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WHY NIGERIA IS IN RECESSION-FINANCIAL EXPERT

“When individuals steal N1billion and a group of people share $2.3billion, budgets become padded by law makers, Governors pocket billions of allocations meant  for State and Local Governments, no investment in infrastructure, repairs of roads, electricity, and water, what you get is recession”, declared one Mr. Smith Barkely, a Lagos based financial expert. He said there are no two ways to it; “ when militants go blowing oil wells, polluting the environment, destroying the commonwealth and driving away investors, the consequences are bound to be grave”, he told the Expose news.
Mr. Barkely said that what is happening now should be considered as reality check for Nigeria. “No country can be bastardized for so long and be in good health”, he claimed. “When you have a gang of 5 people who could share $2.3 billion and are still bragging and walking the streets free with supporters hailing them, you don’t need to search further”, said Mr. Barkely.
Another financial expert added: “we produce nothing, share oil money monthly, leave nothing for reinvestment, import virtually everything, yet we expect a strong naira; this is not possible”, he declared. “Now with a senate and House of Reps that are too expensive, corrupt and narrow minded with all their budget centered around themselves, there is nothing for Buhari to achieve”. The man continued: “some elected people who are in the senate and House and were former governors are still collecting hefty salaries and allowances from jobs they vacated long ago”; this, he said, are most unfair. Today, nothing has happened to the Adoke’s, diezieni, dasuki and the Okonjo’s. “Only Dasuki is held; the rest, Wike,  Akpabio and his irks are still in power dictating the tunes whereas  in other countries  executions would have been sanctioned”, he said. “Look at NIMASA and NAPEP former bosses, how they cleaned out their respective organizations”, the financial expert disclosed. “Officials in Pencom, BPE, NNPC, and PPMC all were alleged to have cleaned out without any conviction”, he stated.
Now Buhari is in power and for close to a year and half, Nigeria is in a swirl—going from bad to worse. The apex enforcement Institutions may be doing their best, but it falls far short of expectations. Nigerians now see the actions of EFCC and the ICPC as mere charade, a window dressing exercise, because no one is watching anymore. “This is why Nigeria is in recession”, announced the expert. Hear his conclusion: “Untill we learn to punish culprits, the country may just be for those who stole and the rest hewers of wood and drawers of water’!



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