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Friday, September 14, 2012

Let the technocrats work

There is a debate raging over the restructuring of the physical form of Nigerian currency. A new N5,000 bill is to be introduced, and coins will be re-introduced, in effect.  It appears to be utterly sensible.

Six to Ten months ago, there was more than a debate over subsidies on fuel importation.  You may remember the strikes, rallies, and near-riots.
 Nigerians prayed for a technocracy and got it somewhat.
Now, the technocracy needs communication skills, or the public will not allow it to work.

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1 comment:


  1. I agree with this ( Source ): Economists have tended to favor the removal of subsidies...the high level of corruption engendered by the practice, the inefficiency of subsidizing consumption instead of production leading to slower economic growth, and the fact that the government borrows money to finance the subsidy, in effect taxing future generations of Nigerians so that current Nigerians can consume more fuel [and] subsidy is heavily biased in favor of the small middle- and upper-class who use most of the fuel.

    The subsidies will stay because there is low buy-in by Nigerians, who, I presume, might buy in with better messaging, a more perfect union as it were.

    Unless the politics around the bills change too, we will be stuck with the old (inferior) system.

    ReplyDelete

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