By Inok Solomon
When the Oil Price started falling, the naira was admitted in one of our hospital with no proper medical equipments. Inflation began to creep into the economic system. People knew something was wrong, but without much to turn to, we did not know what was wrong. The amount of money said to be stolen by past administration, made inflation a visitor to every household. Then the Oil Price took cover for fear of been stolen too.
Today, a new word is flying the vocabulary air: “STAGFLATION.” Meaning, the economy is not only inflating as prices of goods and services are going Higher by day, but the economy is stagnant. People and businesses are not making more money, yet inflation is growing, things are getting more expensive.
Prices are increasing, yet wages are not keeping up with inflation. At the same time, people are losing their jobs in the thousands by day.
Today, those who knew something was wrong with our money, and wanting to get rich quick, invested heavily on capital gains. Even so much of the money stolen from the federation accounts into private hands, entered into Capital Gains ventures, like stock, bonds and many quick hits. Today, inflation had crashed the stock market, and render so many poor including our stolen monies.
The government in an attempt to remedy the situation, is now printing money in the form of Bailouts. Bailouts for salaries, Bailouts for Pensions, Bailouts for Gratuities and Bailouts for Banks, Bailouts for the Stock market. Big question is, where are the monies deductions over the years for pensions Trust Funds? Inflation have rendered all useless because investors directed all into quick money making ventures of capital gains. In like manner our so much oral stolen monies.
For those who understood Governor Ben Ayade from His inaugural day, 29th May, 2015. Intuitively understanding that the Naira was becoming worthless, His Signature Projects were pointers for people to stop saving money and begin investing in things that appreciate with inflation.
To take the first step for the state and create such an environment, He directed His efforts to the Garment Factory, Pharmaceutical Factory, Rice City, Bakassi Deep Seaport, Superhighway and lots more.
Basically, His intentions is to open the state to a Cash Flow society, where individuals can see opportunities right in front of their door post, and live away from the old system of: Go to school, get a job, work hard, save money, your house is an asset and your biggest investment, live below your means, get out of debt, invest for the long term in a well diversified portfolio of stocks, bonds and mutual funds, that have one pit fall, retire, and the government will support you, live happily ever after.
Total nonsense and the greatest deciet of mankind. Inflation and recession sweeps all under the carpet in one night. It is only a rule to keep the 80-20 standard. The principle that state that, for many events, about 80 percent of the effects come from 20 percent of causes. The entire riches of Nigeria is owned and controlled by just 20 percent while the 80 percent work to keep the 20 percent up.
Governor Ayade is saying, there is good news for those who are ready to move on into the brave new world. This is the best of times for those willing to study, learn quickly, work hard and not join the chorus of negative people.
Recession is a reset blessing, we need to learn from the past to succeed in the future. This is our time to become what we want to become if we want to.