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Commentary: Before implementing the monetization policy
"Folks:
Well, Finance Minister, I told you so. Before implementing the monetization
policy, you must have a solution to the displaced workers, especially those
that their services are no longer needed.
That is how it is done
in civilized countries, otherwise, what you get is more problems, unemployment,
criminal activities, loss of life due to inability to pay for medical services,
displaced families as a result of the affected workers inability to cater for
them and their children.
In civilized countries,
employees are given sufficient period to seek employment elsewhere before
executing such policies, jobs are also created to have those affected
assimilated into the workforce, some countries provide free training of these
displaced workers in other fields.
Others go as far as
extending loans to them to allow them engage in private businesses and to
survive on their own.
The problem with
Obasanjo's economic policies is that there is always improper planning, lack of
foresight on the repercussion of the policies on the masses.
The federal government
always seem to be in a rush to implement policies and bills without elaborate
study of their impacts on the masses, and without properly preparing or
sensitizing the masses to deal or accept the difficulties ahead.
Besides, I do not feel
that whenever World Bank says Jump, Nigeria should Jump, World bank was not
elected/selected to run the country, Word Bank does not feel the pains of the
masses with their dictates.
When World bank makes or
dictates these policies for Nigeria, it should also suggest effective solutions
to the fallout or repercussions of their suggestions. The same thing is
happening in the Banking industry.
Good Ideas but bad
execution, and the result is sudden and undue hardships on the Nigerian masses
which leads to negative reactions on the government.
If Federal Government of
Nigeria wants to emulate United States or European countries in the
administration of the Nation and formulation of her policies, she should make
sure that she strictly follows the procedures such countries use to implement
these policies in their countries.
One thing is clear,
Nigerian Economy is not the same as that of United States or any European
nation for that matter, neither are the Nigerian people same as that of the
aforementioned Countries.
The monetization policy
was a good one, however, the execution lacked foresight.
Good governance calls
for proper planning and not rushed planning."-
Prince Jimmy Asiegbu,
USA
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