Yusuf Shehu Usman, mni has questioned the Federal Government on the statement made by Nuru Ribadu the National security Adviser (NSA) Yusuf in his words said If as Ribadu said that the Tinubu Administration inherited a bankrupt country from the Buhari Administration and according to Wale Edun, the current minister of Finance and coordinating Minister of economy who said we are spending a whopping 98% of all our revenue to service debts, then it means the only free revenue available to the NIgerian Government for funding the national budget is 2% of all accruable revenue and it's from this 2% that we are buying Land Cruiser SUVs for each of the Members of the National Assembly in their hundreds.
Furthermore, Yusuf lamented that It's from the 2% that we will paying millions of Naira every month to the Members of the National Assembly as salaries and allowances as well as vehicles for the President, the Presidency and the Ministers and the civil servants with the ever growing community of SAs, SSAs, PAs and their SSAs, SAs and PAs and their SUVs and fleet of vehicles?
It is also from the 2% that we will find capital projects and innumerable number of government programs.
The 2% narrative is an endless trajectory in our national economy.
However, It's not rocket science to know that even our phone batteries running on 2% battery charge will run flat in just a matter of minutes and the phone will switch itself off, unless it's immediately connected to a charger, therefore, Nigeria is running on 2% national revenue and this signifies an economic disaster. It's an economic time bomb ready to explode in our faces and yet the government is spending recklessly as if there is no tomorrow.
Wale Edun told the National Assembly that we must stop further debts to save the economy but, who is sending request for approval of the debts to National Assembly almost on daily basis? And if we don't take further loans, how can we fund the multi trillion Naira budget deficits?
How can we sustain the lavish expenditure for the Executive and the Legislature, who have made a claim of entitlement mentality to the only 2% revenue available for ALL of us?
"I am not an economist but as a victim of Economics, I don't need a guru in Economics to tell me that the economy of Nigeria will soon be brought to it's knees and eventually crash on the canvass, unless we return to the table to reorder our national priorities and collapse the outrageous cost of governance.
"We must use the sledge hammer and the slasher simultaneously to cut down the stem, branches and leaves of the tree of government expenditure, as if this is not enough trouble for the nation, we breed unbridled corruption in all facets of our official lives and corruption alone, is the worst threat to the 2% live wire on which Nigeria is surviving as a nation" Yusuf concluded.
Meanwhile, Chief Dr. Patrick Osagie Eholor otherwise known as Ultimate Equal, the Father of Nigerian Students-FoNS in an interview emphasized on Yusuf's points, in his words, FoNS said "Sir, Yusuf Shehu Usman's articulation on Nigeria's economic challenges is poignant. The revelation that the nation operates on a mere 2% of its national revenue is indeed alarming. If Ribadu's claim of inheriting a bankrupt country from the Buhari Administration is accurate, and Edun's statement that 98% of revenue is spent on servicing debts holds true, the implications are staggering.
"This meager 2% is expected to fuel the entire machinery of the government, from providing salaries and allowances for the National Assembly to funding capital projects and government programs. Yusuf's analogy of a phone battery running on 2% charge facing imminent shutdown underscores the urgency of the situation. The looming economic disaster he described, coupled with reckless government spending, raises serious concerns.
"Edun's plea to halt further debts seems rational, yet the paradox arises when constant requests for loan approvals continue. The dilemma of funding the multi-trillion Naira budget deficits without taking on more debt is a complex challenge. The claim of an entitlement mentality by the Executive and Legislature further exacerbates the strain on the limited 2% revenue.
"Yusuf's call for a reevaluation of national priorities and a drastic reduction in the extravagant cost of governance resonates strongly. The analogy of using a sledgehammer and slasher to cut down the excessive government expenditure vividly captures the severity of the situation. The pervasive corruption Mr Yusuf highlight only adds to the threats facing this fragile 2% lifeline.
"Yusuf concern for Nigeria's economic well-being is evident, and his call for urgent action to address these issues is compelling. As he aptly put it, unless there is a concerted effort to address these challenges and prioritize the nation's economic stability, the tree of government expenditure might soon collapse, bringing the economy to its knees.
"Mr Yusuf insights serve as a powerful reminder of the pressing need for responsible fiscal management and a concerted effort to combat corruption for Nigeria's sustainable economic future." Eholor said.