PBAT FY May 29th-Dec 2023 Performance Review – Dr Kenny Odugbemi.

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PBAT FY May 29th-Dec 2023 Performance Review – Dr Kenny Odugbemi.

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The administration has been the largest cabinets comprising of
✓48 Ministers and
✓ Over twenty special and senior special assistants

All in a highly depressed economy, a state of comatose and quagmire requiring Nigerians to force breath under perpetual slavery of poverty and penury whilst the executives, judiciary, legislature are living in oppulence and fragrant display of ostentatious wealth enjoying pleasure of large convoys and tax payers can not afford to buy required PMS due to high costs.

Evident apportionment of supplementary budget 2023 for self agrandisement whist citizens suffer in abject poverty

Corruption and financial wrecklessness under bloated structure are the main problem of budget implementation of this is administration

Lack of political will to be prudent and frugal

How can the populace prosper?

when they are choked with poverty, hunger and anger

Executives, sizeable council members and heads of agencies, parastatals and political leaders at the expense of our treachery jet out of Nigeria to Europe to attend all manner of summits as beggarly Nation

Nigeria is endowed hugely with natural resources and abundant human capital, yet we downplay them at the expense of foreign investors and consultants across all sectors of our economy.

, Our lender Nations, if at all they finally yielded to invest in Nigeria, after spending billion of dollar in Overseas trips, will satisfy their interest first thereby putting Nigeria under Modern imperial colonization,

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For our insatiable thirst for loans at all times,

We have mortgaged our future earnings. and created debt for generations yet unborn

*Challenges of this administration

✓Opposition from key stakeholders as most adopted policies are audacious, repulsive, reactive and not people centric, only meant to prosper few cabals who have been siphoning our common patrimony
How can the poor breathe?

✓Inadequate financial resources due to heavy burden of over N23TRN ways and mean wasted by clueless and incompetent last administration

✓Lack of clarity of operational guidelines on roles and responsibilities

✓Lack of transparency

Federal Government is fast becoming solitary without carrying out most oppressed, suppressed Nigerian citizens across 6 regions including Abuja as our headquarters.

*Policy implementation has not been paying enough attention to

✓Hunger
✓Anger
✓Health impact

*Cost of governance
Feasibility of other options

There seems to be no meaningful policy evaluation based on the following
✓Merit
✓Worth
✓Utility
✓Pragmatism
✓Honesty
✓Complete accountability

*Policy implementation has not been effectively communicated to guarantee dividend of democracy as most Nigerians are in total darkness except people in government
✓who can not be trusted?
✓No confidence in their worth and integrity.

*The aforementioned account for the current mystery despite high expenditure by the current administration

*Achievements over last 6months

✓Firing PH refineries 60,000lpd,60year old cannibalize have not worked for decades in comatose spending $1.5b dollar on worthless refineries that cannot produce oil until after 3months all things being equal

✓Student loan commence Jan 2024 to indigent students with stringent conditions, with no hope to pay back because there are no job opportunities. Why not convert to bursary to very indigent as of old, student loans have always been a sunk cost

✓Distribution of N2bn to States without clear guidelines is only at mercy of wreckless governors whose states are insolvent.

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✓Recent 50% discount on bus fare, no rail cost but must register to obtain ticket for 2weeks ,why note convert this sum to offset petrol price another thought without thought

✓Deregulation of power and rail frustrated local investors who are only struggling to breathe under huge recurring expenditure with low consumer purchasing price.

✓We have in ratio 1:10 import dependents.

✓Unification of forex, though CBN not augmenting with monthly $1.5bn but speculators have frustrated by hoarding dollars, hence we ate short in supply.

✓Removal of fuel subsidy commendable without planning. It is repulsive and reactive Nigerians deeply suffering under high inflation, food shortage due to insecurity

✓Reduction in external debt $41.59bn -what is benefit to poor masses?

✓High cost of local debt N87.91trn requiring capitalization of bank to N1trn

Inflation 28.2% highest in 13years
Food inflation overhead 32%,but real is over 100% for some specific food items

✓Poor credit facilities if N75B to 75 manufacturer s whereas we have 2500 who are in moribund- how can they provide jobs and remain competitive

✓Conflict resolution in River and ondo states at variance to statutory provision of the Constitution, which is superior to President perogacy

✓Heightened suffering on the land

✓Frequent foreign travel spending hundreds of millions of dollars to look and beg for investors who natural should come for exploration,we have abundant natural resources they require and men and women of high calibre

✓Signing of billion dollar across Europe when our house at home is not in order, killing abound without recourse, looting without consequences
What a mind bugging deciet

✓Setting performance metric, KPI’s for Ministers discreetly without input if intelligent ails
what a mirage and deceit

✓Di-vestment of multinational loosing $4.5b and many more to join to come back as marketing at a high price for drugs that we are not producing but are very essential P&G, GlaxoSmithKline etc.

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✓Paying backlog of forex by CBN
Introduction OMO to improve Naira values currently devalued by 41%

✓Creation of revenue centre, who are currently cost centre because of lack of capacity and competence to development policy guide line

✓Tax reform await legislative Review backed by executives orders

✓FRIS revenue drive superlative exceeding target if N11trn they have hit N12.5trn now

✓Nigerian suffering under precussor of National disunity

✓Constant collapse of the national grip under sleeping and uninformed Minister is not audacious enough to avert this tsunami

✓Financial wrecklessness of Ministers and legislatures

✓Poor budget structure without strong fundamentals

✓General insolvency

✓Removal ASSU from IPPS to a safe tertiary institution for complete collapse,as agreement to pay outstanding has not been honour and Minister of trade is budget N1bn for travel
What a perverse generation

✓Maintaining strong citizenship only in SW other regions is an epic centre of violence and insecurity

✓Not borrowing more for capital projects depending on PPP

✓Recovery of N12TRN from N33trn as declared by CBN yet we are borrowing N7.86trn to fund budget deficits

Conclusion
Federal government to look inward in the direction of the following
✓Our citadel of learning Universities},
✓College of technology
Seasoned global Consultants
✓Financial analyst ✓Professional Engineers

We have alternative solutions to wake up Nigeria from comatose and quagmire using intelligence, competence and global exposure without borrowing in quagmire

We there fore suggest backward integration

Restructuring
Recalibration
Repositioning
Result oriented

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Media enthusiast and music lover on a journey to becoming a global media mogul. I am taking it a step at a time.

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