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OPINION: The Only Way Nigeria Can Get Out Of Economic Recession.




economic recession

The only way nigeria can get out of economic recession is by putting this in place “reduction in salaries of political leaders”

Nigeria has the largest economy in the continent of Africa, having a population of over 200 million people. It has a GDP (Gross Domestic Product) of over $476 billion followed by South Africa, Egypt, Algeria, etc. And yet it’s citizen keep suffering from economic recession.

Despite all these economic outwits, many of her citizens still find it difficult to make a living as there are left with little to nothing resources by the government and yet the Nigerian political leaders live in affluence and wealth to the detriment of their citizens. This made the country to rank high amongst the most impoverished people in the world.

economic recession

It was reported in 2020 that over sixty (60) percent of Nigerians live in penury, as an average citizen lives on less than $1 per day.

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Even as people find it very costly to feed every day yet the prices of food items rise on daily basis in the market.

Life in Nigeria is totally a different ball game for Nigerian politicians as they are the highest paid workers in the country, each earning millions of naira monthly despite the country being in recession, yet they do almost nothing to move the nation forward.

Life becomes harder for Nigerians economically, financially, health wise and security.

Below are the salaries and allowances of Nigerian politicians:

President: The Nigeria president receives a monthly salary and other allowance of #14.4 million. See the break down below:

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Basic salary #514,705

Constituency allowance #8,786,762

Leave Allowance #351,470

Hardship allowance #1,757,350

Vice President: The Vice President receives a monthly salary and other allowance of #12.1 million. See the breakdown below:

Basic alary #2,064,400

Constituency allowance #7,578,932

Hardship allowance #1,515,786

Senate President receives a total of #8.69 million while the Deputy Senate Presidents receives a total of #8,082,083.63

Senators receive an annual salary of #12,766,320

House of representative members receives an annual salary of #4.2 million.

Ministers: An annual salary of about #2,049,843.75

Governors: An annual salary of about #2.2 million

State Commissioners: #1.33 million
Local Government Chairman receives an annual salary of about #1.8 million

With all these politicians collecting such high figures on yearly basis, how can the country move forward? The constituency allowances meant for the people in their constituency is also being diverted to their pockets.

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Until structural adjustments are made to all these salary, I do not see the average Nigerian citizen leaving poverty and being able to afford three square meals per day.

What do you think should be done to resuscitate this nation from recession and poor living standard of her citizens?

The Comment Box is Open For Your Opinion As well On How You Think Nigeria Can Get Out Of Economic Recession.

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