put it in the context

458
00:36:40.920 --> 00:36:46.039
of the presidency. Now, the
problem we're having is that the most functional

459
00:36:46.639 --> 00:36:52.440
set up in our economy is the
CBN. The physical side, there's nothing

460
00:36:52.440 --> 00:36:58.360
to say about that. Now.
The MPC side. Why it gets miscarried,

461
00:36:58.480 --> 00:37:00.320
cal is that if you look at
this year, you know, I

462
00:37:00.320 --> 00:37:05.239
remember I came to this space,
and I remember decident when you are lighted

463
00:37:05.320 --> 00:37:09.599
that as long as we don't fix
our other experts now keep that, are

464
00:37:09.599 --> 00:37:15.440
you really right? But then what
we were looking at was that the CBN,

465
00:37:15.119 --> 00:37:22.239
with the aggressive approach towards bringing liquidity
in form of elevating in a strates,

466
00:37:22.480 --> 00:37:27.559
do it also include the cost of
the cost of girth and everything give

467
00:37:27.880 --> 00:37:31.159
us some lifeline. But what we've
been able to see is that the fiscal

468
00:37:31.320 --> 00:37:37.000
side has been unable to bring that
to light. And you know, if

469
00:37:37.000 --> 00:37:42.719
we break it down, the still
much more comforable from EFTs, importation,

470
00:37:43.440 --> 00:37:50.400
to invest the culture and educates.
I think, no, you don't have

471
00:37:51.719 --> 00:37:53.800
you don't have the floor. Please
hold on somebody speaking, please go ahead

472
00:37:53.800 --> 00:37:59.320
on them there. Yeah, So
I think in retrospect to you, I

473
00:37:59.360 --> 00:38:05.119
think it's the doing that the Nigerian
economy is in a big mess. And

474
00:38:05.199 --> 00:38:08.400
what gets mess scared is that you
know, when I look at the outook

475
00:38:08.400 --> 00:38:13.239
from United edition that by the end
of this decade it's two million, it's

476
00:38:13.239 --> 00:38:16.960
a two millionaire, you will be
hungry. And you look at a number

477
00:38:16.960 --> 00:38:22.440
of kids out of school. You
don't need to be an economics or an

478
00:38:22.440 --> 00:38:29.559
analysis to say that it feels state
system syndrome is already in play. And

479
00:38:29.880 --> 00:38:36.000
you know, for me, that
is an active captol market and including you,

480
00:38:36.000 --> 00:38:38.679
you could see that it retails on
the look because we have investments in

481
00:38:38.719 --> 00:38:43.360
this country and the way things are
wrong, no no, no, no

482
00:38:43.480 --> 00:38:47.639
businesses wrong like that. When you
have his states where the number of new

483
00:38:47.760 --> 00:38:53.000
cars are much more than number of
educational projects, when you have like the

484
00:38:53.079 --> 00:38:59.559
National Assembly for example, this is
the administration has come to power. I'm

485
00:38:59.639 --> 00:39:06.960
not seen any and a strong framework
that has really helped the Nigerian economy from

486
00:39:06.960 --> 00:39:10.719
the other sector, to the educational
sector to the secure sect. So Calu,

487
00:39:10.880 --> 00:39:16.239
it's really a deep, deep and
it's getting really worrisome because I don't

488
00:39:16.239 --> 00:39:21.559
know what else someone has to do. We've don't the flexible approach. We

489
00:39:21.639 --> 00:39:25.159
don't the town cried approach. We
don't the aggressive approach. We don't written

490
00:39:25.199 --> 00:39:30.320
approach. We don't ever approach.
You know. Let's let's let me read

491
00:39:30.360 --> 00:39:35.480
just what someone's sent the DM now. So one says Calu, Nigeria's are

492
00:39:35.519 --> 00:39:39.519
not yet suffering, that Najers are
going through hard times, but they are

493
00:39:39.559 --> 00:39:46.039
not yet suffering. That when Nigeria's
start to suffer, they will I don't

494
00:39:46.079 --> 00:39:49.119
read what he said that, but
he's saying, I just am not yet

495
00:39:49.199 --> 00:39:54.719
suffering. We're just going through hard
times. What's your take. I think

496
00:39:54.920 --> 00:39:59.599
I think the guy I think the
guy is in. I think it's been

497
00:39:59.679 --> 00:40:04.599
extreme amore is joking either of the
two because I don't know what it means

498
00:40:04.599 --> 00:40:07.199
better. I think it's just trying
to make it look like you really the

499
00:40:07.840 --> 00:40:12.119
issues that it's not that Nigers are
not fortunated. You need to understand the

500
00:40:12.639 --> 00:40:17.199
cultural and the social economic characteris of
the Nigera people. If you look at

501
00:40:17.320 --> 00:40:21.840
the middle class, for example,
you see the middle class for example,

502
00:40:21.880 --> 00:40:24.440
is dewell into two. We are
middle class, privileged middle class. Some

503
00:40:24.639 --> 00:40:30.960
people that come from you know,
from the political family or the civil servants

504
00:40:30.960 --> 00:40:35.519
that they have been able to go
abroad. I see many of them on

505
00:40:35.559 --> 00:40:38.320
Twitter talking about gender, talking about
this, talking about the certain people.

506
00:40:38.360 --> 00:40:42.519
They're not hungry people. They're not
hungry people. Now, these are people.

507
00:40:42.639 --> 00:40:45.079
So when I try to do this, when I want to write stories

508
00:40:45.159 --> 00:40:46.920
or when I want to go deepend
the said, I speak with people that

509
00:40:47.159 --> 00:40:52.079
go down to the villages and people
are crying cald You know, there are

510
00:40:52.079 --> 00:40:59.159
some households that have not seen fifty
thousand name months in this country. So

511
00:40:59.559 --> 00:41:05.159
you can't really look at that optics
and say pay people. But Another issue

512
00:41:05.199 --> 00:41:09.960
is that because of the penetration of
technology offra structure money point data the NBAS

513
00:41:10.000 --> 00:41:14.360
did that showed that penetration in the
area is still very low, so we

514
00:41:14.360 --> 00:41:19.239
don't really get the true picture.
But the rites that calor people are hungry,

515
00:41:19.440 --> 00:41:23.440
you know. Edation also said that
about sixty five percent of we have

516
00:41:23.519 --> 00:41:29.199
with Niageral project is spent on food. When in an European city where I

517
00:41:29.239 --> 00:41:32.280
am, I spent less than seven
eight percent calor and I asked to complain

518
00:41:32.320 --> 00:41:36.280
seven to eight percent of my project
goes on food a month? What really

519
00:41:36.320 --> 00:41:40.159
take a chump my house, abius. But when you have a nigiastic experience

520
00:41:40.199 --> 00:41:45.480
of the five percent on food the
loan, how does that person invest?

521
00:41:45.519 --> 00:41:49.079
How does that person improve his kiss
life? How does that person imput the

522
00:41:49.159 --> 00:41:52.920
Nigerian economy? How does that person
become productive? You know? And my

523
00:41:52.039 --> 00:41:57.519
fear is that you know, I've
always called the eye food index because it

524
00:41:57.599 --> 00:42:02.159
makes the aggressive noticed to Diana,
did that the younger it becomes, the

525
00:42:02.199 --> 00:42:07.880
more basically is if it gets another
thousand business points, Carl, I think,

526
00:42:08.559 --> 00:42:14.360
hey, we might not be able
to have this conversation in this ent

527
00:42:14.400 --> 00:42:19.920
environment. Show him there okay,
thanks hanging there. Thanks for that insight.

528
00:42:20.360 --> 00:42:22.519
Let me get a liar yar me
or liar me. You've got the

529
00:42:22.599 --> 00:42:25.599
floor, Olim. The appreciate you. Than I might have a question for

530
00:42:25.639 --> 00:42:34.960
you again, you've got the floor. Go ahead, are me let's get

531
00:42:35.239 --> 00:42:45.760
ka or basa PhD kassa? How
you doing? Okay or bassa? How

532
00:42:45.800 --> 00:42:50.119
are you doing? Sir? Yes? Can you hear me? I can

533
00:42:50.159 --> 00:42:53.920
hear you? Please go ahead?
Okay, Yeah, I think the question

534
00:42:54.000 --> 00:42:59.159
is very uptent, is very timely. But I think that to make it

535
00:43:00.679 --> 00:43:06.519
reflect the current status for Nigeria's expiracy
thing, Najeria is not having a spending

536
00:43:06.559 --> 00:43:10.559
problem. We're actually having a humongo
spending problem. Now. I do not

537
00:43:10.599 --> 00:43:15.679
object tout describe it as because in
a system where you have this spending,

538
00:43:15.880 --> 00:43:22.119
uncontrolled spending, spending situation where there
is lack of accountability, and you know

539
00:43:22.159 --> 00:43:27.039
that there's a bigger problem than the
problem of itself. Now, insteader of

540
00:43:27.039 --> 00:43:32.119
a Naguria as a project, for
every item you spend there should be a

541
00:43:32.280 --> 00:43:37.719
visible deliverable. I mean we've had
budgets, and budgets are being implemented.

542
00:43:38.320 --> 00:43:42.840
Money is being allocated to several quarters
and different areas. But at the end

543
00:43:42.920 --> 00:43:50.079
of the day, do we really
see these deliverables? Is somebody somewhere accounting

544
00:43:50.119 --> 00:43:54.840
for this expenses? And if there
is nobody accounting for these expenses and nobody

545
00:43:54.840 --> 00:43:59.360
to hould anybody responsible, And the
problem is bigger than we ever think it

546
00:43:59.440 --> 00:44:05.280
is. I work in the project
a program development sector. For every allocation

547
00:44:05.440 --> 00:44:09.000
that is being needed, it is
being strutilized. Now, the executives send

548
00:44:09.000 --> 00:44:13.039
the budget to the National Assembly and
then you look at the review process.

549
00:44:13.039 --> 00:44:17.079
It's just like the stamped and then
everything goes. Nobody takes time to actually

550
00:44:17.159 --> 00:44:22.920
scrutinize every item that is contained in
the project. And then at the end

551
00:44:22.000 --> 00:44:24.920
of the day, let's look at
the monitoring process for every project. It

552
00:44:24.920 --> 00:44:30.199
should be monitored from inception up the
concusion for every item captured in the project

553
00:44:30.239 --> 00:44:36.199
to be implemented. Talk about capital
project, do we see them being implemented?

554
00:44:36.360 --> 00:44:40.199
Monitored? And then we get deliverables
disciple deliverables. We don't see that

555
00:44:40.320 --> 00:44:46.360
happening. And so you see the
cycle of recurrent spending that is uncontrollable or

556
00:44:46.440 --> 00:44:52.599
accounted for, going on over and
over again. Now the question is what

557
00:44:52.639 --> 00:44:55.159
do we do. I had the
first speaker who was the close O Caul.

558
00:44:55.199 --> 00:44:59.920
After you saw me, you made
your solvation. That is done vote

559
00:45:00.800 --> 00:45:02.159
And then I looked at the chart
and the response to somebody said that is

560
00:45:02.159 --> 00:45:05.679
actually where they want to get you. And that's true, that's what the

561
00:45:05.760 --> 00:45:08.800
way they want to get you because
in the system where you don't have accountability,

562
00:45:08.800 --> 00:45:13.199
everybody they just want to get to
explited, exhausted, and then you

563
00:45:13.280 --> 00:45:15.679
become hopeless. Oh I did so
very much the last time. I hoping

564
00:45:15.719 --> 00:45:19.599
that I'm going to get the best
results. Now I'm getting nothing, So

565
00:45:19.639 --> 00:45:23.559
why would I invest that again?
But we ask you to have a duty

566
00:45:24.119 --> 00:45:29.719
to really continue to stand up and
keep looking at every gathering, at every

567
00:45:29.760 --> 00:45:32.639
forum to make sure that there's people
here. Maybe some day we are going

568
00:45:32.679 --> 00:45:35.880
to get the results with this,
but for now, and I think they

569
00:45:36.000 --> 00:45:42.360
damage that Nigeria and Nigerians are experiencing
from the hands of our leaders is big.

570
00:45:43.880 --> 00:45:47.280
It's a real problem that most be
tackled. Our instlutions are not working.

571
00:45:49.400 --> 00:45:52.320
I mean, tell me which of
the institution is working, I mean

572
00:45:52.400 --> 00:45:55.400
working to reflect these statues for which
it was set to reflect. No,

573
00:45:58.039 --> 00:46:02.599
and so you know, to have
that better spending problem and I don't know.

574
00:46:02.679 --> 00:46:07.360
I'm sorry, I'm not being pessimistic, but I don't know if there

575
00:46:07.400 --> 00:46:14.079
is any end insight. I don't
know if there is any insight to the

576
00:46:14.159 --> 00:46:20.159
current status or the current level of
uncompretable and unaccountable expenditure that we are experiencing

577
00:46:20.159 --> 00:46:23.360
in the country. I mean there
is, I mean, I mean,

578
00:46:23.360 --> 00:46:27.719
I hear you. I just want
to make the point again that just to

579
00:46:27.719 --> 00:46:30.000
make it shure, don't I don't
lose my chune of thought on that point.

580
00:46:30.000 --> 00:46:32.760
You just highlighted why I asked that
guy about the voting was. I

581
00:46:32.800 --> 00:46:36.559
just had a sense that he was
he was, he was done, And

582
00:46:36.599 --> 00:46:42.280
I will just confirm whatever you do, don't stop voting, don't stop being

583
00:46:42.320 --> 00:46:47.920
involved in the quote unquote politics,
especially the local politics states, local governments,

584
00:46:47.960 --> 00:46:53.400
the states, the counselors. Absolutely
don't ever stop because some distans are

585
00:46:53.440 --> 00:46:59.000
done to make you lose hope.
When you lose hope, that's when braggarts.

586
00:46:59.079 --> 00:47:05.360
That's when the unelectables get into office, and there was the office hard

587
00:47:05.360 --> 00:47:08.079
to get them off. So please
don't so there is there isn't. The

588
00:47:08.119 --> 00:47:14.760
reason I haven't highlighted that that young
man's position was because he is not the

589
00:47:14.760 --> 00:47:17.800
only one that is in that particular
position. He is not the only one

590
00:47:17.800 --> 00:47:21.840
that has had its field up to
that level. So we all haveself that

591
00:47:21.920 --> 00:47:24.559
duty. I mean, I've had
discussions, I mean after the elections,

592
00:47:24.639 --> 00:47:28.880
I've had discussions with a couple of
presences in these small gatheries. And then

593
00:47:28.920 --> 00:47:31.440
there will sits the past election.
With all the efforts you're put in the

594
00:47:31.480 --> 00:47:34.920
last election, look at the mess
with God. Why would you want to

595
00:47:35.000 --> 00:47:37.920
encourage me or tell me to go
and for the gain? And to be

596
00:47:38.039 --> 00:47:43.039
very honest in a way, it
is exhausting. They might be right in

597
00:47:43.039 --> 00:47:45.519
their position, but we still duty. Even though I have said I don't

598
00:47:45.519 --> 00:47:50.840
see any any insight to the current
I mean the spending problem that we're having,

599
00:47:51.079 --> 00:47:53.800
we still have a duty to continue
to push forward to see that certain

600
00:47:53.880 --> 00:47:58.320
rights and certain quoters, I mean, certain wrongs and certain quarters are made

601
00:47:58.440 --> 00:48:00.840
right at the end of the day. I submit at that point, thank

602
00:48:00.840 --> 00:48:04.719
you very much. Appreciate that.
Appreciate that. Guys. We want to

603
00:48:04.760 --> 00:48:07.159
make sure we keep the pressure of
the way. It sounds like, it

604
00:48:07.239 --> 00:48:10.000
sounds quaint, but we only have
a democracy, right, so that's the

605
00:48:10.039 --> 00:48:14.519
really only way you can get in
through a democracy. So don't let it

606
00:48:14.599 --> 00:48:17.719
go. Keny, there you've got
the floor. Thanks k ken They you've

607
00:48:17.719 --> 00:48:25.000
got the floor. Go ahead,
sir mister Kenny. Day a day full

608
00:48:27.920 --> 00:48:31.480
going once? Nag nag three,
seven, five, four nine one.

609
00:48:31.519 --> 00:48:34.559
How are you? So you've got
the floor. Let's go ahead, Nagy.

610
00:48:37.039 --> 00:48:39.719
Okay, let's get whole Love Valley? Did I get that right?

611
00:48:40.360 --> 00:48:45.119
Hall Love Valley, Hall Love Valley. You've got the floor. Let's go

612
00:48:45.159 --> 00:48:51.159
ahead, Hall of Valley. Really? Oh, how are you doing?

613
00:48:51.559 --> 00:48:58.320
Where are you calling it from?
From? How is U show? Is

614
00:48:59.800 --> 00:49:04.800
it the state of usan or ocean
state? The state of the State of

615
00:49:04.920 --> 00:49:08.400
Uscean? Okay, go ahead.
So I've got the floor to me,

616
00:49:08.800 --> 00:49:15.960
I say, and you both have
spending and revenue problem. We can't have

617
00:49:16.039 --> 00:49:23.760
both. We can't have both.
In my own theory, I feel this

618
00:49:23.760 --> 00:49:30.800
this is like an intertwined case because
believe the revenue that we are generating.

619
00:49:31.480 --> 00:49:36.400
Do you understand, I can't say
we are generating a world in my revenue.

620
00:49:37.239 --> 00:49:42.280
The regions are there's a lot of
leakages in the remediances of the revenues

621
00:49:42.360 --> 00:49:46.239
that have been generated, and even
most of these ministries are not even remitting

622
00:49:46.280 --> 00:49:53.480
it to the to to to the
right places. So I feel that aspect,

623
00:49:53.519 --> 00:49:59.880
I would say we have we have
a revenue problem now going down to

624
00:49:59.880 --> 00:50:07.480
the is spending part of it.
There are a lot of capital projects that

625
00:50:07.480 --> 00:50:15.639
that we are not even supposed to
be borrowing for help you understand, can

626
00:50:15.639 --> 00:50:24.360
you okay? So in my own
in my own opinion, I feel there

627
00:50:24.440 --> 00:50:30.480
is no way out. Could a
country be borrowing, be borrowing to to

628
00:50:30.480 --> 00:50:37.280
to to finance to finance. It's
spending. And as an ignom incident,

629
00:50:37.679 --> 00:50:44.880
I feel we are qualified as as
an IMF member, right mm hmm,

630
00:50:45.079 --> 00:50:51.800
we are, yeah, And there
are some there's there are some certain rules,

631
00:50:51.840 --> 00:50:57.119
there are some boxes that we have
to tack to to get some to

632
00:50:57.199 --> 00:51:01.599
get some fronts from from from the
I m F. So I'm still wondering,

633
00:51:01.760 --> 00:51:06.440
Ah, we're able to get on
this phone, Nigela. It's not

634
00:51:06.599 --> 00:51:08.559
borrowing from the IMF. We haven't
borrowed from the MFS. I think the

635
00:51:08.639 --> 00:51:13.000
sing is twenty two two thousand.
I think we're not going from that.

636
00:51:13.079 --> 00:51:17.679
I get your points about borrowing.
We're mostly borrowing from China bilateral and then

637
00:51:17.719 --> 00:51:22.360
eurobonds is the eurobones one that is
a problem because expensive, but in terms

638
00:51:22.400 --> 00:51:27.480
of IMF and the rest, not
really a lot. Yeah, okay,

639
00:51:27.559 --> 00:51:32.400
So on the spending aspect, on
the spending aspect, on the spending aspect,

640
00:51:32.800 --> 00:51:37.199
what I just feel this? Did
you try to cut the cost?

641
00:51:37.559 --> 00:51:42.280
Okay and try to generate more revenue? Let me ask you a question I

642
00:51:42.280 --> 00:51:44.599
don't want to put on the spot, just a question. How what do

643
00:51:44.599 --> 00:51:49.360
you think Nigeria makes federal governments alone? How much do you think they make

644
00:51:49.480 --> 00:51:53.519
in a year. Let's let's pick
say twenty three. How much do you

645
00:51:53.559 --> 00:51:58.000
think if someone just give, just
just true a figure in the air,

646
00:51:58.079 --> 00:52:02.000
how much do you think Nigerian federal
government total revenues? What do you think

647
00:52:02.039 --> 00:52:07.440
it was in a particular yeh three? Just a figure, just your What

648
00:52:07.480 --> 00:52:16.760
do you think? I know the
figures are being billions, to be billions,

649
00:52:16.880 --> 00:52:22.519
I can really put a figure to
it. It's one trillion, a

650
00:52:22.559 --> 00:52:25.920
lot of money, one trillion mira. It's no, no, no,

651
00:52:25.719 --> 00:52:30.280
no, that's not it. There's
not a lot to nasty even the government.

652
00:52:30.480 --> 00:52:37.960
What of five trillion, five trillion, I can't say it's enough to

653
00:52:38.039 --> 00:52:45.440
finance the government? Seven What of
seven trillions? It's still not enough?

654
00:52:46.000 --> 00:52:52.280
What about eleven trillion. Oh,
I can't put the figuret no, but

655
00:52:52.400 --> 00:52:57.719
I'm saying, do you think eleven
trillions enough to finance the federal governments operations

656
00:52:57.760 --> 00:53:05.760
for one year? Eleven trillion?
Yes, yes, I think it is

657
00:53:06.039 --> 00:53:08.719
enough. They call the cost.
So the revenue of the revenue, of

658
00:53:08.920 --> 00:53:12.920
the revenue of the Federal god of
Niger is about eleven trillion, that's what

659
00:53:13.000 --> 00:53:16.599
they're making. Eleven trillion, ten
eleven trillion. But still, but you

660
00:53:16.639 --> 00:53:20.960
see the problem. So how much
do you think again? Is the total

661
00:53:21.320 --> 00:53:25.320
salaries just salary alone alone? Not, that's not the rule, just salary

662
00:53:25.400 --> 00:53:30.079
alone. What do you think is
salary for one year for the federal governments

663
00:53:30.159 --> 00:53:36.079
just salaries alone? The salaries for
the federal government alone? Yes, just

664
00:53:36.159 --> 00:53:43.519
not just not storaries alone. Oh
that ages how much? How long?

665
00:53:43.559 --> 00:53:49.920
How much do you think? I
have to check? It's about four trillion,

666
00:53:51.280 --> 00:53:55.480
four trillion narrow for the salaries alone. Yes, m d is salaries

667
00:53:55.519 --> 00:54:00.719
alone is about three point nine six
y five trillion. So the point I'm

668
00:54:00.719 --> 00:54:06.760
making to you is that the eleven
trillion we got from the total revenues where

669
00:54:06.760 --> 00:54:13.119
they spending nearly four trillion on only
only salaries, were not not roads,

670
00:54:13.159 --> 00:54:20.360
not debts, not pensions, just
to pay monthly salary. So is the

671
00:54:20.480 --> 00:54:22.199
question now is that do you think
the problem is that we should make that

672
00:54:22.239 --> 00:54:28.760
eleven trillion twenty trillion? Or should
we go to the salary people and say,

673
00:54:29.239 --> 00:54:31.639
I think we should reduce your salary? What do you think? Keep

674
00:54:31.679 --> 00:54:37.079
in mind that oil we used,
we're now pumping less oil today than we

675
00:54:37.239 --> 00:54:43.320
pumped quote unquote yesterday. So what
do you if you are the CEO your

676
00:54:43.519 --> 00:54:50.079
run a company, your income is
going down, your salary is going up,

677
00:54:50.920 --> 00:54:55.880
what would be your suggestion to move
over? Move for all years?

678
00:54:59.199 --> 00:55:02.400
You have to show the people that
okay, this is starting from me,

679
00:55:02.840 --> 00:55:07.719
it is not starting from you.
Good just like what just like what the

680
00:55:07.719 --> 00:55:15.159
president did? Yeah, so good
things like that, even even the things

681
00:55:15.159 --> 00:55:17.880
that the salary. And as we
see, although there will be some wrong

682
00:55:17.920 --> 00:55:22.880
boots, there will be some actions
that will go after it, but with

683
00:55:22.440 --> 00:55:30.280
when they see that, Okay,
the president that brought out this policy or

684
00:55:30.360 --> 00:55:35.320
the ministries they are really they are
they are really doing it to themselves.

685
00:55:35.920 --> 00:55:39.960
So it was really hard on the
people to turn the newly and follow the

686
00:55:40.119 --> 00:55:45.320
new policy that has been perfect answers. I think you got it right.

687
00:55:45.400 --> 00:55:52.079
So you you, you in five
minutes have diagnosed the problem that the problem

688
00:55:52.159 --> 00:55:55.320
is not just the revenues, is
the spending. And according to you,

689
00:55:55.440 --> 00:56:01.559
we should go ahead and lead by
example on spending. You're just on spending.

690
00:56:01.880 --> 00:56:05.639
So you did it in like five
minutes. You did it in five

691
00:56:05.679 --> 00:56:08.159
minutes. You don't have you have
no aid, you have no power point.

692
00:56:08.400 --> 00:56:13.440
You just summarized it. So thank
you for that. I appreciate you

693
00:56:14.679 --> 00:56:17.480
doing that. Thank you, sir
aling me. Thanks, I called you.

694
00:56:17.519 --> 00:56:21.440
I think you were not online.
I know if you can speak now,

695
00:56:21.519 --> 00:56:24.320
sir, yeah, thank you very
much. Yeses, So let me

696
00:56:24.360 --> 00:56:30.440
start by apologizing for interjecting earlier problem. How this worked. I thought you

697
00:56:30.480 --> 00:56:36.559
had called me, so it wasn't
intentional, So apologist to everyone. It's

698
00:56:36.599 --> 00:56:40.039
really very insightful conversation and I've enjoyed
a little bit of it. I've heard

699
00:56:40.079 --> 00:56:46.280
the arguments from both sides of the
divide and have to confess a very compelling

700
00:56:47.440 --> 00:56:53.280
but my personal opinion is this,
I think even though Ndinia has this spending

701
00:56:53.400 --> 00:57:00.760
problem, I think we have a
much bigger revenue problem. And demonstrate this.

702
00:57:00.800 --> 00:57:09.320
Nigeria correctly has a population of around
two hundred million people, and as

703
00:57:09.360 --> 00:57:15.480
at the last project, the estimated
revenues of the federal government is around ten

704
00:57:15.800 --> 00:57:24.559
trillion Nira. If I divide ten
trillion by two hundred million, I get

705
00:57:25.039 --> 00:57:30.199
fifty thousand NRA. What does this
mean? It means the federal government has

706
00:57:30.920 --> 00:57:37.880
just fifty thousand narra to spend on
every Nigeria for a whole year. Okay,

707
00:57:37.880 --> 00:57:39.880
can I can? I? Can? I? Can? I interject

708
00:57:39.920 --> 00:57:44.119
at that point, and when I
finished the chaninnel thoughts, then give you

709
00:57:44.119 --> 00:57:47.199
a time to respond. If you
don't mind, do you mind not?

710
00:57:47.400 --> 00:57:51.159
Please go ahead? All right,
thank you. I'm not an economist,

711
00:57:51.239 --> 00:57:53.519
form an accountant. I'm a CPA, I'm an SCA. I'm also in

712
00:57:53.599 --> 00:57:58.280
a jemmy, right, so I
have about four designations. Understand accounts and

713
00:57:58.440 --> 00:58:02.639
understand revenues, understand and expenditure,
understand budgeted. Right now, let's just

714
00:58:02.679 --> 00:58:07.000
oppost this with a country like Canada. I currently live in Canada. Canada

715
00:58:07.039 --> 00:58:15.800
has an estimated population of forty million
people. If I take the revenue of

716
00:58:15.920 --> 00:58:21.119
the federal government of Canada and I
divided better forty million individuals, it comes

717
00:58:21.159 --> 00:58:28.559
to around ten million ERA per person
per year. So clearly even to the

718
00:58:28.599 --> 00:58:35.559
blind, it's clear that we have
a huge revenue problem and we need to

719
00:58:35.679 --> 00:58:38.960
solve that. It's also important for
us to solve the expenditure problem, the

720
00:58:39.000 --> 00:58:45.440
spending problem, but I think a
more critical and orgaged problem is the revenue

721
00:58:45.480 --> 00:58:51.679
problem. It's like a family earning
five thousand error per month and you are

722
00:58:51.719 --> 00:58:53.800
telling them cost, cut cost,
what are they going to cost, what

723
00:58:53.800 --> 00:58:57.960
are they going to cost? Two
fee for a week? We probably take

724
00:58:58.039 --> 00:59:01.639
five thousand error. So even if
the court ondred percent of their posts,

725
00:59:01.679 --> 00:59:06.440
they're still going to be in poverty. They're still going to be lived in

726
00:59:06.480 --> 00:59:10.920
penury. And that's the situation Nigeria
is in right now. And also,

727
00:59:12.360 --> 00:59:15.760
if you cut course, if you
cat, you contract Nigeria the kind of

728
00:59:15.760 --> 00:59:19.679
economy we run. In your opinion, if you court governments spending too quickly,

729
00:59:20.199 --> 00:59:25.119
you might have an economy that will
contract significantly because most of the economic

730
00:59:25.239 --> 00:59:30.599
activities in the country is center around
the government. So for me, I

731
00:59:30.639 --> 00:59:34.039
think it's very good that you have
discussions like this, but when the kind

732
00:59:34.039 --> 00:59:38.480
of conversation we should be having is
helping the government find out how they can

733
00:59:39.519 --> 00:59:46.079
expand their revenue based increase the revenue
generating activities, and I think once we

734
00:59:46.159 --> 00:59:51.519
have that, we can start talking
about plugging the gaps, plugging the leaks,

735
00:59:51.760 --> 00:59:53.519
and that will help. And that's
my opinion. Thank you very much.

736
00:59:53.679 --> 00:59:58.280
Don't go anywhere. I think you
make a very very valid point that

737
00:59:58.519 --> 01:00:01.000
Listen, if you simply take the
revenues of the federal government divided by the

738
01:00:01.000 --> 01:00:05.519
population, you get that number there, but a few points. Number one,

739
01:00:05.559 --> 01:00:09.440
the ten tune is only for the
federal government in Nigeria, the states

740
01:00:09.480 --> 01:00:14.800
and the local governments and more.
Federal government gets about forty eight or forty

741
01:00:14.800 --> 01:00:17.719
two states and local government gets more
verf fac. So if we take one

742
01:00:17.760 --> 01:00:23.519
hundred Nira, states and local governments
get more than the federal so that fifty

743
01:00:23.599 --> 01:00:29.079
would have to add what the state
government and the local governments are spending per

744
01:00:29.159 --> 01:00:34.199
Nigeria to get an accurate number.
But again I'm gonna counter to say that.

745
01:00:34.280 --> 01:00:38.000
Listen, you compared federal federal with
Nigeria and Canada, so at that

746
01:00:38.039 --> 01:00:42.239
point should not stand. You'll say
that, but then let's look at what

747
01:00:42.320 --> 01:00:45.639
Canada is spending money on, which
is where we now have the discussion.

748
01:00:45.280 --> 01:00:52.039
What is Canada or even the US
spending money on social services. So for

749
01:00:52.159 --> 01:00:54.719
every one hundred that comes to them
to America, about twenty three goes to

750
01:00:54.760 --> 01:00:59.880
social security, two in three or
maybe goes to health and human services.

751
01:01:00.159 --> 01:01:02.599
Then they have their military, then
they have all that. Right. If

752
01:01:02.639 --> 01:01:07.159
you flip the skill for Nigeria,
out of giving your figures, out of

753
01:01:07.159 --> 01:01:14.159
every hundred narrow that comes to Nigeria, about forty four nira goes to salaries

754
01:01:14.199 --> 01:01:20.519
of only federal workers. So it's
not just the fifty thousands a problem,

755
01:01:20.760 --> 01:01:25.360
it's where who are this fifty It
is only going to federal workers. A

756
01:01:25.480 --> 01:01:30.679
person living in Niger States, in
Bidder, in a small local government does

757
01:01:30.719 --> 01:01:37.159
not feel the effect of that fifty
thousand narra at all, But a person

758
01:01:37.199 --> 01:01:43.320
living in Chananuokua in Canada is going
to feel the impact of that ten million.

759
01:01:43.760 --> 01:01:46.119
The point I make is this,
if you flipped it and you brought

760
01:01:46.159 --> 01:01:52.679
the ten millionaire, the kinder would
end to Nigeria. The ten million would

761
01:01:52.760 --> 01:01:58.039
go to the civil servants in Nigeria, not the guy in the local government

762
01:01:58.039 --> 01:02:02.159
in Nigeria. That's the problem is
not the nyra proportion per se, but

763
01:02:02.360 --> 01:02:07.480
where that money is going to,
which is the topic. The spending problem

764
01:02:07.159 --> 01:02:15.000
or the revenue problem. If you
increase Nigeria's revenue by one trillion dollars today,

765
01:02:15.079 --> 01:02:20.880
can you say on that course of
maybe they would. Can you say

766
01:02:20.960 --> 01:02:24.880
on that I don't know. I
want to use now that in Nigerian National

767
01:02:24.880 --> 01:02:30.599
Assembly will not buy a private jet
for each nationals in the member and build

768
01:02:30.639 --> 01:02:37.000
an airport in the local government areas
to allow them do oversight. No Nigerian

769
01:02:37.000 --> 01:02:42.519
can say for a fact that will
not happen. In Canada and America,

770
01:02:42.719 --> 01:02:45.239
I can say, for in fact, it will not happen in Nigeria.

771
01:02:46.119 --> 01:02:49.239
I can say for a fact.
So let me know what you say.

772
01:02:52.119 --> 01:02:55.880
Thank you very much for your response. It's a very intriguing one and very

773
01:02:55.880 --> 01:03:01.480
interesting one. And I do agree
with you that the Western governments, a

774
01:03:01.559 --> 01:03:09.360
good chunk of their spending goes to
social services, which is commendable. But

775
01:03:09.519 --> 01:03:15.599
in Nigeria, I think over time
we realize that our government is not very

776
01:03:15.599 --> 01:03:21.400
efficient at allocating resources to these social
services. So I think indirectly, what

777
01:03:21.480 --> 01:03:25.840
we then do is to thing salaries
and it then trickles down to the grass

778
01:03:25.840 --> 01:03:30.920
from people. I think there's something
called domino effects and economics. So if

779
01:03:30.920 --> 01:03:37.039
you by any times call the salary
payments, some states will collapse. So

780
01:03:37.119 --> 01:03:40.559
for each civil servant you have in
Nigeria, you have at least hundred people

781
01:03:40.840 --> 01:03:46.960
depending directly or indirectly on them.
So even though in countries like Canada they

782
01:03:46.960 --> 01:03:51.800
have the world structured system, they
call it social welfare, they give it

783
01:03:51.880 --> 01:03:54.920
childe benef it's in Nigeria. It
is unstructured. It is by pain salary

784
01:03:54.960 --> 01:04:00.119
to as many people as possible so
that the money can filter down. So

785
01:04:00.159 --> 01:04:02.639
it's still the same thing. And
that brings it back to the main problem,

786
01:04:02.800 --> 01:04:08.639
which is the revenue. We need
to increase the revenue at all levels

787
01:04:08.679 --> 01:04:13.079
in Nigeria. We may need to
tax more people who need to move away

788
01:04:13.079 --> 01:04:18.480
from just refinding resources or sorry,
attracting natural resources and selling. We need

789
01:04:18.519 --> 01:04:25.519
to think together as the people come
up with ways of increasing the revenue of

790
01:04:25.559 --> 01:04:29.599
the government. And when that happens, it's got to trickle down and everyone

791
01:04:29.639 --> 01:04:32.920
will feel the effects. But I
don't think cutting costs right now it's sensational.

792
01:04:33.039 --> 01:04:36.239
It's interesting. We can't do like
that agentinagomy. How much is how

793
01:04:36.320 --> 01:04:40.079
much is the airplane for a new
government? If you cut that, what

794
01:04:40.280 --> 01:04:44.639
impact would that have in the economy? Of our size. I'm not saying

795
01:04:44.920 --> 01:04:49.239
I don't encourage extravagant spending on the
part of leaders or rulers. I don't

796
01:04:49.320 --> 01:04:54.159
encourage that, But I'm saying we
shouldn't spend too much, too much time

797
01:04:54.320 --> 01:05:00.960
chasing after the wrong problem and the
instances I give people financial financial advice,

798
01:05:00.000 --> 01:05:02.960
and there are some families I told
me, yeah, I lost my revenue,

799
01:05:03.119 --> 01:05:05.719
I lost my source of income,
so my next strateage is out.

800
01:05:05.760 --> 01:05:10.000
Of course, I told him that
is not your apporentity for now. You

801
01:05:10.039 --> 01:05:15.599
should look for how you can regain
your source of income. And that's the

802
01:05:15.639 --> 01:05:19.320
problem with Nigeria. We have lost
a good chunk of a source of income.

803
01:05:19.800 --> 01:05:24.039
So the story should not be or
the solution should not be right now,

804
01:05:24.199 --> 01:05:27.239
how do we podcast? I think
the solution should be, how do

805
01:05:27.280 --> 01:05:30.119
we get back that revenue that we
lost and how do we increase it?

806
01:05:30.360 --> 01:05:32.920
That's opinion, Thank you very much. Okay, let me and again just

807
01:05:33.000 --> 01:05:35.320
last one, just to let you
go, just last one. So let's

808
01:05:35.360 --> 01:05:40.480
look at the actuals now. So
if we if we take your point at

809
01:05:40.559 --> 01:05:44.800
yes, that the I think the
word looking for us wasn't imaginal propensity to

810
01:05:44.880 --> 01:05:49.599
consume or to invest so if you
pay salaries and say you Bay State or

811
01:05:49.639 --> 01:05:56.599
our airborne in state, these salaries
go further because that's the only source of

812
01:05:56.679 --> 01:06:00.719
income in those sense sectors. I
get the point you're making completes the correct

813
01:06:00.079 --> 01:06:03.639
The point I'm making again is let's
go back to Nigeria and say, okay,

814
01:06:05.039 --> 01:06:10.840
Nigeria has got what we're called the
Universal Basic Education where the federal government

815
01:06:10.880 --> 01:06:15.440
puts up a put up money and
says if the states want to invest in

816
01:06:15.480 --> 01:06:19.400
education, bring a billion and take
a billion from the federal government and then

817
01:06:19.480 --> 01:06:23.280
go build schools. So you bring
one mirror, you get one there,

818
01:06:23.360 --> 01:06:27.719
you go build schools. So that's
revenue sitting there for you to go take.

819
01:06:28.280 --> 01:06:31.440
If you pull up the UBE allocation
in Nigeria, you'll be shocked at

820
01:06:31.480 --> 01:06:36.760
the states that have not taken that
UBE revenues. You'll be shocked. And

821
01:06:36.800 --> 01:06:40.320
there's a particularst day. I don't
have to mention all the states. I

822
01:06:40.320 --> 01:06:44.000
don't have to get poor accusm of
being politic out. The state has not

823
01:06:44.119 --> 01:06:49.039
accessed UBE. But the state is
building a federal airport. So the state

824
01:06:49.159 --> 01:06:53.480
is partnering with the federal going to
build an airport for private jets, but

825
01:06:53.639 --> 01:06:58.800
has not accessed the UBE funds that
are aligned there to build schools for the

826
01:06:58.840 --> 01:07:00.679
people. It goes back again to
this point, sir, and this is

827
01:07:00.679 --> 01:07:04.400
the point where we can really escape
from that. If we increase the revenues

828
01:07:04.440 --> 01:07:09.679
to the households in Nigeria, they
will spend properly. But if we increase

829
01:07:09.719 --> 01:07:15.960
the revenues to the Government of Nigeria, they have not shown the capacity to

830
01:07:15.159 --> 01:07:20.000
spend more. That's the problem.
When Nigeria in nineteen seventies, and I

831
01:07:20.039 --> 01:07:24.360
want to get my dates right,
I believe in the nineteen seventies when Nijera

832
01:07:24.480 --> 01:07:29.960
had the Young Kiper War and oil
prices went up, Nigeria had the point

833
01:07:29.960 --> 01:07:33.519
where Goan was saying, our issue
is not money, but where to spend

834
01:07:33.519 --> 01:07:39.079
it. In that period, Sir, Nijer did not increase allocation to education.

835
01:07:39.800 --> 01:07:43.880
They did not. We did not, so I again will have to

836
01:07:43.960 --> 01:07:46.760
be a good agree. I just
think the problem, sir is we are

837
01:07:46.800 --> 01:07:53.599
not spending the little we have properly. If we increase revenues today, it

838
01:07:53.639 --> 01:07:58.280
will still be wasted. That's why
people don't pay tax in Nigeria because they

839
01:07:58.320 --> 01:08:02.119
don't trust the taxman to take that
revenue and to spend it properly. But

840
01:08:02.719 --> 01:08:10.480
I do agree with the point of
making and thank you you know, yeah,

841
01:08:10.800 --> 01:08:14.840
you know those two. But just
what you said, I think whatever

842
01:08:14.880 --> 01:08:18.479
you wise, I don't talk on
a market perspective. What every wise policy

843
01:08:18.560 --> 01:08:23.680
paper would use. That what you
use with one go, that is what

844
01:08:23.720 --> 01:08:28.199
you use with THO. If you
look at Biblical u for example, one

845
01:08:28.199 --> 01:08:32.199
of the things that relive primas was
the allocation of resources. And we went

846
01:08:32.239 --> 01:08:36.920
to see if we want to spend
you see the argument like the guy from

847
01:08:36.920 --> 01:08:43.239
par that I say is that we
all know we agree revenue problem mentioned and

848
01:08:44.760 --> 01:08:48.279
if I were company that does do
poo, I can't give you a hundred,

849
01:08:48.840 --> 01:08:54.520
don't you know? I was looking
at don't bas Bloomberg for example,

850
01:08:54.560 --> 01:09:01.079
Boombeg is making more money than the
fer governments almost double, almost double.

851
01:09:02.119 --> 01:09:05.720
So the question is that we're not
saying we don't have a revenue problem.

852
01:09:05.800 --> 01:09:11.640
But see even Jesus said that the
person with one talent that buries his talent,

853
01:09:12.359 --> 01:09:15.720
who was taking away from him and
giving to together, had ten talents.

854
01:09:15.960 --> 01:09:19.680
If you cannot make good resources with
you, they want talents. Sorry,

855
01:09:20.199 --> 01:09:24.800
where they didn't go up and that
is why if you understand investments,

856
01:09:25.520 --> 01:09:32.239
when investors see a management team spending
unnecessary despite the fact that they have reserves,

857
01:09:32.359 --> 01:09:36.399
it becomes an issue. Why do
you think Apple, Microsoft, Google,

858
01:09:36.479 --> 01:09:41.239
our wants most valuable competed apart from
their matches, didn't have to spend

859
01:09:41.239 --> 01:09:45.800
money they save operation? Of course, did we just cost look and Meta

860
01:09:45.880 --> 01:09:49.119
did to have the metal d then
shut it that way for losing money.

861
01:09:49.399 --> 01:09:56.279
The problem that you is that we
have so many unfunctional projects and the edit

862
01:09:57.000 --> 01:10:00.920
and the children of the adit they
don't have time for prob because see look

863
01:10:01.199 --> 01:10:06.159
on are doing in this work are
the headline? It should be food inflation,

864
01:10:06.319 --> 01:10:10.600
it should be basic educational. If
we're not talking about gender world,

865
01:10:10.840 --> 01:10:14.800
we're talking about someone that is spending
twenty thousand on the set talk about people's

866
01:10:14.840 --> 01:10:17.560
weddings. So we have issues.
We have cultural issues, we have so

867
01:10:17.920 --> 01:10:21.359
column issues, we have political issues, we have met that issues, we

868
01:10:21.439 --> 01:10:27.039
have spiritual issues. Because if you
don't look at things bualistically, you will

869
01:10:27.039 --> 01:10:30.479
not get the picture. Every country. Look at what's happening in Europe.

870
01:10:30.880 --> 01:10:35.479
The right are trying to chase an
immigrant away because they're tired of people and

871
01:10:36.399 --> 01:10:41.079
rather than Africa sitting down and we're
thinking, like what the Chinese did in

872
01:10:41.159 --> 01:10:44.359
the eighties, they are still playing
around. I'm thinking that we buy to

873
01:10:44.439 --> 01:10:47.479
passport by passport, we are getting
insured, and we forget that the color

874
01:10:47.560 --> 01:10:53.399
o sking can never change. So
we need people that really understand the termine

875
01:10:53.479 --> 01:10:56.840
of the future, are not just
bringing out numbers, and that is the

876
01:10:56.880 --> 01:11:02.880
problem. We're being gotcha. I
think it's a good discussion contribution than that.

877
01:11:03.039 --> 01:11:10.279
You yes, you go ahead,
allow me. I preached the comments

878
01:11:10.359 --> 01:11:14.640
really really do don't you go ahead? Thank you, thank you. I

879
01:11:15.159 --> 01:11:18.399
think that we're missing the elephant in
the living room. The problem with Nigeria,

880
01:11:18.439 --> 01:11:21.680
and I say that guardedly, is
not so much as the spending problem

881
01:11:23.119 --> 01:11:28.960
or revenue problem. It's an accountability
and accounting problem. Accountability in the most

882
01:11:29.079 --> 01:11:32.239
larger sense in which some of yours
beakers have expanded. It's not just a

883
01:11:32.279 --> 01:11:38.640
purely financial issue. There's a social
political dimension of it to which we don't

884
01:11:38.840 --> 01:11:41.720
want to talk about. And that's
the elephant in the living room. You're

885
01:11:41.720 --> 01:11:45.119
talking about. The hard numbers about
the school and financial policy of Nigeria does

886
01:11:45.199 --> 01:11:49.920
are just numbers. They mean nothing
if you do not deal with the issue

887
01:11:49.960 --> 01:11:55.920
of holding a political and edits accountable. But it couldn't get anywhere because it

888
01:11:55.920 --> 01:11:59.960
doesn't matter how much you put into
the pool. The management, the mind

889
01:12:00.079 --> 01:12:05.119
set of the leaders means that we'll
just waste it. We cannot revenue because

890
01:12:05.199 --> 01:12:09.199
of the institutional corruption. There is
a system. And the thing that I

891
01:12:10.239 --> 01:12:14.279
know, my bidney feeling and just
listening to these conversations, and this is

892
01:12:14.279 --> 01:12:16.359
not the first time I've been in
this kind of a forum, is that

893
01:12:16.359 --> 01:12:20.119
there's a lot of agency in Nigerian's
that always talking about Nigeria seem to be

894
01:12:20.279 --> 01:12:26.399
some other country. Even the comparisons
you make are totally unrealistic. Compare Nigeria

895
01:12:26.439 --> 01:12:30.800
to Canada, comparing Nigeria to Meta. It has absolutely the non secretal The

896
01:12:31.000 --> 01:12:35.880
key thing here that is missing is
a social contract between the citizen and the

897
01:12:35.960 --> 01:12:41.560
states. The states itself, we
know is irresponsible to that extent. Yes,

898
01:12:41.600 --> 01:12:44.439
for you, the citizens, you
want all the rights, but you

899
01:12:44.439 --> 01:12:48.720
don't want the attended responsibilities of holding
your leaders accountable. You don't want to

900
01:12:48.720 --> 01:12:55.520
have the attendant responsibility of accounting and
making sure that people and policies and institutions

901
01:12:55.520 --> 01:12:59.520
are held accountable. But you're making
all the analogy between the federal government.

902
01:12:59.560 --> 01:13:02.039
What about this governments you just said
we talked about the state. That's not

903
01:13:02.359 --> 01:13:08.960
you know, buying into the university
a free university of basic education scheme,

904
01:13:09.279 --> 01:13:14.720
but building an airport. The problem
here is the agency of the citizens.

905
01:13:14.960 --> 01:13:18.760
We cannot be demanding rights without the
attendant responsibility number one. Number two,

906
01:13:18.960 --> 01:13:24.399
we sho to stop this displacement activity
of thinking that somebody is going to come

907
01:13:24.439 --> 01:13:28.960
a solver problems or that we are
citizens an arrest for this. So I

908
01:13:29.000 --> 01:13:31.640
could go on and on, but
the bottom line for me is that the

909
01:13:31.720 --> 01:13:40.880
challenge here is the misture of the
technical, physical financial problem of revenue and

910
01:13:41.119 --> 01:13:47.079
spend expenditure. It is really one
of accounting. How do you account for

911
01:13:47.520 --> 01:13:53.760
the health of the nation itself collectively? And accountability? How do you hold

912
01:13:54.079 --> 01:13:58.640
your political leaders accountable? But you
can't do that if you do not hold

913
01:13:58.640 --> 01:14:04.520
yourself accountable for them. You said, it's also right, most Nigerians and

914
01:14:04.560 --> 01:14:09.159
I'm Tinnists respectively, do not know
the numbers or what you even hold to

915
01:14:09.239 --> 01:14:12.039
account. I know if you were
here from the very beginning where I listed

916
01:14:12.119 --> 01:14:16.960
the federal government's income statements actual for
twenty twenty three where we said that the

917
01:14:17.039 --> 01:14:23.960
total oil revenues of Nigeria cannot pay
salaries, the total revenues of Nigeria cannot

918
01:14:24.039 --> 01:14:27.840
pay debt service. I just asked
a young man, now, how much

919
01:14:27.840 --> 01:14:30.000
you're taught were income from Nigeria.
He didn't know. I told him the

920
01:14:30.039 --> 01:14:34.199
incomes as well salaries. Did know
his is in Nigeria. It's a patriot.

921
01:14:34.279 --> 01:14:39.880
But the point is that if you
don't know the numbers or the facts,

922
01:14:40.039 --> 01:14:43.239
then how do you hold people accountable? How many people understand that the

923
01:14:43.359 --> 01:14:48.159
local that their local government areas and
how many people know what their local government

924
01:14:48.359 --> 01:14:54.399
makes a month. You're stating a
problem that is looking for a solution.

925
01:14:54.960 --> 01:14:59.920
Within this three people who are listening
in, there's a collective capacity to be

926
01:15:00.039 --> 01:15:03.960
able to bring o those numbers and
create an alternative platform where we know.

927
01:15:04.359 --> 01:15:09.279
You cannot act. You cannot manage
what you don't know. It was at

928
01:15:09.319 --> 01:15:13.920
your tenmy management, right. You
can't manage what you can't manage what you

929
01:15:13.960 --> 01:15:18.079
can measure? Problem? What are
we doing here? What? What?

930
01:15:18.079 --> 01:15:20.359
What? What are we doing here? Tinji? What are we doing here?

931
01:15:20.720 --> 01:15:23.960
What I'm saying? One of my
I said, we're having a talk

932
01:15:24.039 --> 01:15:27.920
shop about revenue and all of that. We're talking about a young who does

933
01:15:27.960 --> 01:15:31.600
not know well. Provide the platform
so that people can know and make what

934
01:15:31.600 --> 01:15:36.760
we're doing. You listen, I'm
not asking you just calm down. I'm

935
01:15:36.800 --> 01:15:44.479
saying we all have a collective responsibility
towards knowing right, and you are leading

936
01:15:44.520 --> 01:15:47.640
the chart and we're all following you. Right. I noticed that almost three

937
01:15:47.720 --> 01:15:53.079
hundred people on this platform. Surely
even if we take ten percent of that,

938
01:15:53.079 --> 01:15:58.880
that is what's thirty right, can
come together for the sake of this

939
01:15:59.000 --> 01:16:02.159
country. We have cps, we
have accountants, we have people with masters

940
01:16:02.199 --> 01:16:06.920
in public administration, we have there's
a whole body of knowledge just embedded here.

941
01:16:08.279 --> 01:16:11.479
But we're not organizing that knowledge.
We're not putting it out there.

942
01:16:12.359 --> 01:16:15.399
Instead, we are complaining the problem
with Nigeria. Conversation turning and twelve.

943
01:16:17.640 --> 01:16:26.600
Listen to me. It is a
critique and it's a critique of all of

944
01:16:26.680 --> 01:16:29.520
us. I'm not criticizing you.
This is a wonderful platform, and you

945
01:16:29.560 --> 01:16:32.600
know, kudos to you. You
know I follow you. I see you're

946
01:16:32.800 --> 01:16:38.079
very pithy, very informed and enlightening
comments. Right. But what I'm saying

947
01:16:38.079 --> 01:16:42.720
the task is the latter we have
to take it to another level. We

948
01:16:42.800 --> 01:16:45.039
have to take it to another level. There's a grand I've been talking to

949
01:16:45.159 --> 01:16:53.159
a friend of mine Doingslami about doing
a report on the informal sector of Nigeria.

950
01:16:53.439 --> 01:16:56.039
When we talk about Nigeria and the
physical and financial or whatever, we

951
01:16:56.119 --> 01:17:01.520
never factoring the informal sector where most
Nigerians and the livelihood from. There's no

952
01:17:01.640 --> 01:17:06.199
reports comprehensively. There's one now by
money Point I think, which I saw

953
01:17:06.239 --> 01:17:10.680
the other day. But these are
some of the large numbers. Let us

954
01:17:10.760 --> 01:17:18.039
fight facts. I get you,
I hear you. I'm not defending myself.

955
01:17:18.520 --> 01:17:23.319
I'm saying I don't want us to
go into the to go into borderline

956
01:17:24.279 --> 01:17:28.000
shaming the victim borderline. That's why
actually going to for me, it's not

957
01:17:28.039 --> 01:17:31.079
a problem. I'm just saying they
are issues, and the one big issue

958
01:17:31.199 --> 01:17:35.720
Nigeria is the lack of information on
finances. People say things in Nigeria and

959
01:17:35.880 --> 01:17:41.039
just put it out there. The
government just told Nigeria that in twelve months

960
01:17:41.279 --> 01:17:45.479
will have two million bios of crude
a day. In twelve months, it's

961
01:17:45.520 --> 01:17:53.079
not going to happen. And they
have base spending two trillion naira on achieving

962
01:17:53.439 --> 01:17:57.520
two million bios of crude. It's
not going to happen. What means they're

963
01:17:57.520 --> 01:18:01.560
going to borrow to ens all that
money that they're going to spend happens.

964
01:18:01.920 --> 01:18:05.199
It's going to come back in a
year's time, will have the same space,

965
01:18:05.239 --> 01:18:09.479
and I'll say that has gone up
their pool, like, how come

966
01:18:09.560 --> 01:18:13.840
that went up? I'm seeing people
saying that five billion dollars is going to

967
01:18:13.840 --> 01:18:17.840
come to Nigeria because Nigeria has a
headquarters of an energy bank and people say,

968
01:18:17.920 --> 01:18:24.239
oh, it's wonderful, Tabo is
working five billion. These things are

969
01:18:24.319 --> 01:18:29.199
not true. The same way to
beyond the year the Sibian was it was

970
01:18:29.279 --> 01:18:32.680
making Nayra stronger by borrowing dollars.
What we are trying to do is to

971
01:18:32.760 --> 01:18:36.640
give people and I'm not defending myself. People need to have people who want

972
01:18:36.760 --> 01:18:41.760
to know what to do. If
you tell people physical they don't understand what

973
01:18:41.760 --> 01:18:45.119
that means. You've got to break
it down then people can take action.

974
01:18:45.680 --> 01:18:51.119
SAP riots was not cast by SAP. If you old ANFSIR, SAP work

975
01:18:51.920 --> 01:18:58.000
was caused by a report that the
first Theady had a watch factory in Switzerland.

976
01:18:58.439 --> 01:19:01.239
It wasn't cast by the effect of
SAP or people started a satin questions

977
01:19:01.279 --> 01:19:05.239
too much people, that's what people
move. So people in Nigeria do not

978
01:19:05.479 --> 01:19:13.520
have conngent information or do not understand
the economics of what happened. No connect

979
01:19:13.600 --> 01:19:16.760
taxation, we what's going on in
their wallets. And this is what we're

980
01:19:16.840 --> 01:19:20.840
trying to break I think. I
think as the next level of work that

981
01:19:20.920 --> 01:19:29.279
has to be done, some kind
of break up much more accessible treaties on

982
01:19:29.439 --> 01:19:33.640
financial literacy and the whole business of
public sector finance and how it affects them.

983
01:19:34.000 --> 01:19:38.000
You have to really establish the causality
between all of these numbers that are

984
01:19:38.079 --> 01:19:41.399
running around and the fact that you
know, we don't feel it, you

985
01:19:41.479 --> 01:19:45.560
know, in our pockets at the
ground level. I mean, I len

986
01:19:45.640 --> 01:19:48.319
tell me today about the way in
which we provide our social services is to

987
01:19:48.399 --> 01:19:54.520
make sure we pay salaries and there's
a checkle down, there's a doomption of

988
01:19:54.560 --> 01:19:57.960
a chickle down effect and better in
the salaries. What we're saying is that

989
01:19:58.039 --> 01:20:04.560
we're all dancing around the key issue
right and that issue is how do you

990
01:20:04.800 --> 01:20:11.439
redesign a bigger and better Nigeria.
Even if you start from the entrepoint of

991
01:20:13.199 --> 01:20:16.000
revenue and expenditure. Right, it
will leads you to the same set of

992
01:20:16.119 --> 01:20:21.199
challenges. And when I'm challenging what
I'm throwing to your own generation. Right,

993
01:20:21.319 --> 01:20:25.000
and thank you for the thing.
We were there and that was a

994
01:20:25.039 --> 01:20:29.560
while ago. But is that we
have to start thinking differently about this problems.

995
01:20:29.600 --> 01:20:31.560
You have to use fresh eyes and
looking at all problems. Right.

996
01:20:31.800 --> 01:20:34.920
I'll leave you guys with just two
quotes. These are my two famous quotes.

997
01:20:35.279 --> 01:20:39.079
The very first one is very popular. Most people know it. You

998
01:20:39.199 --> 01:20:44.119
can't keep doing this thing over and
over and you expect different results. Right,

999
01:20:44.560 --> 01:20:46.399
we do that. The second one
is actually doable to Einstein, and

1000
01:20:46.479 --> 01:20:50.960
he says, you can't solve a
problem thinking at the level that costs that

1001
01:20:51.079 --> 01:20:57.039
problem. Right now, the conversation
mostly is thinking where they were talking about

1002
01:20:57.079 --> 01:21:00.439
it, at the level that costs
the problem. Our leaders are to solve

1003
01:21:00.479 --> 01:21:03.359
problems thinking below the level that caused
those problems. We can never solve those

1004
01:21:03.399 --> 01:21:09.239
problems. So we have to up
again. I think beyond the level that

1005
01:21:09.319 --> 01:21:15.600
causes problem. This problems are chronic
and they you. For you, for

1006
01:21:15.680 --> 01:21:19.319
a younger generation is to look at
this thing differently. I said, Okay,

1007
01:21:19.760 --> 01:21:25.319
we've been doing the same thing over
and over. Mentally, there has

1008
01:21:25.359 --> 01:21:28.720
to be a mindset switch. We
can't be expecting different results. It is

1009
01:21:28.760 --> 01:21:31.319
a mindset thing. It's not the
problem at some level. Again, to

1010
01:21:31.399 --> 01:21:35.920
give you another set of don't you
gotta rotate the room? We got ate

1011
01:21:35.960 --> 01:21:40.119
the room. Sorry, but that's
my two cents. Well, thank you

1012
01:21:40.239 --> 01:21:44.800
for this government. Thank you for
listening. I'm saying my speech. I'm

1013
01:21:44.840 --> 01:21:47.520
grateful, Thank you, appreciate that
reducer. Thank you so much. Doctor

1014
01:21:47.720 --> 01:21:53.439
a day in PhD. How are
you doing, Yes, ma'am, doctor

1015
01:21:53.520 --> 01:22:00.319
doctor, please go hopping and talk. Yes, ma'am you can, please

1016
01:22:00.319 --> 01:22:10.199
go ahead. Good morning, it's
been a while, all right, Thank

1017
01:22:10.279 --> 01:22:15.920
you. This topic. You know, you come up with an important topics

1018
01:22:15.000 --> 01:22:20.399
like this and I like to listen
and learn. But of all of these,

1019
01:22:21.279 --> 01:22:24.840
I don't know. You have a
spending problem. If you focus on

1020
01:22:25.000 --> 01:22:30.760
this very question directly, you will
give one very simple answer. Nigeria do

1021
01:22:30.960 --> 01:22:33.880
have spending problem. No revenue,
Yeah, we do. We do.

1022
01:22:34.039 --> 01:22:38.600
We do need to invest more in
Nigeria. So we do have a little

1023
01:22:38.640 --> 01:22:42.840
of a revenue problem because we are
not generating as much as we would have

1024
01:22:42.920 --> 01:22:46.279
generated. If you look at Nigeria
with all the mineral resources. We have

1025
01:22:46.720 --> 01:22:51.479
the manpower that we have, you
would say we are on that performing as

1026
01:22:51.520 --> 01:22:57.239
a nation. We are not doing
everything we're supposed to be doing right because

1027
01:22:58.319 --> 01:23:02.159
there is stuffs in the are you
industry. The ministers are stealing money,

1028
01:23:03.000 --> 01:23:10.159
you know, the customs are overcharging, the impactus and all of that stuff.

1029
01:23:10.560 --> 01:23:14.560
So we are not doing well.
But when it comes to spending,

1030
01:23:15.399 --> 01:23:20.720
you look at every other aspect.
Our government is focusing on spending money.

1031
01:23:21.239 --> 01:23:28.880
They are the epic, the most
world I call it, the most unimportant

1032
01:23:28.960 --> 01:23:33.399
things, and that they spend money
on it. You remember, does anyone

1033
01:23:33.680 --> 01:23:39.880
remember how much is spent trying to
discover oil? And they're not three billion

1034
01:23:39.920 --> 01:23:45.800
about a billion dollars conservatively just to
be conservated. Now, now that is

1035
01:23:45.359 --> 01:23:50.520
wastage. You spend all of that. There is There is oil already in

1036
01:23:50.640 --> 01:23:56.439
Nigeria. We have oil already.
We have not finished that oil. If

1037
01:23:56.520 --> 01:24:00.399
we are still getting about I think
about two points something. It's a billion

1038
01:24:00.479 --> 01:24:05.720
barrel per day something like that,
right, and then you are looking for

1039
01:24:05.840 --> 01:24:09.560
more oil. There's no oil.
There was no oil there to start with.

1040
01:24:09.680 --> 01:24:12.159
If there was oil there, shell
would have been there. We told

1041
01:24:12.199 --> 01:24:16.720
them a long time ago. Shell
is not stupid exactly. So that is

1042
01:24:16.800 --> 01:24:24.039
a very huge wastage that we have. These other waste where we hear news

1043
01:24:24.279 --> 01:24:31.319
like dif federal government is giving fifty
billion to our poor, you know,

1044
01:24:31.720 --> 01:24:35.560
and then you don't see news like
this decided they are giving fifty thousand per

1045
01:24:35.680 --> 01:24:43.479
family. These things are a huge
waste of resources. Now you are spending

1046
01:24:43.600 --> 01:24:45.880
one way, you are not supposed
to spend it because the people you are

1047
01:24:45.960 --> 01:24:50.439
giving fifty thousand two it is a
stipend. They're kind of spending for a

1048
01:24:50.479 --> 01:24:57.640
week. The money is exhausted.
If you can create job, job that

1049
01:24:57.840 --> 01:25:01.439
is tangible that this book can work, I'm make money for themselves if they

1050
01:25:01.600 --> 01:25:12.680
are Oh, I think we lost
you. I can hear you, just

1051
01:25:12.760 --> 01:25:16.640
me can hear her. She's gone, oh sorry about that. Let me

1052
01:25:16.680 --> 01:25:19.399
get I am a due my name
doctor, I think we lost you.

1053
01:25:19.600 --> 01:25:21.920
Let me get I am a due
to speak. I am a jee here

1054
01:25:21.960 --> 01:25:27.039
go ahead. Okay, good evening, Carl, Thanks for the opportunity.

1055
01:25:27.479 --> 01:25:29.880
In fact, I am can you
hear me? I can, sir?

1056
01:25:30.439 --> 01:25:38.520
In fact, when you mentioned that
we spend four chillion on Salari's I just

1057
01:25:38.640 --> 01:25:41.439
got angry. I think we plan
to talk. I just got angry.

1058
01:25:41.760 --> 01:25:45.520
You mean we spent about forty percent
of our earnings or salary? Are the

1059
01:25:45.680 --> 01:25:54.800
people people MD workers? I want
to I don't know. I don't know.

1060
01:25:55.079 --> 01:26:00.399
I I person myself too. I
don't think that I will say that

1061
01:26:00.760 --> 01:26:08.479
when I'm like, twenty percent of
my profits will be your salary. So

1062
01:26:09.159 --> 01:26:13.399
it doesn't just make sense. And
the tennis. A lot of people in

1063
01:26:13.560 --> 01:26:18.720
these ministries have no business been there. I can tell you that the effective

1064
01:26:18.760 --> 01:26:23.720
people, brilliant people who are already
doing the work, are not up to

1065
01:26:23.760 --> 01:26:28.239
twenty percent. The rest don't know
what they're doing. They just sit down

1066
01:26:28.319 --> 01:26:32.239
there and collect money. And these
are the issues that we for me,

1067
01:26:32.760 --> 01:26:36.920
for me, if it's okay,
fire them right. They may be churious

1068
01:26:36.960 --> 01:26:42.600
and all that. But if we
can be product creative, create new opportunities

1069
01:26:42.680 --> 01:26:49.359
and push them there, we should
be having agricultural revolution like the United States

1070
01:26:49.359 --> 01:26:54.279
government. Right, God is eventing
about fifty thousand Send all of them.

1071
01:26:54.399 --> 01:26:56.920
Yeah, they should want to learn
how to write, drive tractor, do

1072
01:26:57.039 --> 01:27:01.560
other things and get busy. You
cannot spend forty of your aims on salary.

1073
01:27:02.079 --> 01:27:05.279
It's sure that we are. These
people are not effectively, are not

1074
01:27:05.319 --> 01:27:13.720
efficient at all and I year when
people say, uh, the fact is

1075
01:27:13.800 --> 01:27:20.399
making state governors, uh busy,
The thing is they're not lazy. A

1076
01:27:20.479 --> 01:27:27.520
lot of them are clueless because you
cannot there you really love money. If

1077
01:27:27.560 --> 01:27:29.920
you really love money, you will
want to work hard. You want to

1078
01:27:29.960 --> 01:27:33.319
see opportunities. Take for instance,
the we do that that's very rich,

1079
01:27:33.479 --> 01:27:40.479
but is one of the most hard
working artists around. He didn't just sit

1080
01:27:40.520 --> 01:27:44.000
down there because it's for the hard
money, right, He's working very very

1081
01:27:44.079 --> 01:27:46.279
hard. Had a lot of people, a lot of the artists who came

1082
01:27:46.359 --> 01:27:49.159
from But that is the point.
That is the point. It is who

1083
01:27:49.239 --> 01:27:53.720
you are. So a lot of
the people who are leading on at the

1084
01:27:53.760 --> 01:27:58.079
state level are very very clueless.
They are very very clue. I don't

1085
01:27:58.079 --> 01:28:02.560
think anybody can ask you because let's
say IDR, who requestion your IDR?

1086
01:28:03.399 --> 01:28:09.560
Why can't you generate two hundred billion
every month and still twenty billion? I

1087
01:28:09.600 --> 01:28:13.199
don't think anybody will know. But
you don't want to generate because you are

1088
01:28:13.279 --> 01:28:16.039
clueless. It's not because you are
lazy. That getting free money you're lazy,

1089
01:28:16.800 --> 01:28:20.359
it's not that. That's not true. And when they talk about I

1090
01:28:20.439 --> 01:28:24.920
know somebody said talking about the four
trillion. She code down to the economy.

1091
01:28:25.720 --> 01:28:30.079
The T four trillion is not doing
anything. Do you know the the

1092
01:28:30.319 --> 01:28:35.119
that's where the mets were around twenty
billion annually. That is what he's sustaining

1093
01:28:35.239 --> 01:28:39.520
this country. If you take that
away, this country will shut down.

1094
01:28:40.239 --> 01:28:43.560
I grew up in Beni. I
know, I don't think. Okay,

1095
01:28:44.840 --> 01:28:48.960
for about five over almost ten years
i've left. I've not stayed in Beni.

1096
01:28:49.560 --> 01:28:53.359
I know for sure that a lot
of the banks that came they did

1097
01:28:53.399 --> 01:28:56.079
not come because they are industries,
and I would think they're industries in belling

1098
01:28:56.159 --> 01:29:00.159
to match the banks that day.
What I just living on, that's are

1099
01:29:00.239 --> 01:29:02.279
every dance going to keeping the dose
stage running. That's what is keeping the

1100
01:29:02.800 --> 01:29:06.239
stage running. That is keeping the
human bus governments, that's what is keeping

1101
01:29:06.279 --> 01:29:13.560
their running. You understand, So
that that that's what it is the life

1102
01:29:13.600 --> 01:29:18.479
of this country. It is free
money. Did that money is cyn Yeah?

1103
01:29:18.840 --> 01:29:23.880
So say for that. But it's
very very annoying that you use forty

1104
01:29:25.720 --> 01:29:30.600
only form to pay inefficient people.
I don't so I don't know them.

1105
01:29:30.720 --> 01:29:34.159
Just make this point right, I
don't honestly to you, honestly to the

1106
01:29:34.319 --> 01:29:40.159
comments, right, if you pay
salaries it's a stimulative effect if you especially

1107
01:29:40.239 --> 01:29:44.520
in the states of the Federation where
there's no economic activity. I mean what

1108
01:29:44.720 --> 01:29:48.039
is in say or half your localugments
area in happier state. If you pay

1109
01:29:48.159 --> 01:29:54.640
salaries there, you are bringing income
there. There's consumption there, so economic

1110
01:29:54.760 --> 01:29:59.000
says that that's a good thing to
do. The problem. The problem is

1111
01:29:59.079 --> 01:30:02.840
it's not done properly and it's not
linked to anything. If you are paying

1112
01:30:03.000 --> 01:30:06.960
salaries and there are no roads,
there's no power for those guys to take

1113
01:30:08.039 --> 01:30:12.199
that salary and buy a small tractor
and then start to firm castave. But

1114
01:30:12.279 --> 01:30:16.680
they just point water into a basket. So it is the linkages that is

1115
01:30:16.720 --> 01:30:20.319
a problem. In the UK,
they pay the doll if you're an employee

1116
01:30:20.359 --> 01:30:24.800
going to employment wages. It's in
America going to employment wages. So it's

1117
01:30:24.880 --> 01:30:28.399
not a new thing to do.
And those economies are more developed than ours,

1118
01:30:28.720 --> 01:30:31.960
but we are doing ours properly.
If salaries are welfare, then make

1119
01:30:32.000 --> 01:30:38.239
it so. Employ one million people
and pay them salaries unless it is welfare.

1120
01:30:38.439 --> 01:30:42.199
Every month you get all revenues,
you take out forty percent you say

1121
01:30:42.199 --> 01:30:45.800
it for welfare, you pay them, then you reduce costs. Everybody knows.

1122
01:30:45.880 --> 01:30:49.600
This is what it's all about.
Don't call it employment. Create a

1123
01:30:49.640 --> 01:30:55.199
civil service that is elitist, that
is professional, that is very reproductive,

1124
01:30:55.359 --> 01:30:59.560
and separate them from the welfare.
You can't turn the federal Ministry of quote

1125
01:30:59.600 --> 01:31:02.239
un quote to a welfare scheme.
You can't put pull there to get a

1126
01:31:02.359 --> 01:31:05.279
job. People are go to get
a job now they po can't get a

1127
01:31:05.359 --> 01:31:09.000
job in a bank, or go
and see this minister who'll give you a

1128
01:31:09.119 --> 01:31:12.600
job. So you go to million
ministries. They are on qualified people walking

1129
01:31:12.680 --> 01:31:15.319
there. Ask to your honor,
suggest John in Cuba, when if you

1130
01:31:15.600 --> 01:31:20.159
catchal took over, he sent everybody
young old. Everybody went to teach the

1131
01:31:20.439 --> 01:31:25.520
guys in wural areas how to read
and write. You have people work in

1132
01:31:25.520 --> 01:31:30.479
the ministries you should be teaching.
Take everybody out. Go to your local

1133
01:31:30.479 --> 01:31:33.920
government area foragverone will pay you slarry. Start a school, teach reading and

1134
01:31:34.000 --> 01:31:38.600
writing. We have ten million plus
kids out of school, so there are

1135
01:31:38.720 --> 01:31:41.399
ten million kids that you can open
up in school. You're in a federal

1136
01:31:41.439 --> 01:31:45.119
ministry of whatever, whatever, whatever. If you're not productive, package the

1137
01:31:45.159 --> 01:31:47.039
person into his hometown, give him
money to build the school, let him

1138
01:31:47.039 --> 01:31:50.640
stay there and become a teacher and
teach the kids maths and English. You

1139
01:31:50.680 --> 01:31:55.159
don't need ai for now. That's
matts. I need to start from there.

1140
01:31:55.520 --> 01:31:59.600
Un, Let's see what's going to
happen. I've got cheap beneficials.

1141
01:32:00.039 --> 01:32:05.640
Che is that you. She got
the flog going once? She going twice.

1142
01:32:06.239 --> 01:32:10.960
Let's get your tea, your team, mister, yourta at it for

1143
01:32:11.199 --> 01:32:18.119
real? Now do believe? Okay, I think she. I think she

1144
01:32:18.359 --> 01:32:23.520
hopped it. You out? She
go ahead, I'll take you next,

1145
01:32:23.600 --> 01:32:27.399
chee, you've got the flog ahead? Yeah, Hello, good evening,

1146
01:32:28.399 --> 01:32:38.199
Yes, ma'am. I can hear
you, please go ahead. I can

1147
01:32:38.279 --> 01:32:41.560
hear her your say, please go
ahead. I can't hear you cheat your

1148
01:32:41.640 --> 01:32:47.039
take go ahead? Okay. So
I think for me, the answer to

1149
01:32:47.159 --> 01:32:56.000
the question is Niger does have to
spending problem because if we put the money

1150
01:32:56.079 --> 01:33:00.199
that we're having in the right place, then we cands to its growth and

1151
01:33:00.319 --> 01:33:06.760
then get driven. So if we
invest in infrastructure, if we create policies

1152
01:33:06.880 --> 01:33:14.399
that allow people to get Briton from
whatever is that they invest in, then

1153
01:33:14.439 --> 01:33:18.159
we have a multiply effect and then
we have more revenue the time. But

1154
01:33:18.279 --> 01:33:23.039
the problem we've had in Nidia for
so long is that the spending is to

1155
01:33:23.159 --> 01:33:29.439
a level that is almost parasitic hypnoparacity. People spend recklessly and there's not a

1156
01:33:29.520 --> 01:33:35.800
comfortability. And so I think that's
the pain of our problem in idea and

1157
01:33:35.960 --> 01:33:41.800
on to we can fix this.
I really can't see a way forward for

1158
01:33:41.960 --> 01:33:45.439
us as a people now. I
heard someone say earlier that it is the

1159
01:33:45.560 --> 01:33:53.199
responsibility of the people to hold the
people in governments are comfortable. But I

1160
01:33:53.279 --> 01:33:57.720
think what the problem is is that
democracy really is the numbers game, and

1161
01:33:58.159 --> 01:34:03.079
the majority of the people are not
aware of the power that they hold in

1162
01:34:03.159 --> 01:34:11.119
the democracy, then the minority one
power will use them as cannot hold us.

1163
01:34:11.159 --> 01:34:15.920
Really, they're just tools that they
used to get into position, and

1164
01:34:15.159 --> 01:34:21.479
all power by themselves or when they
be by their process. So onto there

1165
01:34:21.600 --> 01:34:29.920
is a massive awakening, you know, across let's say, our brothers and

1166
01:34:30.039 --> 01:34:33.520
sisters in that year, and this
will keep going on and going on and

1167
01:34:33.680 --> 01:34:39.359
going on. The way it was
in the time of our parents is the

1168
01:34:39.439 --> 01:34:42.439
way it will be in the time
of our children, our generations to come.

1169
01:34:43.640 --> 01:34:49.560
And I think a solution to this
really is all wes see during elections,

1170
01:34:49.680 --> 01:34:56.399
which is always saw during that all
we saw we do aspitalpe do with

1171
01:34:56.640 --> 01:35:01.119
healthy which is grassroots outreage, you
know. And I think there's someone Ontel

1172
01:35:01.239 --> 01:35:09.000
does who strive to do general YouTube
but is getting people to create awareness,

1173
01:35:11.359 --> 01:35:16.399
but by people that they're close to, so people around them, and it

1174
01:35:16.479 --> 01:35:21.960
will have that multiply effect again where
people know their power. Now, for

1175
01:35:23.119 --> 01:35:29.720
me, I think as the people, our strongest democratic our strongest democratic tool

1176
01:35:30.600 --> 01:35:35.319
is true to the legislative. So
the legislators are the only elected officials that

1177
01:35:35.439 --> 01:35:41.960
we can recall. We don't have
to wait every four years to elect someone

1178
01:35:42.039 --> 01:35:48.159
into position. Most people don't even
know who's who's their representation. If they

1179
01:35:48.279 --> 01:35:53.800
know their representative, they can tell
them that these issues that we have in

1180
01:35:53.880 --> 01:35:58.039
our communitee we don't have, we
don't have What are you doing there in

1181
01:35:58.119 --> 01:36:01.119
the House of Say you're not going
to speak for us about our issues?

1182
01:36:01.159 --> 01:36:05.800
Then come back home and then we'll
have someone who can you know, voice

1183
01:36:05.880 --> 01:36:10.399
out the issues that they all know
by the way, you know, in

1184
01:36:10.479 --> 01:36:15.159
the House, and then we can
see any effect. The check of balance

1185
01:36:15.239 --> 01:36:18.800
thing we talk about that the people
in the States can impeach the presidents if

1186
01:36:18.840 --> 01:36:24.439
they feel like the presidents are taking
is taking steps that doesn't benefit the whole

1187
01:36:24.520 --> 01:36:30.800
country. So if we have people
that reflect the mind of the people in

1188
01:36:30.920 --> 01:36:36.199
the legislature, then I feel like
that is the easiest way for us to

1189
01:36:36.319 --> 01:36:41.600
move forward as a nation. Now, another issue of another point of raised

1190
01:36:41.720 --> 01:36:46.439
is that you don't mind real quick, yeah all right, random, if

1191
01:36:46.439 --> 01:36:49.520
you don't mind, second the room, yeah, okay, I'll just I'll

1192
01:36:49.640 --> 01:36:57.319
just make this last point in then
around them and that's it. So the

1193
01:36:57.560 --> 01:37:00.920
legislative, the system is flawed in
a way or this is flow on purpose.

1194
01:37:01.039 --> 01:37:05.640
So the legislative or the people who
benefit from the system that is corrupted,

1195
01:37:06.159 --> 01:37:11.880
unfortunately, are the people in positions
to make the change benefit all of

1196
01:37:12.039 --> 01:37:15.800
us. Right, And so I
saw you tweet earlier, which is that

1197
01:37:15.039 --> 01:37:20.159
the cost of running the bycome more
parliament is too much to go back to

1198
01:37:20.880 --> 01:37:26.479
learn paletarian system. And that makes
absolute sense. We saw what happened in

1199
01:37:26.560 --> 01:37:31.960
England. They elected, they voted
for their representative and then the following day

1200
01:37:31.960 --> 01:37:35.279
we knew was the prime minister and
then we had a new prime minister.

1201
01:37:38.640 --> 01:37:42.439
So if we unfortunately, people that
can make this happen are the people that

1202
01:37:42.560 --> 01:37:47.000
benefit from corruption. So untwo,
we Nigerians realized that you know this democracy,

1203
01:37:47.600 --> 01:37:51.800
that we core powers of the people. We realized the true minion of

1204
01:37:51.880 --> 01:37:59.239
this. I think it will really
be a really long route. Pumps gotcha

1205
01:37:59.359 --> 01:38:01.560
again. Would look at the cost
of the governors in Nigeria. I don't

1206
01:38:01.560 --> 01:38:06.039
think that you can afford a U
S style democracy. We will have a

1207
01:38:06.159 --> 01:38:13.760
president VP, two houses of two
houses, Senate and House, then governors,

1208
01:38:14.159 --> 01:38:16.079
then state governors. I don't think
we can afford it. I prefer

1209
01:38:16.199 --> 01:38:21.199
the British system where we have MPs
go to your place, get elected,

1210
01:38:21.319 --> 01:38:26.600
come to our Buja from the elected
guys. We form our ministers from there.

1211
01:38:26.680 --> 01:38:30.000
So we cut away ministers we have. We can even need the House

1212
01:38:30.039 --> 01:38:32.840
to expand it will be much much
bigger than what it is today, maybe

1213
01:38:33.199 --> 01:38:36.279
maybe in the thousand seats, but
we can run. This is what we

1214
01:38:36.399 --> 01:38:41.159
have right now. We can't afford
it. It's not whether it's good or

1215
01:38:41.239 --> 01:38:44.279
bad. We simply can't afford it. We all that we can afford the

1216
01:38:44.359 --> 01:38:48.199
Rose Roys. So let's just move
away from this western thing of House of

1217
01:38:48.279 --> 01:38:51.960
Assent. And I don't do anything. It's a waste of money if you

1218
01:38:53.079 --> 01:38:56.600
ask me, everything. So Toshi, welcome to our party. How are

1219
01:38:56.640 --> 01:39:03.760
you feeling? What's your take on
this everything? So are you there going

1220
01:39:03.880 --> 01:39:12.800
on? Mister mister o'lup mis how
you doing? Did you have a comment?

1221
01:39:13.119 --> 01:39:17.840
Dev B? I t oh,
yeah, sorry about that. I

1222
01:39:17.920 --> 01:39:23.199
apologize, Yeah, please go ahead. Yeah, thank you so much for

1223
01:39:23.520 --> 01:39:26.960
I mean for giving me the mic. Right. I think this is my

1224
01:39:27.159 --> 01:39:30.479
second time on your space, and
I will always love coming about, you

1225
01:39:30.560 --> 01:39:33.520
know because I usually learn a lot
on the space. So, uh,

1226
01:39:34.039 --> 01:39:40.640
my contribution would be a little bit
slightly off context, right, because I

1227
01:39:42.000 --> 01:39:45.000
I think I'm more of, you
know, this kind of person that I

1228
01:39:45.800 --> 01:39:50.199
believe in. Let's be doing,
you know, let's do something. Speaking

1229
01:39:50.199 --> 01:39:56.159
too much on grandma apologies? Right? So I feel like in this country,

1230
01:39:56.399 --> 01:40:00.560
I mean, this is not it's
not this is not not just happening

1231
01:40:00.640 --> 01:40:03.800
right now. That's been happening over
and over and over and over, right,

1232
01:40:04.359 --> 01:40:12.600
So talking about generating more revenue and
then talking about you know, spending

1233
01:40:12.680 --> 01:40:15.840
too much from our leaders, right, I mean, it's it's not something

1234
01:40:15.920 --> 01:40:18.800
I just you know, spring of
overnight. This is something that has becoming

1235
01:40:18.880 --> 01:40:24.479
you know, uh, realccurrence,
you know, activities. Right, So

1236
01:40:24.640 --> 01:40:28.520
I feel like instead I was picking
too much of grammar. This is a

1237
01:40:28.600 --> 01:40:30.680
space right here. Now, it's
space like this where we can you know,

1238
01:40:31.159 --> 01:40:35.479
synthesize each other and then you know
where we can you know, come

1239
01:40:35.600 --> 01:40:42.800
up with it strategy and active strategy
for us to actually take actions. You

1240
01:40:42.840 --> 01:40:45.960
know, look at what is happening
in Karia and right, so we can

1241
01:40:45.039 --> 01:40:49.439
actually speak to government democratically, you
know, one voice. So I feel

1242
01:40:49.479 --> 01:40:54.680
like if we preach more unity,
I mean it sounds more like like an

1243
01:40:54.720 --> 01:40:58.680
householder you know, terminology that has
been you know, that has been in

1244
01:40:58.760 --> 01:41:00.640
place over the years. Right,
we are not saying that in naturally,

1245
01:41:00.720 --> 01:41:04.319
but how about we you know,
we use platform like this to preach more

1246
01:41:04.600 --> 01:41:12.880
unity so that we can speak them
to our voice unity of what you know

1247
01:41:13.119 --> 01:41:15.000
when when I say you need to
write because you know people some people you

1248
01:41:15.039 --> 01:41:19.079
know, we're we're looking at okay, what is currently these guys are speaking

1249
01:41:19.119 --> 01:41:23.760
with one voice and then they are
trying to change things around and did you

1250
01:41:23.840 --> 01:41:29.199
see it's the results right because I
mean the build that the administration. Yeah,

1251
01:41:29.239 --> 01:41:30.720
but what I what I trying to
say? What what what do you

1252
01:41:31.000 --> 01:41:33.600
what in by unity? What I
think we should do? We should because

1253
01:41:33.600 --> 01:41:36.960
we're just talking money economics finance.
Here, we're just giving information to folks

1254
01:41:38.079 --> 01:41:43.000
like you. What I is what
I imply. Okay, So so when

1255
01:41:43.039 --> 01:41:45.359
I when I when I mentioned unity, right, I mean if we are

1256
01:41:45.479 --> 01:41:50.520
to eat the street RDEA. Now, okay, we want to we want

1257
01:41:50.560 --> 01:41:55.119
to protest. I don't want to. I don't want to go there.

1258
01:41:55.319 --> 01:41:58.840
Just let's let's just them just they
just stick to the I don't want to

1259
01:41:58.840 --> 01:42:03.960
go there. I don't want to
yeh. The space, the space exists

1260
01:42:04.119 --> 01:42:08.720
to give information, right, So
if you want to do whatever I want

1261
01:42:08.760 --> 01:42:11.119
to do, at least you come
here with a note, or you listen

1262
01:42:11.199 --> 01:42:15.000
to the tape recordings, you will
get information. So that's why I let

1263
01:42:15.039 --> 01:42:16.960
everyone speak. You hear the good
side, you hear the other side.

1264
01:42:17.000 --> 01:42:19.800
Then you can say, okay,
I want to use this as my platform.

1265
01:42:19.880 --> 01:42:23.159
Then you can do whatever I want
to do. But we just want

1266
01:42:23.239 --> 01:42:26.520
to make sure we give you information
on this space. I feel you put

1267
01:42:26.520 --> 01:42:30.279
your handle all right. I'm loving
the information. Actually, gotcha got a

1268
01:42:30.359 --> 01:42:33.039
problem? Yeah? Wellways love to
come listening to people you know, with

1269
01:42:33.199 --> 01:42:39.479
different your divers opinion, right.
I love that In terms of you know,

1270
01:42:40.359 --> 01:42:45.159
the spending, I feel like government
can cut down spending right, favorers

1271
01:42:45.279 --> 01:42:49.720
things. I mean that is literally
affecting your you know, your own nation

1272
01:42:49.840 --> 01:42:55.399
and your ProPolice as a right.
Mean, cutting down ministries is one of

1273
01:42:55.479 --> 01:42:58.920
them, right, there's some ministries
we can collapse together and the lies like

1274
01:42:59.039 --> 01:43:03.600
you know, So I feel like, uh uh spending on the part of

1275
01:43:03.640 --> 01:43:08.600
the government, you know, if
we are a case more on that me,

1276
01:43:08.880 --> 01:43:13.000
they can cut down some spending,
just like you know, uh the

1277
01:43:13.119 --> 01:43:15.840
previous speakers, you know, we've
mentioned it. I wouldn't want to be

1278
01:43:15.199 --> 01:43:18.720
you know, going there art again, so it doesn't sound like repetition,

1279
01:43:18.880 --> 01:43:24.159
right, So I feel like there's
too much of spending three rollow spending from

1280
01:43:24.199 --> 01:43:29.119
the government, you know side,
which they can cut down on and then

1281
01:43:29.279 --> 01:43:31.439
of course generating more even you as
well, right, and then we are

1282
01:43:31.560 --> 01:43:34.039
citizens, you know, we are
you know, we are doing our duties

1283
01:43:34.319 --> 01:43:39.920
right, so well with that,
I feel like we can get it right

1284
01:43:40.000 --> 01:43:43.479
maybe one day. But that is
like I said when I, you know,

1285
01:43:43.560 --> 01:43:46.399
when I when I, when I
collected your mind said my own contribution

1286
01:43:46.560 --> 01:43:51.279
is that you coming from another you
know, I got so thank you.

1287
01:43:51.439 --> 01:43:56.880
You're welcome. Let me get you
to fibro youse, fibro right, and

1288
01:43:57.079 --> 01:44:00.800
ificant go ahead, everyone, how
are you doing? So? Where are

1289
01:44:00.800 --> 01:44:05.399
you calling from? I'm calling from
a how is that? Buddha? Today?

1290
01:44:05.560 --> 01:44:09.640
I saw a video with fewel lines? Do you guys have few?

1291
01:44:09.840 --> 01:44:14.279
Castidy back in a wow, yes, yes, yes, yes, you

1292
01:44:14.439 --> 01:44:18.920
go you know by well for life? Four hours? Five hours? Have

1293
01:44:19.119 --> 01:44:24.039
you been doing this platform? And
mister, whatever you're saying is true,

1294
01:44:24.079 --> 01:44:26.479
and that's why I so many people
on this platform. You know, I

1295
01:44:26.600 --> 01:44:30.920
follow you for a very long time
and they are patching you from here to

1296
01:44:30.000 --> 01:44:33.079
there. But all what you're saying
is true. Let me tell you something,

1297
01:44:33.119 --> 01:44:38.640
mister Cary, we are no serious. And why I say we're no

1298
01:44:38.800 --> 01:44:44.319
serious? I'll give you an example
twenty sixteen, when you want to a

1299
01:44:44.800 --> 01:44:48.359
bad importation of rice, we said
give us time. They give us time.

1300
01:44:48.479 --> 01:44:54.479
We came up with a fantastic document. They do comment that we came

1301
01:44:54.520 --> 01:44:58.880
out with. Mister. Now,
a prison, now what is the essence?

1302
01:44:59.199 --> 01:45:01.279
You know? In a broad maybe
the prisoners they eat a good food,

1303
01:45:01.479 --> 01:45:04.000
But you go to all night derum
prison. They do eat good food.

1304
01:45:06.239 --> 01:45:11.520
Honestly, giving a dog eat better
food than a prisoner. I'm sorry

1305
01:45:11.560 --> 01:45:14.840
to say that because I entered dare
we do our investigation. We know how

1306
01:45:15.000 --> 01:45:19.960
it's what is happening. And I
locate billions of netror and those billions of

1307
01:45:20.039 --> 01:45:23.960
never go down. The dream people
eat the money. We say, okay,

1308
01:45:24.039 --> 01:45:28.279
now you want to band inportation of
price, Okay, please let's do

1309
01:45:28.840 --> 01:45:32.880
something about it. We now came
up with good recommendation. We picked like

1310
01:45:33.079 --> 01:45:39.279
a KB for our other places.
The farm rise Futo, Minister of Agriculture,

1311
01:45:40.760 --> 01:45:45.680
open this farm settlement there a prisoner
that was sentenced five years, let

1312
01:45:45.760 --> 01:45:48.199
him spend if he spent two years
in the prison, let him go and

1313
01:45:48.279 --> 01:45:54.880
spent the remaining three years in farm
settlement. They are you training? After

1314
01:45:55.039 --> 01:45:59.159
you train him, open account for
him, which is v be giving him

1315
01:45:59.600 --> 01:46:02.079
some hours everyone, but don't give
him cash. Don't allow him to have

1316
01:46:02.279 --> 01:46:08.279
access to their money until when he's
done with these sentences. When he goes

1317
01:46:08.479 --> 01:46:11.520
there four hundred five hundred thousand,
and you know, go back to crime.

1318
01:46:12.119 --> 01:46:15.520
But do what I want to those
documents, those documents there they are

1319
01:46:15.720 --> 01:46:18.840
did you not even look at it? If to say we follow this recommendation,

1320
01:46:19.000 --> 01:46:28.520
but not about foods on food So
rather the government spending money for for

1321
01:46:28.760 --> 01:46:32.800
for building airports. I used to
surprise Safaa. Look at the state airport

1322
01:46:32.880 --> 01:46:39.960
airport. I went to go he
went two three weeks ago. I saw

1323
01:46:40.039 --> 01:46:44.159
the airport. I was shocked and
surprised. They spent billions of nearror former

1324
01:46:44.239 --> 01:46:50.279
governor of Aparm state instead of him
to pure refinery. The biggest charge.

1325
01:46:50.359 --> 01:46:56.319
I'm sorry to say that. Look
at my state Araba states that God gives

1326
01:46:56.399 --> 01:47:00.560
us a good lamp, very fatal
lamp. But the governor's they would rather

1327
01:47:00.600 --> 01:47:03.680
have come to maybe this man now
he's trying so and so that's what people

1328
01:47:03.760 --> 01:47:08.439
say. What the truth is that
the government are no serious. One of

1329
01:47:08.560 --> 01:47:12.840
the speakers is saying that the people
should pay that. My brother, if

1330
01:47:12.880 --> 01:47:19.680
you are painters and you know what's
the money it's been channel to, you

1331
01:47:19.760 --> 01:47:23.600
will pay more. But Mageria,
you will pay the time. Some people

1332
01:47:23.600 --> 01:47:27.479
who steal the money, I can't
tell you. I know this is face

1333
01:47:27.560 --> 01:47:30.880
hand. So many some of those
ministries, some of the good good,

1334
01:47:30.960 --> 01:47:36.199
good good ministers, they will okay
the money that they are as reading from

1335
01:47:36.199 --> 01:47:40.520
people. We are at the money. They will not tell you. So

1336
01:47:40.760 --> 01:47:47.239
many so many bank charges okay PPP
that go to some account. We know

1337
01:47:47.359 --> 01:47:50.800
all about that where the money is
going. People are not asking. They

1338
01:47:51.000 --> 01:47:56.439
charge money. They will do some
some tire. Let's say, if you

1339
01:47:56.520 --> 01:47:59.319
do something, will draw up.
They charge your money. Where are the

1340
01:47:59.399 --> 01:48:01.560
money going? Do you tell your
security how many were founded by? How

1341
01:48:01.600 --> 01:48:10.319
many from there by? Hello?
No, I hear yourself. I'm not

1342
01:48:10.359 --> 01:48:14.800
saying yeah, I hear you.
Yea. So the treaty is that in

1343
01:48:14.880 --> 01:48:17.680
Nigeria we are no serials and the
government. Look at now, almajury this

1344
01:48:20.800 --> 01:48:27.640
this armagy, sir, I want
you to round up if you don't mind,

1345
01:48:29.520 --> 01:48:33.079
small small should begging. What is
the government doing the whole world you

1346
01:48:33.159 --> 01:48:38.079
cannot see whay people are begging,
auries are begging. It's only in Nigeria,

1347
01:48:38.159 --> 01:48:41.000
you see. I've been to so
many countries. I have no see

1348
01:48:41.279 --> 01:48:45.119
any alma even this, they don't
have armaguries. But when you come to

1349
01:48:45.239 --> 01:48:48.079
Nigeria, here see small som huldren
four years three years old. Like we

1350
01:48:48.159 --> 01:48:51.279
don't we don't have government as far
as some concern in Nigeria, I'm sorry

1351
01:48:51.359 --> 01:48:57.000
to say that we don't have goment. Sorry, so thank you very much.

1352
01:48:57.560 --> 01:49:00.600
I hear you. We have a
government maybe I know where can properly,

1353
01:49:00.640 --> 01:49:02.399
but we do have a comment.
After your hands, do you have

1354
01:49:02.399 --> 01:49:08.720
anything the commentary real quick after boll
Yeah that's a while back, can you

1355
01:49:08.800 --> 01:49:12.319
hear it? Yeah, yeah,
that's a while back. So a two

1356
01:49:12.359 --> 01:49:15.720
points when you know, we we
keep touching on this generating more revenue.

1357
01:49:15.960 --> 01:49:19.600
If if you're taking the revenue position
and it makes sense, of course we're

1358
01:49:19.680 --> 01:49:25.159
our revenues are done. But I
think not much is being considered on how

1359
01:49:26.079 --> 01:49:30.319
how much time it takes to actually
generate sub sticking with revenue. If you're

1360
01:49:30.359 --> 01:49:32.399
looking at building out sectors, you
will have the unstam the gentlemen before I

1361
01:49:32.439 --> 01:49:38.560
think it mentions the vice industry,
vice production, I can hear. Yeah,

1362
01:49:39.479 --> 01:49:44.279
yeah, you can't. It's not
overnight. You know, if you

1363
01:49:45.399 --> 01:49:49.279
raising taxes has consequences. Any taxes
were also sitting level has consequences, and

1364
01:49:49.399 --> 01:49:53.720
you see that slowly now and then
yeah, if you're looking at building out

1365
01:49:53.720 --> 01:49:56.119
the sectors, when you talk about
it, those things take time. You

1366
01:49:56.239 --> 01:50:02.359
take planning, and it takes a
coordinated effort to actually have a master plan

1367
01:50:02.479 --> 01:50:08.560
that will pan out in five ten
years. You now have some seable revenues

1368
01:50:08.840 --> 01:50:15.800
journeated from industry that has been cultivated
through the right policy, right infrastructure direction.

1369
01:50:15.920 --> 01:50:19.720
It's not something that's done so easily. But then what I'm saying that

1370
01:50:20.039 --> 01:50:26.840
lives on the more immediate austerity and
spending. I mean, AFTERBOD you can

1371
01:50:26.920 --> 01:50:30.840
increase taxes in but you can get
money by just adding maybe electronic money transfer,

1372
01:50:30.920 --> 01:50:33.960
which is what they've done. Money
is coming immediately, like the next

1373
01:50:34.079 --> 01:50:39.520
day you can do V eight.
Money comes immediately. The effect, like

1374
01:50:39.600 --> 01:50:42.520
you've said, is that people stop
using banks. You know I went to

1375
01:50:42.640 --> 01:50:45.560
when I went to data the taxes
taxes, I agree, I think,

1376
01:50:46.079 --> 01:50:49.800
but the tax the tax option legals
to certain point. It's it's it's it's

1377
01:50:50.520 --> 01:50:55.039
it can get to it easily,
gets also stable level taxes correct, and

1378
01:50:55.159 --> 01:50:58.039
that may also make this point again
to people. I see people are saying

1379
01:50:58.039 --> 01:51:00.000
that we don't have two problems.
You can only have one problem. We

1380
01:51:00.079 --> 01:51:04.039
don't have the spending and no,
it's one problem. But let me challenge

1381
01:51:04.039 --> 01:51:10.279
people here. I want you to
tell me since nineteen sixty when Nigeria got

1382
01:51:10.439 --> 01:51:15.359
revenues that did not plan for and
it used those revenues for any social service.

1383
01:51:16.039 --> 01:51:20.199
From nineteen sixty till twenty twenty four, I give you two examples.

1384
01:51:20.279 --> 01:51:25.399
We had the goal for no before
God. For we had the oil crisis

1385
01:51:25.439 --> 01:51:28.920
in Middle East, Nigeria got revenues. What do we do with that revenue?

1386
01:51:29.079 --> 01:51:31.560
Nothing? In nineteen seventy four,
nothing, That's when we're saying our

1387
01:51:31.640 --> 01:51:35.680
problem was money and not to spending. We paid the Saturdays in Guyana,

1388
01:51:36.640 --> 01:51:42.800
we hosted first Tack seventy seventy seventy
seven. We did all that. What

1389
01:51:42.960 --> 01:51:46.079
else did we do with their revenues? Nothing. Nigeria did not increase its

1390
01:51:46.319 --> 01:51:54.319
educational budget when we had the oil
bonanza. Go back to the records,

1391
01:51:54.520 --> 01:52:00.319
it stayed the same. We increased
our spendings on things like building Buja back

1392
01:52:00.439 --> 01:52:08.640
then. Back then we increased our
support to a n C. We increased

1393
01:52:08.680 --> 01:52:11.039
all those things. We did all
that stuff, but we did not increase

1394
01:52:11.119 --> 01:52:15.359
schools in Nigeria. The budget in
Nigeria. Golf War one, Nigeria got

1395
01:52:15.399 --> 01:52:19.239
the purported twelve billion back then.
No, this is the first golf for

1396
01:52:19.439 --> 01:52:23.800
not the second. I took away
on the first one range. I bought

1397
01:52:23.880 --> 01:52:28.159
bicycles, brand new fiber far cars
for every member. If you were in

1398
01:52:28.239 --> 01:52:32.079
the Army, Police, Navy,
you got a brand new car from Posio

1399
01:52:32.520 --> 01:52:40.439
Posiu five O four brand new.
Every officer got a car. Everyone the

1400
01:52:40.560 --> 01:52:45.279
high officer has got Mercedes Benzes.
The middle color has got Santana, Focus

1401
01:52:45.520 --> 01:52:48.880
Santana. The lower guys got five
fours. That's how we spent the money

1402
01:52:48.920 --> 01:52:56.479
amongst other things we build. The
money has gone every time we get we

1403
01:52:56.920 --> 01:53:02.119
have an revenues. We don't spend
this correctly with every time. So what

1404
01:53:02.439 --> 01:53:06.279
makes you think that if we get
revenues today that if we increase revenues by

1405
01:53:06.520 --> 01:53:12.159
times too today, does it mean
education what is going to go up by

1406
01:53:12.279 --> 01:53:15.960
times too? It will not.
We have already said on the start of

1407
01:53:15.039 --> 01:53:21.199
the space that all the revenues that
Nigeria generates, it's going to pay debt

1408
01:53:21.239 --> 01:53:27.520
service. I said all, I
didn't mean my all the revenues oil gas,

1409
01:53:28.039 --> 01:53:32.399
every revenue goes to cannot I cannot
pay debt service. Oil revenues cannot

1410
01:53:32.439 --> 01:53:36.680
pay salaries. That's where we are
right now. And we didn't get here

1411
01:53:36.800 --> 01:53:43.119
in one day. We gotcha from
successive governments increasing the size of the budget

1412
01:53:43.520 --> 01:53:48.479
and not increasing revenue of Nigeria.
Nigeria has just one export product, that's

1413
01:53:48.600 --> 01:53:55.199
crude oil. Crude oil is eighty
nine percent of our export earnings. Agricultural

1414
01:53:55.399 --> 01:54:00.319
exports do not exist in Nigeria.
They are in minuscule and out of the

1415
01:54:00.359 --> 01:54:04.199
way. The only non ag culture
export you have now is a Dangote yureat

1416
01:54:04.239 --> 01:54:08.960
as an export. That's what they're
counting as non oil. They are counting

1417
01:54:09.079 --> 01:54:12.760
urea as normal. If you take
the yurea take away dan Got's cement,

1418
01:54:13.279 --> 01:54:16.319
then we are not doing anything.
This is the highest export of coudel in

1419
01:54:16.359 --> 01:54:20.760
Africa. We have no functionary refineries. The refinding today cannot even function.

1420
01:54:20.880 --> 01:54:26.319
We have to still import coulde oil. The country is not it's not such

1421
01:54:26.319 --> 01:54:30.880
a properly guys. The issue is
not revenue. We have a revenue problem,

1422
01:54:30.560 --> 01:54:34.119
but that's not the problem. The
problem is that that revenue came in

1423
01:54:34.239 --> 01:54:39.600
today, it will mismanaged tomorrow.
That's the problem. And let's know how,

1424
01:54:39.880 --> 01:54:45.000
let's not get away from that fact. That's true. Let's let's yeah,

1425
01:54:45.079 --> 01:54:46.680
let's get jab in here. Job, you've got the floor. Job,

1426
01:54:46.920 --> 01:54:53.520
go ahead, just a devil JB. Go ahead. Yeah, a

1427
01:54:53.640 --> 01:54:59.039
good thing everyone. So to me, I believe that Najia has more of

1428
01:54:59.640 --> 01:55:04.640
spin problem rather than revenue problem,
because I believe that one thing that we

1429
01:55:04.800 --> 01:55:13.039
lack in Nigeria most especially is accountability. People don't account for ministries that they

1430
01:55:13.039 --> 01:55:16.560
are in charge of local government,
state governors. They don't account for anything

1431
01:55:16.640 --> 01:55:21.000
at all because at the beginning of
the year we always have Like you said

1432
01:55:21.439 --> 01:55:28.600
earlier, we have three budgets running
concurrently right now, if we monitor four

1433
01:55:28.760 --> 01:55:33.600
okay four now, if we monitor
those budgets, compare them to the actual

1434
01:55:33.760 --> 01:55:39.159
Now, how much have they spent
and let's see what they've been able to

1435
01:55:39.279 --> 01:55:45.000
achieve. We don't have a revenue
problem. Is this spending we are nobody

1436
01:55:45.079 --> 01:55:53.600
is checking anybody because keep spending it. They initiate projects on the project and

1437
01:55:53.680 --> 01:55:59.079
then they don't have abandoned it.
Then four years after that, our goverment

1438
01:55:59.199 --> 01:56:04.520
comes in the review it, they
bring you amount of it crazy. We

1439
01:56:04.600 --> 01:56:10.079
cannot continue like this. I don't
know what the I don't know is it

1440
01:56:10.399 --> 01:56:14.039
the Accountant General de Fagation, the
office. I don't know what they're doing.

1441
01:56:14.159 --> 01:56:15.800
I don't want check in. I
don't know if we have auditors in

1442
01:56:15.840 --> 01:56:23.079
the federal ministrators checking this project.
The last the last the last account in

1443
01:56:23.199 --> 01:56:27.600
general, not the last one.
I think the previous one stole eighty billion

1444
01:56:27.760 --> 01:56:30.520
nira. Yes, you say,
arrested him. I heard it. Now,

1445
01:56:30.680 --> 01:56:34.520
is King or something like that.
But he stole money, he's under

1446
01:56:34.640 --> 01:56:40.640
he was arrested, he was fired, he's not in jail eighty billion,

1447
01:56:41.720 --> 01:56:46.319
But continue, sir. Can you
just imagine that that's the people that we

1448
01:56:46.399 --> 01:56:53.680
are even putting in charge to monitor
these people in power. So one thing

1449
01:56:53.760 --> 01:56:57.119
that we can do, we already
know that the true seris and as of

1450
01:56:57.159 --> 01:57:00.319
representatives is just a wisdom money we
all know we need can just crap one

1451
01:57:00.359 --> 01:57:03.439
of them. We know that that
is close to being impossible. So I

1452
01:57:03.640 --> 01:57:09.479
like to take a practical approach to
things. Firstly, it's we need accountability

1453
01:57:09.680 --> 01:57:13.600
and I don't know how we can
go about it past Nigeria's and as I've

1454
01:57:13.600 --> 01:57:16.800
forgotten this speaker's names somebody who mentioned
earlier, we need practical approach because we

1455
01:57:16.960 --> 01:57:21.159
have to just stop talking about this. Is this getting more and more frustrating

1456
01:57:21.520 --> 01:57:27.640
most especially when you understand the numbers. Are you understand how it is affect

1457
01:57:28.000 --> 01:57:32.119
affecting you personally? Because currently now
check the middle class in Nigeria, it

1458
01:57:32.279 --> 01:57:36.359
is there's no middle class anymore,
there's no middle plans anymore. Everybody is

1459
01:57:36.359 --> 01:57:40.720
struggling. People are you know people
are now advising people that you don't have

1460
01:57:40.800 --> 01:57:46.479
to eat three times. It's not
crazy. Even middle class. When I

1461
01:57:46.600 --> 01:57:50.039
started my career, I know a
lot of folks that were in the middle

1462
01:57:50.119 --> 01:57:56.359
class and that we're in the middle
class and very brilliant people. Currently now

1463
01:57:57.000 --> 01:58:00.359
it is very very difficult the organization
that I am now, this is very

1464
01:58:00.439 --> 01:58:03.199
very difficult for you to see expert
and put their professional Most of them have

1465
01:58:03.439 --> 01:58:08.960
left the country because the economy is
two kingdom And what do people need?

1466
01:58:09.079 --> 01:58:15.720
People doesn't need economic driven infrastructures to
fund some that's what people need. People

1467
01:58:15.800 --> 01:58:19.600
need water, they need light.
There are a lot of people that are

1468
01:58:19.800 --> 01:58:27.279
self driven in Nigeria. Provide water, provide light, provide accessibility to single

1469
01:58:27.399 --> 01:58:31.920
digit loan for people, entrepreneurs.
We have people that have we We can

1470
01:58:32.000 --> 01:58:35.520
see what the Nigerias in the creative
industry and it has to tell you how

1471
01:58:35.640 --> 01:58:41.279
creative we are in Nigeria. If
only the government can provide that enabling environment

1472
01:58:41.680 --> 01:58:48.239
for them to try, people will
try create economic developing projects. That's number

1473
01:58:48.279 --> 01:58:51.920
one. Let accountability, lets people
come and give account of what they are

1474
01:58:53.000 --> 01:58:57.000
doing. It's not just about the
presidency here. There are some organizations,

1475
01:58:57.039 --> 01:59:00.840
even private organizations in Adia that are
poorly rung even more than public organizations.

1476
01:59:01.199 --> 01:59:04.960
It's about leadership. It is about
accountability, not just about the presidency,

1477
01:59:05.319 --> 01:59:10.680
about governors and members of the House
of Presidency. Wherever you are as an

1478
01:59:10.720 --> 01:59:15.760
individual, as a leader, give
accountability. Give accountability is very very important.

1479
01:59:16.760 --> 01:59:21.479
Lastly, I will let you there's
this thing that we do in Nigeria.

1480
01:59:21.880 --> 01:59:25.720
We have brilliant ideas. Everybody can
just come and come and if they

1481
01:59:25.760 --> 01:59:28.920
are brilliant and brilliant ideas, but
when it comes to implementation, it is

1482
01:59:29.119 --> 01:59:33.880
several zero implementation. At the end, people just you know, just talk

1483
01:59:33.920 --> 01:59:36.520
talk talk to get the money.
Once they get money out, they share

1484
01:59:36.640 --> 01:59:41.279
money. We cannot continue this week. I don't know what mister calw of

1485
01:59:41.760 --> 01:59:46.000
people at the top that have access
to I would like put it people that

1486
01:59:46.159 --> 01:59:49.520
have passion. There's still a passion
for this country. What they are going

1487
01:59:49.560 --> 01:59:54.159
to do about this accountability problem.
We need to really look at it.

1488
01:59:54.319 --> 01:59:58.279
We need to. I cannot say
the usc or the specia are not working.

1489
01:59:58.600 --> 02:00:02.840
We need to start bringing put the
book on how they are spending our

1490
02:00:03.000 --> 02:00:08.079
money. If you spend this money
well and the infrastructures are working, we

1491
02:00:08.239 --> 02:00:12.720
will generate more revenue directly or indirectly. That's a low the economy works.

1492
02:00:14.439 --> 02:00:17.840
Last I think last year we generated
almost twelve or something trillion or so.

1493
02:00:19.279 --> 02:00:25.000
How much did fi Arrage generates is
trying to increase the taxing it. At

1494
02:00:25.000 --> 02:00:28.920
the end of the month, when
I get email from for my pay for

1495
02:00:29.039 --> 02:00:31.239
Lego states, I see their mother
and pain and I wonder, what are

1496
02:00:31.279 --> 02:00:35.560
this evening for me? From paying
this amount? I go out and buy

1497
02:00:35.720 --> 02:00:40.239
things. You tag me some upon
fire viearity. I come home right now.

1498
02:00:40.359 --> 02:00:43.680
There's no like, there's no hardline
for almost for theaters are We're running

1499
02:00:43.680 --> 02:00:48.520
on generator all weekend and I'm paying
for I'm paying pay and it is just

1500
02:00:48.640 --> 02:00:53.960
becoming very, very frustrating. You
can see a lot of people here that

1501
02:00:54.039 --> 02:00:57.199
already in Canada, UK, but
but there are some people that you know,

1502
02:00:57.520 --> 02:01:00.840
we are still in this country.
We are looking for Let the convent

1503
02:01:00.159 --> 02:01:05.079
do something, don't make it a
litle bit easier. It's becoming more and

1504
02:01:05.199 --> 02:01:09.079
more frustrated. I don't know what
they can do about this accountability problem.

1505
02:01:09.479 --> 02:01:14.640
If they need to create maybe an
agency that is driven by I T Nigerians

1506
02:01:14.960 --> 02:01:17.439
those there are anything to do with
politics that need to be monitoring. These

1507
02:01:17.479 --> 02:01:23.439
are budgets. Thank you very much
for this opportunity. Let me appreciate you.

1508
02:01:24.039 --> 02:01:27.640
All those things exist. There's nothing
you will say here doesn't exist already.

1509
02:01:27.720 --> 02:01:30.520
We have budget monitoring reports, We
have a depend on monitoring. Like

1510
02:01:30.640 --> 02:01:33.960
you writer said, implementation, who
is going to do the hard work of

1511
02:01:34.119 --> 02:01:39.800
falling up with what said is going
to be spent award at this spend.

1512
02:01:39.880 --> 02:01:44.159
Let me give you a way tracker
if you go online, just do a

1513
02:01:44.399 --> 02:01:48.359
tracker. They are private initiative.
They track your budget. They track what

1514
02:01:48.960 --> 02:01:54.640
was passed and what has been done
with pictures. You can follow, you

1515
02:01:54.760 --> 02:01:57.800
can retweet, you can request to
be one of the guys that they don't

1516
02:01:57.840 --> 02:02:00.600
track projects. You can say,
okay, they're having my state on my

1517
02:02:00.640 --> 02:02:04.560
local gooment area. You can go
there. You can take pictures, you

1518
02:02:04.680 --> 02:02:09.199
can send to them and they would
post it up. So there are things

1519
02:02:09.399 --> 02:02:13.479
you as an individual can do that
you can that is easy. You don't

1520
02:02:13.520 --> 02:02:16.000
have to even put your name.
If you think will know you just flow

1521
02:02:16.079 --> 02:02:20.600
them tracker. They're on here on
Twitter. It's Privacy Sector lad and that's

1522
02:02:20.760 --> 02:02:25.199
essentially what they do. So see
if you can flow them. Let me

1523
02:02:25.279 --> 02:02:30.680
get Cindy Adele, is this Cindy
adele ago, Hi, Cindy, if

1524
02:02:30.720 --> 02:02:33.680
you can speak ahead? Can I
go ahead? No? No, I

1525
02:02:33.840 --> 02:02:39.720
just asked, Sindy. I just
added, Cindy, don't mind by line,

1526
02:02:39.800 --> 02:02:43.239
Syndy, go ahead. Oh good
evening, can you hear me?

1527
02:02:43.479 --> 02:02:47.039
I can thank you? Oh good
evening. Everybody. Like you said,

1528
02:02:47.359 --> 02:02:51.720
does Nigeria have a spending problem?
I would say yes, a problem is

1529
02:02:51.800 --> 02:02:57.159
more of a spending problem than the
revenue problem. Like you said, you

1530
02:02:57.239 --> 02:03:01.239
can't have two problems. We have
a spending problem in Nigeria. In the

1531
02:03:01.359 --> 02:03:04.840
era of the oil boom, what
did we do with the revenue we see?

1532
02:03:05.079 --> 02:03:09.920
We saw dollars flying up and down
everywhere. Money. Moneys were just

1533
02:03:10.039 --> 02:03:14.239
going from bank account to bank account, different circuits money. They were spending

1534
02:03:14.319 --> 02:03:18.119
money, some fibolities. But what
did we do at the time. Nothing.

1535
02:03:19.279 --> 02:03:25.600
We were here when former Sybyan governor
accused the National Assembly of consuming almost

1536
02:03:25.640 --> 02:03:29.760
twenty five percent of the budget.
That's just one arm of the government consuming

1537
02:03:30.079 --> 02:03:32.520
up to twenty five percent of the
budget. What did we do was that?

1538
02:03:32.640 --> 02:03:36.760
Probably never addressed? No, it
was never addressed. He also accused

1539
02:03:36.760 --> 02:03:43.239
the NNPC of not accounting for tens
of billions of dollars at the time.

1540
02:03:44.279 --> 02:03:47.880
What did he do that eventually led
to his belief or his position at the

1541
02:03:47.960 --> 02:03:53.359
time, But the problem was never
addressed. You see in Nigeria is just

1542
02:03:53.800 --> 02:03:56.560
we are just headed by people.
I don't know if I was saying,

1543
02:03:56.560 --> 02:03:59.800
we don't know what we are doing. We just spend money on rubbish,

1544
02:04:00.560 --> 02:04:05.800
like people will say. You know, corruption normally is a human problem.

1545
02:04:05.880 --> 02:04:12.680
But until we start building strong institutions
to chech make ecstasis of people, we

1546
02:04:12.760 --> 02:04:18.560
are not going anywhere. We are
not going anywhere. Like somebody said,

1547
02:04:18.680 --> 02:04:23.760
you know, thinking of you know, charging more on taxes and having people

1548
02:04:23.840 --> 02:04:30.039
pay more taxes. The gentleman who
mention paying more paye mister Carlo, you

1549
02:04:30.159 --> 02:04:33.039
run a corporation, the corporation tax
you pay, the income tax you pay

1550
02:04:33.119 --> 02:04:39.119
for your PIIC, the educational tax
you pay. How many people can conveniently

1551
02:04:39.319 --> 02:04:45.119
send their children to public schools in
Nigeria and vouch for the outcome of those

1552
02:04:45.119 --> 02:04:51.039
schools. You pay taxes and expecting
to get security from the government. But

1553
02:04:51.199 --> 02:04:55.920
how well does that go? It
doesn't go well. We all know we

1554
02:04:56.000 --> 02:05:00.239
have spending problems in Nigeria. When
we had money where they channeled in the

1555
02:05:00.479 --> 02:05:05.680
right direction. They've never done that. But every time we come on spaces

1556
02:05:05.760 --> 02:05:12.239
we say these things, retweet about
them. No results. The financials you

1557
02:05:12.319 --> 02:05:15.520
published the last time. Look at
the staff costs in the financials, it

1558
02:05:15.640 --> 02:05:20.720
covered the chunk of you know,
the revenue, the receipt and then you

1559
02:05:20.800 --> 02:05:26.359
look at the cost of debt in
the financials the same thing. Who is

1560
02:05:26.439 --> 02:05:30.399
going to pay for the cost of
that debt? Nigerians and we Nigerians we

1561
02:05:30.479 --> 02:05:34.039
don't even know. We pay for
all these borrowings that the government is collecting.

1562
02:05:34.560 --> 02:05:40.239
We pay without knowing. You do
a bank transfer, you pay two

1563
02:05:40.279 --> 02:05:44.000
thousand and hours for buying tomatoes.
They will charge you down duty, They

1564
02:05:44.000 --> 02:05:46.840
will charge you be eighty. They
will charge you all these charges that you

1565
02:05:46.920 --> 02:05:50.279
can all account for. Where do
they go? They go to the government

1566
02:05:50.399 --> 02:05:55.920
compass. What does the government do
for you? Nothing. You provide water

1567
02:05:56.039 --> 02:06:00.039
for yourself, You provide security for
yourself. You do better and everything for

1568
02:06:00.199 --> 02:06:04.119
yourself. At the end of the
day, we are back to square one.

1569
02:06:04.359 --> 02:06:10.680
We keep talking, talking and talking. Nothing is ever done on that

1570
02:06:10.840 --> 02:06:16.960
note. Until we start building really
really strong institutions to check make people's excesses.

1571
02:06:17.359 --> 02:06:21.039
We are going nowhere. Even in
the West. That's corruption. It's

1572
02:06:21.039 --> 02:06:27.960
a human problem. Let's not delight
the fact Westerners are also corrupt. But

1573
02:06:28.159 --> 02:06:32.840
why theirs is only limit because you
have very very strong institutions that we check

1574
02:06:32.920 --> 02:06:38.399
made you regardless of who you are. We all saw what's happening to Donald

1575
02:06:38.439 --> 02:06:43.199
Trump. Can that ever happen in
Nigeria? Never? He never does.

1576
02:06:43.560 --> 02:06:47.760
Every day we see ESCCY just play
rig marooning around, just doing a show

1577
02:06:47.840 --> 02:06:51.640
for us. What happens to these
people? Nothing? We go back to

1578
02:06:51.760 --> 02:06:56.760
square one. We are here form
a governor, pay school fits in advance.

1579
02:06:58.079 --> 02:07:02.319
What are they to talking about today? No? So look did we

1580
02:07:02.359 --> 02:07:06.520
start checking these people, but to
be clear, to be clear what we

1581
02:07:06.640 --> 02:07:11.319
had had we check them. It's
it through the ballot boxes. No,

1582
02:07:11.520 --> 02:07:14.640
mister Carlum, not through the ballot
box. We saw what happened in February

1583
02:07:14.680 --> 02:07:18.319
of twenty twenty three. Until we
have strong institutions, look at the judiciary.

1584
02:07:18.600 --> 02:07:23.640
Can we vouch for them? No? The institutions are he headed by

1585
02:07:23.720 --> 02:07:28.279
humans. We have to check it
headed. But for them to be headed

1586
02:07:28.359 --> 02:07:33.119
by people with you know, seemable
character, people you know, we just

1587
02:07:33.199 --> 02:07:38.760
have to have strong institutions. Honestly, it's hard it's hard, and I'm

1588
02:07:38.880 --> 02:07:42.840
just being honest with you because if
I become president, I put my quote

1589
02:07:42.920 --> 02:07:46.159
unquote cronies in these institutions, and
those guys are supposed to be the ones

1590
02:07:46.239 --> 02:07:49.319
to check. Make me look at
the guy that was in the Federal Consumer

1591
02:07:50.159 --> 02:07:55.319
Board, he's out of office.
He's out of office. They just said,

1592
02:07:55.359 --> 02:07:58.640
oh he's out and he's gone.
So that's that's a shot across the

1593
02:07:58.720 --> 02:08:03.159
bow. The minute star that was
appointed that has been accused of corruption,

1594
02:08:03.000 --> 02:08:09.119
she's not fired, she's not just
we don't know where she's since she's in

1595
02:08:09.199 --> 02:08:13.920
pogatory, we don't know if she's
fired. So at the institutions, to

1596
02:08:13.000 --> 02:08:18.880
me, look like the federally appointed. What about What can the people do?

1597
02:08:18.119 --> 02:08:22.600
Like I like, like I said, tracker where you can say a

1598
02:08:22.840 --> 02:08:28.399
private lead can track money, like
on on Twitter? Where to get information

1599
02:08:28.600 --> 02:08:31.119
and share it across the board?
I go to the Budget Office on the

1600
02:08:31.159 --> 02:08:37.199
site I go to every time the
Statics office. Want the Office of Statistics,

1601
02:08:37.239 --> 02:08:39.840
I go there. I get information
I share all the time. Are

1602
02:08:39.920 --> 02:08:45.880
there things that individuals, private individuals
can do to check the excess and spending

1603
02:08:45.920 --> 02:08:48.239
of this governments? Actually? Why
I think there's going to be more impact.

1604
02:08:48.840 --> 02:08:52.720
The Ken guys, for instance,
they got the bill and I was

1605
02:08:52.840 --> 02:08:58.079
listening they lead up to the protests
that they had. They were explaining this

1606
02:08:58.279 --> 02:09:03.479
bill in their local language to people, explaining why this was bad, why

1607
02:09:03.560 --> 02:09:05.960
these taks will had to go up, and why the government could not reduce

1608
02:09:07.000 --> 02:09:11.600
his own expenses. And now the
government has reduced their expenses. Why did

1609
02:09:11.640 --> 02:09:16.279
the government use the expenses for patting
the bill? Kay also has institutions.

1610
02:09:16.720 --> 02:09:20.600
So when I'm going to it has
to come to the people getting serious everybody,

1611
02:09:20.640 --> 02:09:24.520
like everybody your complaints. But people
want to ask, but don't know

1612
02:09:24.600 --> 02:09:26.680
what to do. I get out
of DMS every time. What can I

1613
02:09:26.840 --> 02:09:31.119
do? What can I do?
And this is what I want to get.

1614
02:09:31.159 --> 02:09:33.199
What can people do if they see
something wrong with the government? What

1615
02:09:33.399 --> 02:09:37.439
can they do? Of course people
call out the government every now and then,

1616
02:09:37.520 --> 02:09:39.680
But what do we do as the
people. You don't have the power

1617
02:09:39.760 --> 02:09:43.399
to you know, to cover whatever's
going on. Like I said, the

1618
02:09:43.520 --> 02:09:48.920
institutions we build will have a serious
role to play for these things. Okay,

1619
02:09:50.039 --> 02:09:54.279
how do we build these institutions?
They will be headed by individuals just

1620
02:09:54.439 --> 02:09:58.840
like yourself and other people. Oh, you know, have high moral standards,

1621
02:09:58.920 --> 02:10:03.119
to uphold the true and what is
supposed to be. I think that

1622
02:10:03.159 --> 02:10:07.399
we should we should make the attorney
general position, maybe not not appointed,

1623
02:10:07.439 --> 02:10:11.680
but elective. I think it's one
thing we can do and make it and

1624
02:10:11.880 --> 02:10:15.800
make it maybe a lot to say
that the ruling party cannot appoint that in

1625
02:10:15.880 --> 02:10:20.840
general. It has to be an
elective position from so if you win,

1626
02:10:20.760 --> 02:10:24.520
then the elected the other guys go
and do a campaign for who become that

1627
02:10:24.640 --> 02:10:30.039
toney general. Maybe that's what we
can do. It's way, but let's

1628
02:10:30.079 --> 02:10:33.760
let's start with that. Yeah,
just one minute. I wanted to add

1629
02:10:33.800 --> 02:10:37.720
the naratives that you spoke about what
we can do. I think we should

1630
02:10:37.760 --> 02:10:41.079
look at data first, you know, because I like to use that to

1631
02:10:41.239 --> 02:10:48.159
that pig. Nigerians averythly are not
interested in the economy. If you look

1632
02:10:48.199 --> 02:10:50.239
at key, if you if you
use Google trend, if you look as

1633
02:10:50.840 --> 02:10:58.399
key was entertainment, weddings social trend
in Nigeria more than the economy. That's

1634
02:10:58.479 --> 02:11:01.800
the truth. You see. If
you look at food influation, for example,

1635
02:11:03.520 --> 02:11:07.840
you can count the number of people
that talk about food information on social

1636
02:11:07.960 --> 02:11:11.560
media. So you see the problem
is that we give this is the kind

1637
02:11:11.600 --> 02:11:18.039
of system that enjoys in competence because
the people are also because we only get

1638
02:11:18.279 --> 02:11:24.159
aggressive when things are born in or
when maybe somebody's mothered, somebody is attacked

1639
02:11:24.560 --> 02:11:28.119
and we shout and goes in.
But if we look at the data itself,

1640
02:11:28.239 --> 02:11:33.000
can we are not really interested in
these co issues. So until we

1641
02:11:33.279 --> 02:11:39.000
get things done by informing people that
see, financial craic is not just about

1642
02:11:39.880 --> 02:11:45.800
investing, not about blubbing, is
about knowing the economic responsibility as citizen you

1643
02:11:45.960 --> 02:11:52.199
must play in the economy. Then
that is where accountability starts. This is

1644
02:11:52.520 --> 02:11:58.880
themselves. I'm a failure accountable.
You know, I was studying some people

1645
02:12:00.039 --> 02:12:03.560
in Africa, like, do ask
me why is it that Nineturias, despite

1646
02:12:03.560 --> 02:12:07.840
the fact that we have so much
in indeck, we don't really look at

1647
02:12:09.000 --> 02:12:15.600
our stock market with so much excitement
because it's not attractive. It's not attractive.

1648
02:12:15.920 --> 02:12:18.880
So you know, apart from your
space, if you look at your

1649
02:12:18.880 --> 02:12:24.039
calory, this is do his pace
on David and his wife, you will

1650
02:12:24.079 --> 02:12:28.439
get five thousand, five thousand people
who come on that space. Can do

1651
02:12:28.600 --> 02:12:35.520
his pace on a quarrier between one
and one posician, you will get ten

1652
02:12:35.560 --> 02:12:37.479
thousand. But look at this space
we're having. This is the problem we're

1653
02:12:37.479 --> 02:12:41.920
having, Ninageria caludy. It starts
from the citizens. I hear you,

1654
02:12:43.039 --> 02:12:46.199
I hear. I mean how many
nineteen years under started that twenty twenty five,

1655
02:12:46.279 --> 02:12:50.199
we're going to pay back one billion
dollars in cash back to the eurobonds

1656
02:12:50.239 --> 02:12:54.800
principle. One billion we're going to
pay back. We've already paid IMF for

1657
02:12:54.800 --> 02:12:58.520
about six forty three million, I
think it was this last one. We're

1658
02:12:58.600 --> 02:13:01.399
paying a lot of money out.
If you look at the iman, I

1659
02:13:01.880 --> 02:13:05.760
understand that what the stans mean for
the Naira that fd EYES has been flat

1660
02:13:07.079 --> 02:13:11.960
for almost ten years, you know, since Bohari at the dying ages of

1661
02:13:13.159 --> 02:13:18.079
good Luck presidency and all true Bohari's
presidency, fd I was flat. Foreign

1662
02:13:18.119 --> 02:13:24.199
dight investments and what we're saying with
Smith's Clem Guinness leaving Nigeria has been a

1663
02:13:24.479 --> 02:13:30.479
long trend that has been going on. Do we understand what it means for

1664
02:13:30.720 --> 02:13:35.680
foreign companies to be pulling out of
Nigeria on a consistent basis, How that

1665
02:13:35.720 --> 02:13:39.439
it affects jobs, how that affects
even productivity. Do we understand what that

1666
02:13:39.560 --> 02:13:43.119
means? So you have a country
Nigeria where the fd eyes are living.

1667
02:13:43.520 --> 02:13:48.119
And then the young youths in the
country that are supposed to pay the taxes

1668
02:13:48.439 --> 02:13:52.159
are also living. So the Canadian
companies are going back to Canada. The

1669
02:13:52.319 --> 02:13:56.800
Nigerians are going to Canada with the
Canadian companies to pay taxes in Canada.

1670
02:13:58.760 --> 02:14:03.159
So who's there to Nigeria. You've
followed out the potential middle class, which

1671
02:14:03.239 --> 02:14:05.760
means down the line, they're going
to find it very, very difficult to

1672
02:14:07.039 --> 02:14:13.640
grow taxes because the bulk of your
workers that can earn and grow taxes.

1673
02:14:13.720 --> 02:14:18.199
And in Nigeria, I some won't
think that guy big boying Legos, he

1674
02:14:18.319 --> 02:14:22.880
has du our citizenship, so he's
going to be paying taxes in the US

1675
02:14:22.000 --> 02:14:26.880
today because it's now a US citizen
and US taxes to you based on your

1676
02:14:26.960 --> 02:14:30.039
citizenship, not where you live.
So if you're a US citizen, you're

1677
02:14:30.039 --> 02:14:33.159
going to pay taxes in the US, even if you live in Nigeria.

1678
02:14:33.880 --> 02:14:37.359
But are we connecting the dots?
It is my PRI's my question. And

1679
02:14:37.520 --> 02:14:41.640
eventually we scream that that things are
hard, but all these are domino effect

1680
02:14:41.680 --> 02:14:46.359
that we're only anticipating. Imo imo
or quote unquote, You've got the floors

1681
02:14:46.520 --> 02:14:54.039
Olympica. Thanks for that inside emom
here Hi go ahead, Thank you so

1682
02:14:54.199 --> 02:15:01.119
much. Everyone doing from Scotland.
All right, thank you so much for

1683
02:15:01.600 --> 02:15:09.720
the kind of program. Now,
the question is if we are if I

1684
02:15:09.800 --> 02:15:13.119
haven't spending problem or avenue problem,
I will say we are having boats.

1685
02:15:16.640 --> 02:15:20.399
Also, I would say that the
the new problem that I have is as

1686
02:15:20.439 --> 02:15:24.079
a result of our spending habits.
So if we are able to solve the

1687
02:15:24.159 --> 02:15:28.680
spending problem, then the revenue problem
is no longer an issue. Why did

1688
02:15:28.760 --> 02:15:35.640
I say so? As if you
check our tacks to to Russia, you

1689
02:15:35.680 --> 02:15:41.319
find out that in the whole of
Africa, Manda is one of the country

1690
02:15:41.399 --> 02:15:48.840
that's guests very little from past contributed
to the Google Boo boots. All right,

1691
02:15:48.800 --> 02:15:54.920
However, the problem is a problem
of It's a problem that we'll see

1692
02:15:54.000 --> 02:16:03.600
in Nigeria. On average person,
an average coman in Iberia, when you

1693
02:16:03.880 --> 02:16:11.359
increase his income, who definitely increased
his number of flute. We definitely increased

1694
02:16:11.560 --> 02:16:15.600
the number of shoes instead of investing
it. So he will continue to be

1695
02:16:15.800 --> 02:16:20.720
work because spending on those things it's
what makes so it doesn't make riach.

1696
02:16:20.039 --> 02:16:24.560
That is exactly the picture of Nigeria. Today, our leaders, we are

1697
02:16:24.640 --> 02:16:31.920
spending on free volities. So that's
means that even if we increase our revenue

1698
02:16:31.559 --> 02:16:41.120
then it will not transend to improvements
and infrastructures. It do not to reducing

1699
02:16:41.280 --> 02:16:48.159
unemployment. It will not transcend to
checking inflection. Why because uh, we

1700
02:16:48.239 --> 02:16:56.559
will spend the more of that revenue
on buying aircraft, buying cars, changing

1701
02:16:56.680 --> 02:17:01.319
cars. Every month you look at
your severe governor, is just let's say

1702
02:17:01.479 --> 02:17:09.600
a government just going how many meters
away? We say the number of cars,

1703
02:17:09.120 --> 02:17:15.120
we see the number of people.
Right, you're still an a.

1704
02:17:15.799 --> 02:17:20.680
We have an aid another head,
we have an aid another so those offices

1705
02:17:20.760 --> 02:17:26.159
are just being used to cycle money, right, so we continue to borrow

1706
02:17:26.360 --> 02:17:30.479
for these things. Will continue to
borrow for this thing. So you look

1707
02:17:30.520 --> 02:17:35.280
at our borrowing. The last time
I checked at least our borrowing. Now,

1708
02:17:37.520 --> 02:17:41.200
if an averagement there is to pay, Okay, every dear will have

1709
02:17:41.319 --> 02:17:46.719
to pay almost five hundred thousand.
Everything here is going over five hundred thousand

1710
02:17:46.159 --> 02:17:50.600
when you check our to write it
by the population. So we kind of

1711
02:17:50.680 --> 02:17:56.120
that our problem now is not really
uh, generating money. Our problem is

1712
02:17:56.399 --> 02:18:01.920
that I was spending habits. Spending
habits will have a very poor spending habit.

1713
02:18:03.360 --> 02:18:09.000
We have a spending habit of a
former So when somebody said that generation

1714
02:18:09.200 --> 02:18:13.239
is a problem, yes it's a
problem. But our spending habit is why

1715
02:18:13.479 --> 02:18:18.120
we are having this problem. Generation
problem all right, our imaginal propensity to

1716
02:18:18.319 --> 02:18:24.440
consume higher than our marginal propensity to
save. So when that is the case,

1717
02:18:24.680 --> 02:18:28.319
there is no amount that you generate
that will help the economy. How

1718
02:18:28.840 --> 02:18:33.600
However, it can only help your
fleet of cars. The number of cars

1719
02:18:33.639 --> 02:18:37.239
will have. It will help your
stature because you will have to eat more

1720
02:18:37.479 --> 02:18:39.760
and that is what is happening and
the enjoy. So no matter how much

1721
02:18:39.840 --> 02:18:45.959
weight to tax the people now,
it will not help the economy. Still

1722
02:18:46.040 --> 02:18:50.399
have that them attitude. That's the
habits. So we need to change our

1723
02:18:50.959 --> 02:18:56.600
spending habits so that when we generate
it will also general help the economy to

1724
02:18:56.719 --> 02:19:00.959
improve the economy, improve the GDP, improve the life of the people.

1725
02:19:01.200 --> 02:19:07.680
You see here somebody made mention of
social security plain salary as a social security

1726
02:19:07.159 --> 02:19:11.840
How many persons are receiving their salaries? Okay, we have a number of

1727
02:19:11.600 --> 02:19:16.159
If you ask the federal government to
publish the number of people that are receiving

1728
02:19:16.520 --> 02:19:18.159
a salary for the federal government.
You have a lot of list, you

1729
02:19:18.239 --> 02:19:22.799
have a lot of people. But
if you take incloser look at those numbers,

1730
02:19:22.879 --> 02:19:26.319
you find out that those numbers,
most of them doesn't exist. It's

1731
02:19:26.479 --> 02:19:31.600
just one person trying to pay so
many people to the same one person account.

1732
02:19:31.879 --> 02:19:35.879
Right, you find out that this
one is just circulating within a part

1733
02:19:35.920 --> 02:19:39.280
a clars set of people. So
Nigerians are not really getting it. So

1734
02:19:39.440 --> 02:19:43.200
if we want to get a social
security can map out a plan and so

1735
02:19:43.280 --> 02:19:46.479
okay, every year, this is
what we are budgecting for social security.

1736
02:19:46.719 --> 02:19:50.719
These are the people the category of
people that are getting into who have accountability

1737
02:19:50.799 --> 02:19:54.040
for that, who have statistics,
who have number for that, so that

1738
02:19:54.360 --> 02:19:58.159
at every point in time, you
look at the numbers and you are seeing

1739
02:19:58.200 --> 02:20:03.280
the changes when somebody security, you're
seeing the changes in the economy. Somebody

1740
02:20:03.360 --> 02:20:05.559
is getting Sealardy. You know,
this person is getting seleb, this Wesson

1741
02:20:05.559 --> 02:20:09.959
is getting social Security. And we'll
find out find ways to also make sure

1742
02:20:09.360 --> 02:20:13.680
we have a lot of people that
are saving money. I want to summarize

1743
02:20:13.760 --> 02:20:18.719
with this that the problem we're having
is spending problem, not really revenue problem.

1744
02:20:18.799 --> 02:20:22.079
Thank you so much. Got so
it's more of a structure. Like

1745
02:20:22.079 --> 02:20:24.760
you said, it's a structure that
even if we do get the revenues,

1746
02:20:24.120 --> 02:20:28.559
the structure is wrong, it will
still revert back to this excessive spending.

1747
02:20:28.959 --> 02:20:31.799
I like the point in you've made
about separating the welfare from the civil service.

1748
02:20:31.879 --> 02:20:35.479
Civil service can be a welfare scheme. It's got to be to this

1749
02:20:35.600 --> 02:20:39.600
separated. If a welfare scheme in
Nigeria, let's build one, right,

1750
02:20:39.719 --> 02:20:43.639
let's separate it from giving people jobs
because we want to give them a sense

1751
02:20:43.719 --> 02:20:48.600
of income separated completely, and I
think to work from their legacy. Legacy

1752
02:20:48.639 --> 02:20:52.239
capitals, You've got the floor.
Go ahead, thank you. In more

1753
02:20:52.639 --> 02:20:58.159
prediose comments, Legacy capital you've got
the floor. Thank you. Some legacy,

1754
02:20:58.280 --> 02:21:00.760
You've got the floor. If not, I'm going to take my tongue

1755
02:21:00.840 --> 02:21:07.920
and tea togue Legacy go for it. Yeah, Okay, good living everyone.

1756
02:21:07.200 --> 02:21:11.040
I do. Actually, I've been
I've been listening to this space,

1757
02:21:11.159 --> 02:21:16.559
and you know, I've been following
all the consumers conversation we are having whenever

1758
02:21:16.639 --> 02:21:20.799
I have the time. You see, the issue with Nigeria is not a

1759
02:21:20.879 --> 02:21:24.120
peculiar one. And if I'm to
say it's just a matter of a deliberate

1760
02:21:24.879 --> 02:21:30.399
problem. It is a problem that
can even be solved within the very shortest

1761
02:21:30.440 --> 02:21:33.239
space of time. But the honest
sho it is that Nigeria doesn't have a

1762
02:21:35.239 --> 02:21:39.600
revenue problem. We don't. What
do we have is spending problem and a

1763
02:21:39.639 --> 02:21:43.559
lot of people have said that over
and over and over again. The issue

1764
02:21:43.639 --> 02:21:48.719
is not you generating extra revenue or
more revenue, but based on the allied

1765
02:21:48.840 --> 02:21:52.920
class that we have, the people
that are the ruling class, whenever they

1766
02:21:52.000 --> 02:21:56.639
see a problem, you've been the
individual that is facing that problem. You

1767
02:21:56.680 --> 02:21:58.879
see it as a problem that needs
to be solved from their own angle.

1768
02:22:00.120 --> 02:22:03.879
They see it as avenue to make
profits and Nigeria needs to understand it.

1769
02:22:05.040 --> 02:22:09.559
So long as you are not holding
the people can accountable, especially your leaders,

1770
02:22:09.639 --> 02:22:11.879
and rather you are pulling back to
worship them, we'll keep on having

1771
02:22:11.959 --> 02:22:15.719
this problem and at the end of
the day, this problem will keep on

1772
02:22:15.799 --> 02:22:20.200
squeezing all of us. That's trusteeds. Some people will claim that it doesn't

1773
02:22:20.239 --> 02:22:22.840
consign them, they have nothing to
do. They are booted ones and the

1774
02:22:22.879 --> 02:22:26.200
rest of well do stop that they
cannot do anything anymore. This is exactly

1775
02:22:26.280 --> 02:22:30.280
what these people want you to do. For you to cower and move so

1776
02:22:30.399 --> 02:22:33.280
that they continue to do what they
are doing. So for me, we

1777
02:22:33.399 --> 02:22:37.200
don't have the revenue problem. What
we have is the spending problem. And

1778
02:22:37.639 --> 02:22:41.040
the worst aspect of the spending problem
is that the people that we have in

1779
02:22:41.079 --> 02:22:46.120
the place of government are the people
that has no business being there. In

1780
02:22:46.360 --> 02:22:50.959
almost all the offices in Nigeria,
there is none that is functioning. There's

1781
02:22:50.000 --> 02:22:54.440
a difference that you paid something on
a high price, like you paid premium

1782
02:22:54.520 --> 02:22:58.159
for this service and you got to
that service because the person that is there

1783
02:22:58.200 --> 02:23:01.799
that you pay that premium to exactly
what he or she is doing. But

1784
02:23:03.000 --> 02:23:07.000
in Nigeria we're just based on clunys
and in the next man being the citizen

1785
02:23:07.120 --> 02:23:11.280
or somebody is just looking for the
next avenue of opportunity for inm to steal

1786
02:23:11.319 --> 02:23:13.319
from the commonwealth of the people.
So these had a problem. It's not

1787
02:23:13.440 --> 02:23:18.719
a problem of revenue generation. It's
not a problem that there is no money

1788
02:23:18.760 --> 02:23:22.680
there or it's not a problem that
people doesn't know what they do. But

1789
02:23:22.920 --> 02:23:26.840
for me personally, I see it's
that's a problem of interest. The people

1790
02:23:26.959 --> 02:23:31.079
we have representing the government offices that
are making the profit out of all distance

1791
02:23:31.280 --> 02:23:33.600
they don't have the interests of the
nation at that work. They just know

1792
02:23:33.799 --> 02:23:37.840
is find it wherever you can get
it, and get the money. Let

1793
02:23:37.920 --> 02:23:41.600
us share it. It's just a
business interesting, I hear you, sir,

1794
02:23:41.680 --> 02:23:46.319
So for men, for me to
solve this problem until we the people

1795
02:23:46.360 --> 02:23:52.879
who will deliberately become as in active
participants in this government and die down the

1796
02:23:54.000 --> 02:24:00.559
narrative that it doesn't consign or some
people who justify that God would provide the

1797
02:24:00.600 --> 02:24:05.079
perspion of me being very, very
practical in this last lection that passed right

1798
02:24:05.159 --> 02:24:07.600
from twenty nineteen is when I started
paying attention to all distance. But the

1799
02:24:07.680 --> 02:24:11.360
majority of Nineteerians doesn't have the information
they need because number one is that they

1800
02:24:11.399 --> 02:24:15.840
are not interesting. And when you
tell them these things, rather than them

1801
02:24:15.879 --> 02:24:18.440
pacing the issue or accepting the reality
of whati on gird, they find a

1802
02:24:18.520 --> 02:24:24.079
way to either justify it or to
hate you. And when our politicians look

1803
02:24:24.120 --> 02:24:26.799
at all this narrative and all these
things, they don't see any reason for

1804
02:24:26.879 --> 02:24:31.879
them not to do whatever they wants
to do. These are the problems because

1805
02:24:31.079 --> 02:24:33.920
you don't for me personally, I
don't believe in forgiveness. I believe in

1806
02:24:35.000 --> 02:24:41.239
consequences, and whenever you see people, whenever you see people doing something,

1807
02:24:41.479 --> 02:24:43.639
it's either they have interests or they
are moving to the direction of their own.

1808
02:24:45.040 --> 02:24:48.479
It's died. So everything we let
it go. That's why we see

1809
02:24:48.559 --> 02:24:52.000
somebody. We still something that belongs
to everybody, and there is no accountability

1810
02:24:52.040 --> 02:24:56.680
because nobody's going to hold in accountable
for it. Even the masters will plenty.

1811
02:24:56.079 --> 02:24:58.440
I will tell you that even though
if you get to it, you

1812
02:24:58.520 --> 02:25:03.639
can do your you don't run a
country like that. All right, perfect,

1813
02:25:03.799 --> 02:25:11.040
Thanks for the contributions, Legacy.
I appreciate it, very pointed statements.

1814
02:25:11.079 --> 02:25:15.360
If I may say so myself.
I appreciate you commenting, Legacy,

1815
02:25:16.159 --> 02:25:18.799
hanging there, get involved, don't
stop getting involved, right, appreciate that

1816
02:25:20.479 --> 02:25:24.600
I can exactly. All right,
thank you, mister Akin. Hi,

1817
02:25:24.680 --> 02:25:33.280
how are you doing? Hello?
Yeah? You doing here? You are

1818
02:25:33.479 --> 02:25:41.239
fine? I I so this this
question you asked, if you've raised a

1819
02:25:41.280 --> 02:25:52.280
lot of really complicated things like so
on so many levels, I partially agree

1820
02:25:52.319 --> 02:25:56.000
with almost everything everyone has said before. Yes, there should be accountability,

1821
02:25:56.159 --> 02:26:01.200
yes they should, Yes we should
build institutions, Yes we should spend money

1822
02:26:01.280 --> 02:26:11.440
more effectively and efficiently. But then
Nigeria also has a revenue problem. The

1823
02:26:11.559 --> 02:26:16.040
thing is, if you divide which
are just those did a few minutes ago

1824
02:26:16.200 --> 02:26:24.600
vicum on on the podium. If
you divide estimated budgets, so say about

1825
02:26:24.639 --> 02:26:31.399
sixteen billion by about ten two hundred
and ten million Nigerants, that's about what's

1826
02:26:31.440 --> 02:26:37.000
seventy six dollars per person. If
you convert that tonyra, that is what

1827
02:26:37.760 --> 02:26:43.879
pretty much maybe about say and say
eighty thou ninety thousand or something like that

1828
02:26:45.200 --> 02:26:52.399
a person. Now, that is
a very small amount of money per person

1829
02:26:52.600 --> 02:26:58.760
to do almost anything. Now one
we now add the issue of the get

1830
02:26:58.879 --> 02:27:01.879
servicing and all the other things.
You and I know that it's not going

1831
02:27:01.959 --> 02:27:07.399
to be that seventy six dollars.
It's probably going to be more like forty

1832
02:27:07.479 --> 02:27:13.200
dollars per person. So clearly there's
a problem of revenue generation. When you

1833
02:27:13.280 --> 02:27:18.440
look at Nigeria compared to our peers
in Africa at a level of development,

1834
02:27:20.120 --> 02:27:26.319
you see that Nigeria stands at the
lowest in terms of tax revenue to GDP.

1835
02:27:26.200 --> 02:27:30.639
It's still low. I'm not even
sure Nidera has even cracked ten percent

1836
02:27:30.799 --> 02:27:35.159
yet in terms of tax revenant to
GDP. That's low. So the thing

1837
02:27:35.280 --> 02:27:39.319
is just looking at it from those
objective measures. Let's not talk too much

1838
02:27:39.360 --> 02:27:45.920
about developed countries, because if we
talk about developed countries, there will be

1839
02:27:46.040 --> 02:27:50.280
so many tables that will have to
be shaken because there are some truths that

1840
02:27:50.360 --> 02:27:56.760
I think Nigerians don't want to hear
about development and what leads to development.

1841
02:27:56.120 --> 02:28:01.040
I think we so some there's this
notion, and I'm hearing it from a

1842
02:28:01.079 --> 02:28:07.200
lot of people. We just think
that somehow development happens by just voting people

1843
02:28:09.399 --> 02:28:13.000
or even democracy. Generally speaking,
we have that notion that that is really

1844
02:28:13.520 --> 02:28:18.000
what leads to development. But it's
much too much, much more complicated than

1845
02:28:18.040 --> 02:28:24.000
that. I think most people that
study economic history economic development know that you

1846
02:28:24.799 --> 02:28:28.000
basically break a lot of eggs,
and you waste a lot of eggs.

1847
02:28:28.040 --> 02:28:31.159
You break a lot of eggs,
you learn as you're doing now, the

1848
02:28:31.239 --> 02:28:35.079
system of government that you have,
the political system that you have, make

1849
02:28:35.200 --> 02:28:39.559
some of those things happen and some
of those things not happen. So,

1850
02:28:39.719 --> 02:28:45.719
for instance, in the issue of
effecting management of public resources, the think

1851
02:28:45.840 --> 02:28:50.479
is this, it is fundamentally a
political problem. It's not a problem really

1852
02:28:50.600 --> 02:28:58.520
that can be solved by quote unquote
having accountability who are the people that are

1853
02:28:58.520 --> 02:29:05.680
going to that are going to keep
people accountable, those people to have political

1854
02:29:05.760 --> 02:29:09.840
overloads. Now, it's like it's
like a chicken and egg kind of problem.

1855
02:29:11.760 --> 02:29:15.959
So if you say today that you're
going to build institutions, who builds

1856
02:29:15.959 --> 02:29:24.239
those institutions? It's people whose livelihood
depends on the current system. Now,

1857
02:29:24.319 --> 02:29:28.440
how likely is it that if you
put the three hundred of us on this

1858
02:29:28.559 --> 02:29:31.760
space and you put us in that
position, that will do any better than

1859
02:29:31.799 --> 02:29:33.920
the people that are currently exist.
It's very unlikely. The thing is that

1860
02:29:35.440 --> 02:29:39.719
the system, the whole problem is
a political problem. And I'm not so

1861
02:29:41.000 --> 02:29:48.000
sure that even greater greater participation by
the ABAC nigrant is going to solve the

1862
02:29:48.040 --> 02:29:54.680
problem. Because the thing is,
you and I know that Nigeria is a

1863
02:29:54.840 --> 02:30:01.040
country that is driven deeply driven by
ethnic and trical issues like these are not

1864
02:30:01.159 --> 02:30:03.840
something that you can simply just wish
awhere. I just think, oh,

1865
02:30:03.920 --> 02:30:07.159
everybody just speak with one voice.
Nigerians will not speak to one voice,

1866
02:30:07.600 --> 02:30:13.639
even even when even during Covie nineteen, when when the country was at the

1867
02:30:13.799 --> 02:30:16.440
worst position it's it's been, this
is the civil war. We're not speaking

1868
02:30:16.479 --> 02:30:20.559
with one voice. That's to show
you the problem. So I think the

1869
02:30:20.719 --> 02:30:24.840
real issue is that I think it's
it's it's it pains me to say this,

1870
02:30:26.040 --> 02:30:31.799
but I think Nigeria is a fundamentally
ungovernable country. I think we just

1871
02:30:31.959 --> 02:30:37.879
had that eighty years under the Obasu
administration and maybe two years or so under

1872
02:30:37.000 --> 02:30:43.360
Jonathan before everything really got so bad
that we're living in this bubble where where

1873
02:30:43.399 --> 02:30:46.680
we thought this is the way things
are. But the reality is that if

1874
02:30:46.719 --> 02:30:50.399
you look through Nigeria's history, what
we got on that Barria and what we're

1875
02:30:50.440 --> 02:30:56.959
getting courrent on that to noble effectively, what Nigeria's governments usually look like.

1876
02:30:58.760 --> 02:31:03.760
This typical Nigerian government if you look
from from the Balua era, let's even

1877
02:31:05.000 --> 02:31:07.440
assume that doing those a lot of
things because it was the first person,

1878
02:31:07.600 --> 02:31:13.000
but from the aging Rosy to go
on and they're like, this is the

1879
02:31:13.239 --> 02:31:18.399
sepical Nigerian kind of government. It's
it's not something that just currently interested And

1880
02:31:18.520 --> 02:31:26.079
unfortunately, I think the thing about
the about elections, I'm not certain elections

1881
02:31:26.159 --> 02:31:31.520
are going to even giving me a
sort of check on anything that's going on

1882
02:31:31.639 --> 02:31:33.600
in the country. It's it's a
really unfortunate thing for me. To say.

1883
02:31:33.600 --> 02:31:37.280
I think it's it's a very big
problem. It's not a problem of

1884
02:31:37.360 --> 02:31:41.479
simply just saying, oh, we'll
just get the right people. And how

1885
02:31:41.520 --> 02:31:46.200
do you get the right people in
a political system where it's people that have

1886
02:31:46.399 --> 02:31:52.239
money and moneyed interests, people that
have money and have access that I'm more

1887
02:31:52.360 --> 02:31:58.000
likely to get into governments, both
dis civil service and the elected office.

1888
02:31:58.760 --> 02:32:01.920
I think so if I could have
been a question, so, I think

1889
02:32:01.000 --> 02:32:05.120
I honestly agree with everything you said. But let's let's let's look at this

1890
02:32:05.319 --> 02:32:07.680
right. Let's look at Kenya and
Nigeria. You know, the Kenyans have

1891
02:32:07.920 --> 02:32:13.239
many similities with us. Also the
expressional government, also a corrupt government,

1892
02:32:13.479 --> 02:32:18.559
also tribes. You know there is
for plassing that Obama would not have been

1893
02:32:18.680 --> 02:32:26.920
lettered in Kenya because of his dribe
is so small you okay, all right,

1894
02:32:26.200 --> 02:32:31.639
Kenya went ahead when they were campaigning
this Rutal guy, the Luto guy

1895
02:32:31.760 --> 02:32:35.799
went ahead, and I was negotiating
with the IMF. They knew what the

1896
02:32:35.920 --> 02:32:41.360
IMF had ackeding to do. The
imfers they're going to have to increase taxes,

1897
02:32:41.399 --> 02:32:45.799
blah blah blah. The past Defendance
bill where rut was just I think

1898
02:32:46.000 --> 02:32:50.360
was last month Ruto got about nine
hundred seven million dollars from the IMF.

1899
02:32:50.840 --> 02:32:52.840
The BIS for getting their money was
to pass up this bill. So they

1900
02:32:52.959 --> 02:32:58.959
signed two point three million dollar loan. They give them about a billion or

1901
02:32:58.000 --> 02:33:01.639
so last month. We hope was
that, okay, now you've got the

1902
02:33:01.719 --> 02:33:05.000
money, go and pass the Finance
Act and we'll give you more money.

1903
02:33:05.399 --> 02:33:07.520
They did that right, They passed
the Finance Act. They literally passed the

1904
02:33:07.639 --> 02:33:11.520
act. Then what happened? The
youth came and says, no, this

1905
02:33:11.680 --> 02:33:15.760
cannot happen. You've got to go
back and cut your expense even if you're

1906
02:33:15.760 --> 02:33:18.399
going to pass the act. We
want you and I to suffer together.

1907
02:33:18.760 --> 02:33:20.879
You go and caught your expenses.
They said no, we won't cut expenses.

1908
02:33:22.280 --> 02:33:26.879
The place went into chaos. Now
what can I added to right now?

1909
02:33:28.280 --> 02:33:33.719
Where's the social where the Kenyan government? The Kenyan government has cut has

1910
02:33:33.879 --> 02:33:41.280
caught expenses. They've caught expenses right, So essentially it worked in Kenya whether

1911
02:33:41.319 --> 02:33:46.159
they cut one dollar or they cut
one cent, but they caught it after

1912
02:33:46.319 --> 02:33:50.200
saying they would never cut it,
that they could only pass the finance bill.

1913
02:33:50.680 --> 02:33:52.600
Now they have to go borrow.
We can argue but they caught it.

1914
02:33:54.360 --> 02:33:58.399
The youths made them cut it because
the youth got involved, were informed.

1915
02:34:00.399 --> 02:34:05.319
You health their ground. So why
can we Solana say this? And

1916
02:34:07.319 --> 02:34:13.559
I think qinently, I think we're
in Africa, we're currently saying the effects.

1917
02:34:13.719 --> 02:34:16.079
So you know, a few years
ago, about two or three years

1918
02:34:16.079 --> 02:34:20.719
ago, we're getting some people going
online saying what China is doing in Africa

1919
02:34:20.879 --> 02:34:26.680
is takes diplomacy, is colonial is
colonialism by another name and everything. But

1920
02:34:26.479 --> 02:34:33.120
where are those people today? The
Chinese? Basically we're giving loans to countries.

1921
02:34:33.159 --> 02:34:37.959
They give loans to even the same
Kenya to go and build real China

1922
02:34:37.120 --> 02:34:41.040
just tells you, okay, you
want to what do you want to use

1923
02:34:41.040 --> 02:34:43.440
it? You want to do,
they'll give you. They don't tell you

1924
02:34:43.719 --> 02:34:46.840
how to change your your your loss. They don't change your political system.

1925
02:34:48.040 --> 02:34:54.879
They don't ask for human rights concessions
and whatnot. We had Golibool, extremely

1926
02:34:56.079 --> 02:35:01.520
golibol africaans that we're going online and
saying this is called realization or colonialism.

1927
02:35:01.399 --> 02:35:07.360
Now we have the IMF going to
so many African countries essentially telling them that

1928
02:35:07.399 --> 02:35:11.920
they should cut their states. They
should literally take a sledge armor and destroy

1929
02:35:13.040 --> 02:35:18.959
their states. These are upstates that
already have a shuffle of teachers, of

1930
02:35:18.079 --> 02:35:22.280
police officers, of soldiers, work
mods and we're telling them, and they're

1931
02:35:22.280 --> 02:35:28.000
telling them to stick a sledge amount
to them telling them to adopt setting human

1932
02:35:28.120 --> 02:35:31.319
rights things. Yes, I suppose
there's a lot of those human rights concessions

1933
02:35:31.319 --> 02:35:35.079
personally, but if your country is
not at that position, you can't force

1934
02:35:35.159 --> 02:35:39.840
them to get to that position.
So the thing is, I agree,

1935
02:35:39.200 --> 02:35:41.760
like I agree that everybody should be
in the same board. Like, you

1936
02:35:41.840 --> 02:35:45.959
can't be telling somebody that they should
tighten their belts. I don't even think

1937
02:35:46.040 --> 02:35:50.600
Nigerants have been impelled to even tighten
because at this point, Nigers are dying.

1938
02:35:50.799 --> 02:35:54.600
It's not even an exaggeration anymore.
So we saw the Guardian reports last

1939
02:35:54.799 --> 02:36:01.120
week about one in several nine Jeans
are literally starving at this point. Yeah,

1940
02:36:01.200 --> 02:36:03.840
Okay, where I'm going to is
that you know, like you know,

1941
02:36:03.920 --> 02:36:07.559
the first comment you made, I
agree with it one hundred percent.

1942
02:36:07.680 --> 02:36:11.120
I like you said right rightly,
the Nigers is difficult. I want to

1943
02:36:11.200 --> 02:36:15.200
use the word difficult, pays to
govern youth. I agree. I'm saying

1944
02:36:15.280 --> 02:36:20.280
that Kenya also was difficulty, and
Kenya had disputed elections like Nigeria before Utwo,

1945
02:36:20.319 --> 02:36:26.319
before Kenyata, people were killed for
the elections. But they seem to

1946
02:36:26.440 --> 02:36:31.000
have now this. The youth seem
to have come together now and held their

1947
02:36:31.200 --> 02:36:35.120
politicians to account. And remember the
military were deployed. The court says not

1948
02:36:35.319 --> 02:36:39.360
go back to your barracks. The
religious leaders came out and said we support

1949
02:36:39.399 --> 02:36:41.719
the Kenyan youth. So there was
nowhere. There was no cover for the

1950
02:36:41.799 --> 02:36:46.120
politicians. The army didn't come out, the religious guys didn't come out.

1951
02:36:46.159 --> 02:36:50.360
It was them versus their youtes,
and their youthes have won. In respect

1952
02:36:50.399 --> 02:36:56.959
of what happens to the economy,
No Kenyan mp can tomorrow bring any bill

1953
02:36:56.479 --> 02:37:00.959
that would still are going to increase
taxes with that out first, showing not

1954
02:37:01.120 --> 02:37:03.520
just cutting, showing that they have
caught their own time. This is the

1955
02:37:03.600 --> 02:37:09.719
point I'm making to get it right, and we haven't. So the thing

1956
02:37:09.840 --> 02:37:11.200
is if I tell you, if
I tell you today that the answer is

1957
02:37:13.360 --> 02:37:16.959
that I have a very good answer
for your life. The truth is that

1958
02:37:18.360 --> 02:37:24.840
Nigeria is just it confounds so much
that it's especially on the political state.

1959
02:37:24.440 --> 02:37:31.280
With the economics is quite straightforward,
but the politics is so you won't believe

1960
02:37:31.760 --> 02:37:37.360
finish difficult. Like you can literally
say today you're bringing a whole political party

1961
02:37:37.680 --> 02:37:43.319
the campaigned on We're going to bring
say, consumptions production to enter day and

1962
02:37:43.479 --> 02:37:48.360
will start to allocate resources to buy
cars, to buy this, to buy

1963
02:37:48.440 --> 02:37:50.639
that, to buy this. Literally
things are not able to add value to

1964
02:37:50.760 --> 02:37:56.040
the to the policy making of the
National Assembly, like this is this is

1965
02:37:56.079 --> 02:38:00.639
what you get in the country.
Look at even the state too, States

1966
02:38:01.319 --> 02:38:03.719
like states that are even fr genius. Let's not even talk about the multi

1967
02:38:03.760 --> 02:38:09.399
more heterogenious states in Nigeria, say
like United the Ator in the central part

1968
02:38:09.440 --> 02:38:11.840
of the country, not central Middle
Belts as people call it. You still

1969
02:38:11.879 --> 02:38:16.559
see the same thing. Say there
was the states just a few months ago,

1970
02:38:16.920 --> 02:38:20.399
literally six or seven months after the
election that we didn't pitch there.

1971
02:38:20.920 --> 02:38:26.600
The speaker like, the thing is
it is the politic is so finishedly,

1972
02:38:26.719 --> 02:38:33.799
so wickedly difficult, and unfortunately,
on top of the poor politics and the

1973
02:38:33.920 --> 02:38:37.879
extremely terrible polities that the country has, you now have a bunch of people

1974
02:38:39.000 --> 02:38:43.719
who done will know the job of
the administration parts, so it now compounds

1975
02:38:43.760 --> 02:38:48.559
the problem. It's like in visual
cycle politics, printing all sorts of terrible

1976
02:38:48.680 --> 02:38:52.920
minded people that just have money and
connections. Really, that's what they have

1977
02:38:54.079 --> 02:38:56.000
business bringing governments. Okay, okay, I mean I mean, yeah,

1978
02:38:56.040 --> 02:38:58.319
I hear you. I mean that's
as I hear you. Complete, just

1979
02:38:58.440 --> 02:39:03.200
you know, like you said,
like I had not a confounding place where

1980
02:39:03.680 --> 02:39:05.319
people would agree with you. People
will be in a room together and we

1981
02:39:05.440 --> 02:39:09.399
both agree we are starving. Then
you say, okay, we're both starving,

1982
02:39:09.520 --> 02:39:13.680
right, there is food in that
cupboard. Let's go get food that

1983
02:39:13.799 --> 02:39:16.440
when says no, I won't go
and get the food, but we're both

1984
02:39:16.520 --> 02:39:20.440
starving. Yes, so let's go
get food. No, I don't want

1985
02:39:20.479 --> 02:39:22.719
to get the food. I want
to I want to starve and I want

1986
02:39:22.799 --> 02:39:31.799
to support the personalice you know exactly. I don't Sometimes I can let just

1987
02:39:31.959 --> 02:39:33.680
let I don't want to go.
I don't. I don't want to go

1988
02:39:33.799 --> 02:39:37.079
there. But it's it's it's I
don't know, I don't get it.

1989
02:39:39.000 --> 02:39:43.600
Let's let's get my tongue, my
tongue and take I can appreciate you,

1990
02:39:43.719 --> 02:39:50.360
thank you my tongue and say you've
got the floors my tongue, my tongue

1991
02:39:50.440 --> 02:39:54.959
going. Once my tongue are ready
to speak, let's get a twenty twelve

1992
02:39:56.600 --> 02:40:01.200
monster is that you, sir?
Yes, that's me with a doubt that

1993
02:40:01.559 --> 02:40:07.000
I hadn't got the floor. Okay, well it's a very interesting conversation.

1994
02:40:09.639 --> 02:40:20.280
Well just to air my opinion about
whether Nigeria's problem is senation, oh the

1995
02:40:20.360 --> 02:40:26.440
problem of spending. Well, I
go with those opinion. That's my worst

1996
02:40:26.479 --> 02:40:33.399
problem, you know, is a
combination of both because when we look at

1997
02:40:33.440 --> 02:40:39.639
it, uh, Nigeria is highly
dependent on oil revenue, and beyond oil

1998
02:40:39.680 --> 02:40:48.040
revenue, we're not making you know, major strides in other in other in

1999
02:40:48.239 --> 02:40:52.440
other things that will drive money into
the country. And even the revenue we

2000
02:40:52.520 --> 02:41:00.719
generate from oil, there is there
is so much corruption and Nigeria is gettumbu

2001
02:41:00.840 --> 02:41:07.879
for its money. I know most
of us have seen the documentary of how

2002
02:41:07.600 --> 02:41:18.360
the the oil company in Saudi Arabia
monitors whatever it is you know, from

2003
02:41:18.440 --> 02:41:24.600
the ound and then you know monitor
up today revenue, revenue, the chain

2004
02:41:24.639 --> 02:41:31.719
of revenue that comes to the country. So everything has been monitored and there

2005
02:41:31.799 --> 02:41:37.719
is open government accountability and so on
and so forth. So actually, Nigeria

2006
02:41:37.799 --> 02:41:45.239
has to day versify its economy in
order to generate the much needed revenue to

2007
02:41:45.440 --> 02:41:50.040
take the free to where we want
it to be so much blessed. We

2008
02:41:50.239 --> 02:41:58.000
have you know, a good climate
for agriculture. And it surprises me when

2009
02:41:58.040 --> 02:42:01.879
I checked the last time that's uh, China, even though it is leading

2010
02:42:03.600 --> 02:42:09.280
in terms of technology, is actually
generating the most revenue in terms of agriculture

2011
02:42:11.159 --> 02:42:18.000
worldwide. And what is helping it
do that. It's because the government is

2012
02:42:18.079 --> 02:42:26.399
supporting the agriculture reforms in China and
you know there is a high you know

2013
02:42:26.760 --> 02:42:33.319
amount that I mean the large force
of people that are in the agricultural team,

2014
02:42:33.959 --> 02:42:39.760
uh, you know are good enough
to take the country to that to

2015
02:42:39.879 --> 02:42:46.840
that level. So we we really
need to do a lot about agriculture and

2016
02:42:46.000 --> 02:42:54.879
then also look at the other mineral
resources that we have. I I saw

2017
02:42:54.920 --> 02:43:01.520
the last time that you know,
a symbolic goal was present and to the

2018
02:43:01.639 --> 02:43:09.319
president and I laughed because you know, they allowed people, you know,

2019
02:43:09.680 --> 02:43:15.200
stealing the gold reserves that we have, you know, and then you know,

2020
02:43:16.239 --> 02:43:22.360
coming symbolically on television that Nigeria is
coming with an estimate of what it

2021
02:43:22.559 --> 02:43:28.440
is going to generate from from mining
from mining gold. So actually we are

2022
02:43:28.520 --> 02:43:35.239
not a serious country in terms of
optimizing the resources that we have. So

2023
02:43:35.399 --> 02:43:39.319
unless we do that we continue to
have, ah, you know, shortage

2024
02:43:39.319 --> 02:43:45.559
of revenue and even the oil that
we have is not really helping us.

2025
02:43:45.719 --> 02:43:52.000
And I remember watching an interview where
a contrast is being made between Nigeria and

2026
02:43:52.559 --> 02:43:58.239
other oil rich countries. It wasn't
you was the interviewe on that hard talk

2027
02:43:58.440 --> 02:44:03.639
with the of the program, and
then he said, well, it is

2028
02:44:03.719 --> 02:44:09.639
not good to make this comparison between
Nigeria and other countries in terms of what

2029
02:44:09.840 --> 02:44:18.159
we're hitting from oil because definitely you
can't compare. So the oil industry is

2030
02:44:18.799 --> 02:44:26.319
such an industry that even the President
does not have the cloud to actually you

2031
02:44:26.399 --> 02:44:31.639
know, control what is happening within
that space. So and that is why

2032
02:44:31.360 --> 02:44:37.840
it is very important to strengthen our
institutions. And I had the last time

2033
02:44:37.879 --> 02:44:43.200
you were asking how can these institutions
be strengthened, and I liked it that

2034
02:44:43.399 --> 02:44:46.680
you said, well, we have
to separate the office of the Attorney General

2035
02:44:48.360 --> 02:44:52.479
and the Minister Justice to make the
office of Attorney General, you know,

2036
02:44:52.559 --> 02:45:01.200
an office that citizens can elect and
the office will be independent. It is

2037
02:45:01.360 --> 02:45:09.280
not actually submitten to the President and
commander into a popular with Nigeria or any

2038
02:45:09.319 --> 02:45:13.559
other political office holder. You know, so that that would be one of

2039
02:45:13.680 --> 02:45:22.159
the ways we can strengthen our institutions. We can our institutions also by by

2040
02:45:22.600 --> 02:45:28.040
by you know, promoting you know, the reforms in the judiciary, to

2041
02:45:28.159 --> 02:45:35.600
make sure that you know, cases
are disposed quickly in our courts, you

2042
02:45:35.680 --> 02:45:41.840
know, to make sure that you
know, laws are reviewed that are intend

2043
02:45:41.879 --> 02:45:45.639
them with the realities of our time. So all these things have to be

2044
02:45:45.719 --> 02:45:48.879
done in order to take this country
to where we want it to be.

2045
02:45:50.159 --> 02:45:54.959
So in terms of spending, also, we have a huge spending problem as

2046
02:45:54.000 --> 02:46:01.879
a country. Corruption is the key
because we don't haven't we are not serious

2047
02:46:03.200 --> 02:46:09.239
as a country. We allow every
sector to be corrupt. This management is

2048
02:46:09.319 --> 02:46:15.920
at the highest level and so so
Nigeria's problem is just a combination of the

2049
02:46:16.079 --> 02:46:22.360
two factors. We have shortage of
revenue and even at that, we are

2050
02:46:22.399 --> 02:46:31.280
also spending recklessly. So actually we
need to do or not. And I

2051
02:46:31.799 --> 02:46:37.200
like it that the majority of those
contributing in this space are are young people

2052
02:46:37.799 --> 02:46:41.000
and we need to have a common
vision. We need to have a shared

2053
02:46:41.120 --> 02:46:45.399
vision of how we want this country
to be. We have to take this

2054
02:46:45.600 --> 02:46:50.520
country from those that you know are
not ready to move it forward. So

2055
02:46:50.799 --> 02:46:56.200
I think this is uh yeah,
and just also said it's just just so

2056
02:46:56.399 --> 02:47:03.360
cool to follow. Right. There
is no organization or nation, or institution

2057
02:47:03.799 --> 02:47:09.360
or group of people you will ever
ask do you have enough money? And

2058
02:47:09.479 --> 02:47:13.799
they will say, yes, we
have enough money. Warren Buffett has nearly

2059
02:47:13.920 --> 02:47:16.520
two hundred because they want to fifty
billions only they'll know the figure better in

2060
02:47:16.719 --> 02:47:22.760
cash. Now Google has billions in
cash. They still are doing business today.

2061
02:47:22.799 --> 02:47:26.280
They still want more revenues today.
So when we ask the question,

2062
02:47:26.399 --> 02:47:30.280
doesn't you have a spending problem or
revenue problem? There is no country on

2063
02:47:30.440 --> 02:47:33.040
earth, even in Saudi Arabia that
does not have a revenue problem. So

2064
02:47:33.079 --> 02:47:37.680
I hope people understand the question is
tongue in cheek. We're not in any

2065
02:47:37.799 --> 02:47:43.120
way saying that oh they we we
we we we shouldn't go and get revenues,

2066
02:47:43.239 --> 02:47:46.360
don't. We are trying to use
just the you know, the use

2067
02:47:46.399 --> 02:47:50.120
of English cambridgements are asking me on
DMS. It's just use of English.

2068
02:47:50.360 --> 02:47:54.520
How you say, oh do you
have pepper? Things like that? We

2069
02:47:54.719 --> 02:47:58.799
we know what it were. We're
saying Nigeria has got a revenue problem in

2070
02:47:58.920 --> 02:48:01.680
that it has to grow. It's
GDP to revenues. Everybody knows that.

2071
02:48:03.239 --> 02:48:07.680
But the real question we're asking here
is that what about the spending. Rarely

2072
02:48:07.799 --> 02:48:13.399
concern that if we grew our revenues
tenfold, we are considered the nationalist budget's

2073
02:48:13.399 --> 02:48:20.440
gonna grow fiftyfold. That's our concern
because I would factually, if you look

2074
02:48:20.479 --> 02:48:26.479
at National semil budget, it has
grown over the years. Today the National

2075
02:48:26.639 --> 02:48:33.479
Semi budget is larger than eighteen states
of the Federation. Eighteen states, so

2076
02:48:33.719 --> 02:48:37.680
if you take the budget, it
is larger. So we're not in any

2077
02:48:37.719 --> 02:48:41.399
way saying that we have had We
have enough revenue that if we if we

2078
02:48:41.600 --> 02:48:46.200
cut corruption today, if corruption was
zero today, Niger cannot grow with a

2079
02:48:46.360 --> 02:48:50.120
fifteen trillion budget. Now that is
not possible. But the fear is this,

2080
02:48:50.879 --> 02:48:54.440
This is why I put Niger on
to pay taxes. If you go

2081
02:48:54.559 --> 02:48:56.799
and you pay taxes to the Federgo
of Nigeria, you're gonna go to a

2082
02:48:56.840 --> 02:49:01.000
private jet, are gonna go to
a year, are gonna go to SUVs.

2083
02:49:01.040 --> 02:49:05.440
That's why people don't want to pay. So we have we have the

2084
02:49:05.559 --> 02:49:09.000
revenue problem, but we want to
make sure that if we solved that revenue

2085
02:49:09.079 --> 02:49:13.959
problem, that we don't have a
spending problem. Right now, what we

2086
02:49:13.079 --> 02:49:16.760
see in front of us, which
is clear, is that the spending problem

2087
02:49:16.879 --> 02:49:22.520
is more of a danger to the
country than the revenue problem. If the

2088
02:49:22.600 --> 02:49:26.719
government is broke today, right there
is still money from the private sector coming

2089
02:49:26.760 --> 02:49:31.159
in. But if the government is
spending, if the government goes to it

2090
02:49:31.280 --> 02:49:33.959
and says we're gonna take away all
the money from them account, the country

2091
02:49:35.000 --> 02:49:39.600
will stop functioning. That's the fear. So I just hope, hope that

2092
02:49:39.719 --> 02:49:43.280
we were just playing with words here
to say, oh, spending problem.

2093
02:49:43.719 --> 02:49:46.559
If you're if you have a bucket
and a bucket has a whole, and

2094
02:49:46.719 --> 02:49:48.879
you sneaking, would you now say, oh, no, no, no,

2095
02:49:48.959 --> 02:49:50.639
no, no, no, no
no, I'm going to increase the

2096
02:49:50.760 --> 02:49:52.799
water flow. No, you plug
the holes in the bucket. Before you

2097
02:49:52.879 --> 02:49:56.719
say you increase the water. You
will put the tap off. You will

2098
02:49:56.760 --> 02:49:58.879
plug the holes. Then you put
the tap back on to retain the wor

2099
02:50:00.120 --> 02:50:01.920
that has come to the bucket.
You will say, does increasing flow of

2100
02:50:01.959 --> 02:50:07.959
the water so that the balance between
what is escaping? I want to up

2101
02:50:07.959 --> 02:50:09.280
in the bucket. I'll take my
bat to it. That would you look,

2102
02:50:09.280 --> 02:50:13.959
you'll be you'll be little a little
lunacy so, but thanks so much

2103
02:50:13.959 --> 02:50:16.399
for those comments. Yeah, I
mean we've got about ten minutes to round

2104
02:50:16.520 --> 02:50:18.680
up, guys, Thanks you so
much. Every week coming we talk,

2105
02:50:18.200 --> 02:50:22.840
people hang out here for the l
three hours talking about their calm of First

2106
02:50:22.920 --> 02:50:26.600
let's just start to wind down.
Mister engineer Zick. We've got you on

2107
02:50:26.920 --> 02:50:31.799
top. Let's do Engineer Zick.
Let's do a gum who will do tiwo?

2108
02:50:31.840 --> 02:50:33.559
Who will do sex? Will cause
the day? So you guys,

2109
02:50:33.600 --> 02:50:35.360
you guys can do it nat or
two. That will work just perfect.

2110
02:50:35.399 --> 02:50:39.559
So we have everyone on top speaking
and then we'll go from there. Engineer

2111
02:50:39.680 --> 02:50:45.479
Zick, real quick, you've got
the flow. If it's not, do's

2112
02:50:45.520 --> 02:50:50.399
go to tile Tai woman doctor t
real quick, real quick, engineer go

2113
02:50:50.440 --> 02:50:54.479
ahead. A good evening, Yeah
yeah, real quick. I I find

2114
02:50:54.559 --> 02:51:00.600
it need for have been listening from
the world to speak been that on.

2115
02:51:00.920 --> 02:51:03.719
Every time I speak on this this, I always come up with one point

2116
02:51:03.959 --> 02:51:09.440
and it's something that so hots me
in mind and it's about the cities in

2117
02:51:09.520 --> 02:51:16.200
mindset. It's a point that I
always bring up. Nigerian has a spending

2118
02:51:16.280 --> 02:51:22.959
problem and it's a spending problem that
leads to revenue problem. There's always revenue

2119
02:51:22.000 --> 02:51:26.520
problem. I believe that the problem
is the citizens of the country. We

2120
02:51:26.559 --> 02:51:31.760
don't even know that their days over
and I don't know, and we don't

2121
02:51:33.840 --> 02:51:35.799
defend it. We don't, we
don't, I don't know. I believe

2122
02:51:35.879 --> 02:51:39.079
we don't know that they save over
spending. Most people don't know that these

2123
02:51:39.120 --> 02:51:43.680
politicians are over spending their money.
They don't care. As long as they

2124
02:51:43.760 --> 02:51:46.520
wake up, it's go back to
sleep in the night, and that is

2125
02:51:46.600 --> 02:51:50.680
all. If the government are spending, well, you're creating roots that leads

2126
02:51:50.719 --> 02:51:56.040
to firms. You're creating giving contracts, the new contract. I'm not talking

2127
02:51:56.120 --> 02:52:00.239
of parted contracts. That's another part
game on its own. If you want

2128
02:52:00.319 --> 02:52:03.479
to start going into contract and location
in this country, if they're not giving

2129
02:52:03.520 --> 02:52:07.559
out part contracts, giving contract to
politician, if they're giving the new contract,

2130
02:52:07.600 --> 02:52:11.600
people get to work from construction,
they pay tax, you generate revenue,

2131
02:52:11.639 --> 02:52:16.520
you recycle the money, and you
have a table economy at least.

2132
02:52:16.159 --> 02:52:22.079
But this problem is we have policians
that only take money and bears with this

2133
02:52:22.280 --> 02:52:24.840
money. They don't do anything with
it. And we are citizens, we

2134
02:52:26.079 --> 02:52:31.040
seat and we can't talk. We
don't talk. I believe that is just

2135
02:52:31.159 --> 02:52:35.040
the major problem. The problem.
It is far beyond the spending and it's

2136
02:52:35.159 --> 02:52:39.559
citizen mindset and it's not the key
place we have to address. I appreciate

2137
02:52:39.639 --> 02:52:46.559
that, and I think you're spot
on that spot on that. Yeah.

2138
02:52:48.079 --> 02:52:52.319
Everyone, if you have is between
spending problem or revenue problem, I will

2139
02:52:52.719 --> 02:53:01.760
say has a spending problem. Revenue
is not really a problem because independence,

2140
02:53:01.920 --> 02:53:03.479
I mean, Nigeria has been doing
great, you know, but when we

2141
02:53:03.559 --> 02:53:11.760
begin to have irresponsible leaders, then
the problem automatically manates. Coup plots,

2142
02:53:11.040 --> 02:53:15.959
you know, and all the adventures
that are taking place over the decades,

2143
02:53:16.520 --> 02:53:20.399
and in Singapore started like Nigeria and
fire. They are smaller than legals.

2144
02:53:20.440 --> 02:53:22.000
You don't even see them on the
world map, but then they are to

2145
02:53:22.079 --> 02:53:26.719
create leaders. The first leader who
was inquivalent of our lovers, they can

2146
02:53:26.840 --> 02:53:31.440
son, you know, was living
in just a small house. Even to

2147
02:53:31.600 --> 02:53:33.079
today, if you go to seeing
that I want to visit, you can

2148
02:53:33.159 --> 02:53:37.200
still see the small house was living. When our leaders live in comfort zones

2149
02:53:37.600 --> 02:53:41.840
and you do even okay, and
I'm as well as ever seen and you

2150
02:53:41.879 --> 02:53:45.280
will come to your streets just to
see yourself in or when up on their

2151
02:53:45.360 --> 02:53:50.280
parts. So when developed countries,
you know, leaders many institutions. If

2152
02:53:50.280 --> 02:53:56.000
elections are there to take place today, who was your guardy that we're allowed,

2153
02:53:56.479 --> 02:53:58.840
you know, free have fair elections, you know, to to russhine

2154
02:54:00.079 --> 02:54:03.840
greatly. Does the world visions the
years twenty years down the line? That's

2155
02:54:03.920 --> 02:54:07.079
number one. But I hate to
talk about problems. Let's be pragmatic,

2156
02:54:07.239 --> 02:54:11.399
talk about solutions. You can you
approach real quick? So you've got about

2157
02:54:11.399 --> 02:54:15.639
a minute to go through quick.
Yeah, the can you approach is one

2158
02:54:15.879 --> 02:54:18.840
one one. When there has to
be a revolution, a way to shame

2159
02:54:18.920 --> 02:54:22.959
leaders that truly and the change the
system such that things will go the right

2160
02:54:22.040 --> 02:54:26.639
way. And again it's about the
attitude sometimes, you know, let people

2161
02:54:26.680 --> 02:54:31.280
see that Tom and let these people
know that they feel depend citizens field,

2162
02:54:31.600 --> 02:54:37.600
you know. But that said,
I will, I will use the appreciate

2163
02:54:37.639 --> 02:54:45.920
that I hear you sucks X good
everyone. Let me start. I don't

2164
02:54:45.920 --> 02:54:50.040
think there's any government in this world
that has inexhaustible income, so that is

2165
02:54:50.360 --> 02:54:54.520
of revenue. I don't think that
that's the problem. The biggest problem is

2166
02:54:54.680 --> 02:55:00.920
to spend the problem. And I
think so by Nigerian standards. It's the

2167
02:55:01.040 --> 02:55:05.319
way our politics or our government is
structure. Have im more always of the

2168
02:55:05.360 --> 02:55:09.959
opinion that it is too big in
a way that it makes it very complex,

2169
02:55:09.479 --> 02:55:16.600
that it's inaccessible and reachable to the
commodmer. I willways not on team.

2170
02:55:16.719 --> 02:55:20.879
We have to restructure our government back
to lookal government, not even states.

2171
02:55:20.879 --> 02:55:24.680
Wheople just look back, says structure
back to stay. Let's take government

2172
02:55:24.799 --> 02:55:28.920
to the people, take it down
to local government. So I think if

2173
02:55:28.040 --> 02:55:33.600
local governments, local government is kind
of more homogeneous. If your local government

2174
02:55:33.680 --> 02:55:39.040
is chairman is managing is managing your
phone, people can easily reach in and

2175
02:55:39.159 --> 02:55:43.680
find a team and do all sorts
of things done. Everybody's just looking at

2176
02:55:43.680 --> 02:55:46.719
that bug. So people are just
go there to waste away phone. And

2177
02:55:48.360 --> 02:55:52.600
the lookers in every looks of this
local government, most of them their voice

2178
02:55:52.639 --> 02:55:56.920
are not being heard by and they
cannot do anything but it. So we

2179
02:55:56.000 --> 02:56:01.920
have to bring to the people.
I hear, so let me get so

2180
02:56:01.000 --> 02:56:05.000
I start if I get Ugam in
here as the last speaker for the close.

2181
02:56:05.079 --> 02:56:07.120
Ugam, you've got the floor,
last speaker, and I hear you,

2182
02:56:07.239 --> 02:56:11.520
doctor, I take the governance back
to the people. Then there to

2183
02:56:11.600 --> 02:56:13.040
the people is to counter them.
There, Ugam, we've got the flow,

2184
02:56:13.120 --> 02:56:16.959
last last speaker, then we're run. Okay, thank you for this

2185
02:56:16.079 --> 02:56:24.040
opportunity to ear my views. I
think listening here all of us can actually

2186
02:56:24.319 --> 02:56:30.280
recollectively that Nina has a spending problem. So I'm going to point an issue

2187
02:56:31.159 --> 02:56:35.920
something that all of us are overlooking. I think in the next twenty fifty

2188
02:56:37.079 --> 02:56:43.879
it's white fortunate that is will be
the most better country in Africa and with

2189
02:56:43.000 --> 02:56:48.479
the issue for spending problem that will
have Seriously, just if you can,

2190
02:56:48.680 --> 02:56:52.440
if you can actually imagine what will
happen if you don't get by then then

2191
02:56:52.639 --> 02:57:01.079
secondly, with all the point being
being spoken on by this as a all

2192
02:57:01.159 --> 02:57:05.440
of us can agree that you can
talk about spending problems without talking about politics.

2193
02:57:07.040 --> 02:57:11.920
Like whatever is going into is about
the politics or the politicians. So

2194
02:57:13.920 --> 02:57:18.959
again I think mostly the world we
are actually missing is this country has to

2195
02:57:20.000 --> 02:57:24.319
be structured and again we have to
do data has to come in in thens

2196
02:57:24.360 --> 02:57:31.200
of Okay, if you're putting this
person up the at least the people supposed

2197
02:57:31.239 --> 02:57:33.719
to contry. But like, okay, let me say, if you're going

2198
02:57:33.760 --> 02:57:39.440
to appoint the maybe the ciby and
governor for example, maybe you lease to

2199
02:57:39.479 --> 02:57:45.159
your candidates, then people can also
food for person who has a credible record

2200
02:57:45.239 --> 02:57:50.319
and again the issue that will have
in this country. Again, if I'm

2201
02:57:50.440 --> 02:57:56.639
just trying to round up, we
don't have a goal, structure and continuation

2202
02:57:58.040 --> 02:58:03.959
culture whereby even if this passed administration
that are left at least since will be

2203
02:58:03.120 --> 02:58:11.520
very coming of what to work with. You understand that problem can be.

2204
02:58:13.399 --> 02:58:15.479
I think I got you. We
got a round up now, so I

2205
02:58:15.559 --> 02:58:20.600
appreciate you. Those are fantastic comments. Thanks for making them. Hey,

2206
02:58:20.680 --> 02:58:22.520
guys, thanks for hanging out here. Believe it or not, it's three

2207
02:58:22.600 --> 02:58:28.040
hours. We've been talking uh,
the economy, public finance and of course

2208
02:58:28.600 --> 02:58:31.280
your own personal finance for the next
last three hours. With all Nigeria's talking

2209
02:58:31.280 --> 02:58:35.079
about. If we have a spending
problem or any problem. Of course,

2210
02:58:35.159 --> 02:58:39.600
the whole idea is to still and
listening. Revenues are not ever going to

2211
02:58:39.639 --> 02:58:43.280
be enough, but we've got to
get better with how we spend because be

2212
02:58:43.360 --> 02:58:46.760
more targeted how we spend that money. We've got to ensure that that one

2213
02:58:46.879 --> 02:58:50.200
era one plat one becomes eleven.
That's the goal for Nigerian government. We

2214
02:58:50.399 --> 02:58:56.200
spend to stimulate the privatories to come
in and consue that spending because we have

2215
02:58:56.360 --> 02:59:01.760
a large population to feed, and
we really have that limited oil revenues,

2216
02:59:01.840 --> 02:59:05.319
but no oil revenues to spend it
on. So let's get better. Lastly,

2217
02:59:05.680 --> 02:59:11.239
we've got to participate. Let's stop
complaining too much. Let's participate in

2218
02:59:11.319 --> 02:59:13.200
the process. There are many ways
to do it. That mentioned tracker,

2219
02:59:13.680 --> 02:59:18.440
track where money's going to see how
it's been spent, hold your tax,

2220
02:59:18.879 --> 02:59:24.239
spend us to account. Don't fall
back, don't say giving up. That's

2221
02:59:24.360 --> 02:59:26.280
what they want. Once you fall
back, then the money, but of

2222
02:59:26.360 --> 02:59:31.000
course is going to be spent without
any oversight. On that note, guys,

2223
02:59:31.120 --> 02:59:33.920
let me round up. My name
is calu Aja'll see you guys here

2224
02:59:33.200 --> 02:59:37.040
next week. Again on that topic, we're gonna talk about your personal finances

2225
02:59:37.079 --> 02:59:41.479
and of course the governments and global
finances as well. See you guys then,

2226
02:59:41.840 --> 02:59:46.440
guys, have a good week,
love yourselves and please