How the curse of Plutus may have afflicted some Nigerian States. TrendyVoice

20 July 2015

How the curse of Plutus may have afflicted some Nigerian States.

Plutus was the god of wealth in ancient Greek religion
and myth. A lot of traditionalists may believe that the
long neglect of this god must have brought Greece to
its current financial woes. In Nigeria, the financial
problem is not different. Has Plutus literally afflicted
Nigeria with her money problem?
What is the difference between Nigeria and Greece in
terms of economy? Greece is almost bankrupt so are
the Nigerian states.
Lucky Nigerian states, that have gotten a huge bailout
from President Muhammad Buhari, who approved
N804 billion to governors to offset salary arrears of
workers. Was this the right thing to do? Some critics
have condemned the gesture, describing it as a
wrong step that is difficult to be corrected.

Greece in a bid to secure agreement to start
negotiations on another huge bailout must prove to
the world that it has been able to put its finances in
order and put up a plan that would reform its
economy, or they are pushed out of the Euro. There
was no such plan for the Nigerian Governors who
may end up in this misery if there are no laid out
projects to support them with their finances in
The Nigerian states were almost in bankruptcy just
like Greece. The reason why we are not feeling this
like Greece is simply because Nigeria operates an
informal economy. In Greece, the government can
give account of where its revenue comes from with
accurate statistics.

In Nigeria, we can easily count the number of places
where the money comes from, with a greater part of
our revenue unaccounted for . Another thing was
that the Presidency did not give these governors very
strict rules to wake up from their financial slumber.
There is need for states to come up with changes to
taxation and pensions, and a comprehensive
program of other unspecified reforms "to further
strengthen and modernize its economy."

Hon. Segun Alexander Adekola said that the
governors were consistently being given their federal
allocations as at when due, but deliberately refused
to pay salaries of workers to the extent that they
owed up to seven months arrears which he
described as satanic. He said: "That federal allocation
was being released monthly and some governors
were not kind enough to pay salaries. Owing up to
seven months arrears is satanic."
"You see, monies given to them by the federal
government was misappropriated, diverted to
foreign lands and even used for campaigns," he said.
This is a part of Greece's plan to come out misery, it
is proposing to cut military spending by €100m in
2015 and by €200m in 2016, and implement changes
to reform and improve tax collection and fight tax
evasion. It will also press on with privatization of
state assets including regional airports and ports. It
may be
hard on the country but at the long road, it may be
just what they need to come out of the curse of
Plutus. In Nigeria, we always have a 'Father
Christmas' who can always bail us out.

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