2nd son, as there is about this story, is beyond the headline world in progress. the w cuts cost this week on the 77 percent street debate we had election couple of months ago. and the next 10 days did remove out of soap cd. everything is just just too expensive. i have to just pick up 3 jobs to be able to meet the. how do we show that these people that made up the cobalt, not the same person, so we still handle the resources you need to ask yourself, do we want roads or do we want to be able to buy cheap freedom? sorry. what's wrong with having all of it? the hello and welcome back to the 77 percent this week we are in nigeria,

and this countries president when he was elected the 29th may of 2023 in heavy to an economy in dire straits. in the month since he's been in power, well that's a noble has the right to take measures to uplift or resuscitate that economy. but the young people of this country, a thing that they're pull kits, us still not able to sustain what the country is demanding us. so today we're asking is a government able to come to that age when day in crisis? so let me start this conversation by introducing to g unders, who is an economist? can you just paint a picture of what the economy looks like right now? inflation is really high of a dollar to the now or is um, is now close to a 1000. are used to be uh, 200 and uh, maybe another 6 years ago. so you can just imagine what it is, the effects on the average everyday person spock it. so it's, it's, it is a situation where a lot of people are really going through it and it doesn't look like there is any hope on the rise. and because of the government and trying to, you know,

get the funds to be able to fix the issues are also removing things like subsidies on petrol subsidies on gas subsidies on electricity. so it's making it more difficult for niger and so actually exist. okay, so because you've introduced the question of subsidies, let's talk about it, right? so the government recently in this country removed fuels subsidies which made the cost of fuel basically triple overnight. so 1st of all, before we continue, tell me what the situation with the fuel was before the subsidy removal. i think it was a $197.00 our to the dollar. and now it's about it's close to $500.00 and are so loving about tripled. so that was control the seat around uh, this uh, subsidy. right. uh let me come to your marketing. um the subsidy. remove all of these. that's actually a kind of policy that government has been given to everyone in the country in terms of um, to help reduce the high cost of petroleum products. you know, however, the government decided to take it out in order to have more money to the excuse is

to have more money, it's cairo to develop mental and capital projects, but depressed. and therefore he's either really going to do that in terms of implementing projects. it's whatever money comes in from subsidies removal. another question one person might have is why is nigeria a country which is one of the highest oil producing nations in africa needing an oil subsidies? electrical helped me understand this. we have, well, i got the attribute on that just living in poverty, and then the is too high for your country, like manage that leslie. so then numerous them and not around there was a more resources. so they've got many to come to the bucket for government to subsidize them, falls on indians when he puts on, hey, that's how simple is it going forward. okay, so because you spoke about people living in extreme poverty, one of the reports i read said the 12 percent of the population living in absolute poverty is you're in a jury. and that really surprised me. you told me, are you seeing a difference since, you know, as life of getting tougher for people and your generally send you a cover these issues? what is changing in the, in the society?

no, that's for subsidy. as we remove these ethics and the cost of production, and then to pre know the needs that has need to copy so now can cannot even come up to it's not even enough to do his business, so it gets worse. now. people the, the gap between the poor and the reach is why didn't people that used to be in the middle class. i've gone now to, to know what class, because of this change. the soul could change. something that was supposed to help us has made everything was let me hear from the people in the audience. how has your life changed in the last couple of years? are you feeling the economic button? these are pretty tough to me. everything like when you go to the market to get any pay one, everything is just just too expensive. the house rate has increased. we as pay, i used to pay a 1.5 on the island, but now do we increase the to, to 1000000?

look the jet because the don't kid the own need to survive to i understand that part, but then we had to, we get those money from have his son. i have to feed my son. i have to, i have to just pick up 3 jobs to be able to meet, alright, to be. so you wanted to say something to me. we just come mazda, of could be nights in, and we hole on this ton of what's happened during the dusty standing. the men do as the last job. you know, lots of, of the nice ation in dates was closed on because the, the couldn't continue to operate, but then all the sweat knots can see that a tool. so um we just, we had election couple of months ago. and the next 10 is the remove of soap cd. and of course you may want to have the question that's ok. i'll give you for this period. what the government's putting police, what the system government's puts in place to be able you know it. so how do must said do i do time like days, but then that is not the same, nothing has been done. yeah. but basically, well, i agree with your points i wanted to,

i'd like you to answer this for me because you'll be politics. is it too soon to be judging the government to they've only been a follow for a couple of months. this thing give us time and you might be able to read the benefits. what do you think of that? i think the moment you said i was in politics, i have this heavy step. so let me know position politics um and a member of the you with the party. so i'm literally in a position. and the reality is that the government must 1st i'd meet that it's political parties. miss management of the economy has created a situation which has led to the fore subsidy removal. the argument that they have made is that it is driven by swift. and the fact that they cannot fund projects, but unfortunately, you haven't seen this criminals who have been stealing from our commonwealth. and the has hardly been any prosecution of the so called criminal. so you've passed the book on that responsibility of your, in the ability to deal with the 5th and the subsidy scheme to, you know, sense citizens will not have to be 3 times more. um,

for every other thing that'd be had been dealing with. um, so living expenses have skyrocketed because the biggest price shock that any economy can take. it says energy, right, it's, it's a top just, it just stops to obviously tuition where we seem to be given the devil is sick. on one hand, i'm pretending but we're trying to kill it. so it's a problem for us. ok. i want to hear from a little because you're working with communities at the grassroots right. how is that money festing on the ground is just can serve as a shock and id, but i didn't know grace on the president announced it's that same, the price is of everything skyrocket. the people that live in rural communities a need for these right from time they always, they've always been embedded bunch of the force of the region because while the government plan to subsidize well on and as you put adults, they don't really enjoy the cost. the point of groceries to buy for more expensive then people,

morgan m. o button here lies us. so people in albany rose by the flow directly from petrol stations. the good you can easily accessible people. you're welcome to get it from. i told patsy by as that send it to them and jerry can got loans and all of that. so eventually they've been buying for you're welcome and useful to 150 to 300 in there. while the whole rest of control is buying for less than 200, now people from the welcome. just have to keep that for themselves. people i work in id becomes on real communities, the benefit of largely from the good of people. well, there's no good route to give anymore. the people that were coming to just wake up . i said, well let's go to these combine ship things for them. the comfortable afford to take you take care of themselves. so imagine what the people in this coming just have to do with is a very serious situation. and i think the problem does not come from remove all of subsidy. every well many major on that's done subsidy has to go. well, now the mode of which it was removed, the renewal process structures puts in place is almost 2 months later, 3 months later,

we've not had the conversation about national minimum wage. that's something that i'm able to touch everybody else. yeah. okay, let's talk about it's right. you, my, you're not doing the minimum wage in this country still remains at such a 1000 tonight roll, which for me was very shocking because that's literally $1.00 or at least just to both a dollar every single day. you know, doing the, why was that the minimum we just do to 2000 narrow what systems have you put in place to make sure that the people you are rolling over? i'm not feeling the brunt of all this of your strategies in court. uh. okay. few months back, they said, i'm going to make public transport illegals. i'm going to use it for people. you still old people? look. we don't see what's most seen the action. we will have up to that bill even gets up to that $30000.00. now, how do you spell them to survive in an economy that's like this? so because we spoke about the minimum wage earlier today, i want to come back to you and ask, is it even realistic?

even if the government was to say today, all right, we're increasing the minimum wage. people just can't afford it. i've heard a lot of the things that have been said from a lot of the people and that needs to be an understanding of how economies work and for their to be expenditures that needs to be revenue. and the main source of revenue for niger as crude oil. at this particular point, we have issues around production due to fast and all of many other things. but generally, we have never met revenue expectations and maybe in the last 10 years i don't think we've metric. no, you haven't. you're still not meeting your daily obligation to opec of 2000000 barrels. absolutely. so the, the, the challenge and the questions faster. come on, you need to ask yourself, what's the trade off? do we want the subsidy? do we want to build the economy? do we want roads or do we want to be able to buy cheap? we'll do we want cheap electricity, or do we want to actually improve i economy now, the truth is, sorry,

what's wrong with having all of it? yeah, well, you see the thing is when maybe 10 years ago we could afford to do both. when crudo was a $100.00 per barrel and over, and the den president was trying to remove a few a subsidy at a time. and a lot of the people possibly watching us. and maybe even in this panel, went all the way to a jump out to protest, not to have it removed 10 years after trillions of narrow waste that down the line . and now we've removed it and people are still saying, do not remove it. for me, it's something that is possibly a decade. i need to have 2 legs. okay. now the question of course is because people generally do not understand this things. i think the government could have done a better job in explaining it. but is it the right thing to do? absolutely, we will wasting money to let me explain it right. my petrol tank? i feel it now about 28000 are,

are used to fill it then with about. 8000 are right before subsidy was removed. a 1000 are is pretty much about an meal for me. right. pretty much about a meal. um $28000.00. still not too excessive, but it's a, it's a huge jump, right. i have more than one car. i tend to fill the tax. hi, olga. my point is my point is if you are keeping subsidy for the people at the bottom of the pyramid who do not have one, i'm do not enjoy this accessories that i'm talking about. then what's the point? my up because i'm buying fuel, i just, i'm filling my chunk of 8000 doesn't mean i'm going to now go and give access to somebody on the street. i'm still going to keep that money with myself. so if the government sees the right thing to do is to remove this so that they can create infrastructure. i think what we as citizens need to do is engage them of that conversation on where is the gap and what are you using the gap to do as against do

not remove substance. all right, so okay, let's come here this some branding. okay, so it comes in rich revenue from customs because generates revenue from texas. we can generate revenue from marine or mary time such or, and lots of other things that you can actually do. i need one, if you block the loopholes, you'll set something about corruption, which is essentially all the precedents i've attempted to remove subsidy. imagine i would send you guys a couple of what the hell is a couple, is a couple of you guys are not in need, especially on the precedents or the governments of nigeria that you can bring to justice and then allowed to pull through like the president said okay, let me come back to the person who introduced this would come ah, ah, so it's obviously a system that has plagued with very many problems. why should you then and trust the same system to resolve the issues as well? um, so to be told, right, i want us to think differently, you know, about subsidies. europe is taking a more i,

so at least on these stands to what's driving factories into the when economies on decoupling from china. the americans, for instance, just pass the inflation acts where they wouldn't be spending $460000000000.00. an alternative benji, and subsidizing electric vehicles. they want to attract factories back home, right? my argument is, how do you power productivity locally? it's in productivity when yesterday the price of diesel is a 1000, there are police were floating us else, right? so if, if the cost of energy continues to hit, the roof would continue to create poverty to a point property. i didn't make you to pose the possible now for the eyes to come in because nobody has the spending power to buy whatever they're going to be producing. and i agree that it has been waste over time. i agree that'd be, has been tested over time, but i think again that we'd have to look critically at the because price shocks and how we can manage them. right. so uh,

but you said something really interesting which is that the knock on effects of this, it's driving people into desperation into serious, serious poverty. anybody else? what? oh well, you would just holding waiting. okay. let's hear from you. yeah. so speaking, how about the issue of crying positive guys to fail subsidy? i think we need to put the spotlights also on large scale crimes. sometime in june 2022, the m d of an empty c limited, mid. 9 drought and national petrow. you on commission of corporation limits, which is my company now. the empty indicated that the daily consumption of 12 is not about 103000000 lead tests by d. a. now he also indicated that's about $53.00 medium of these. a wander on 3 medium by d is actually being stolen. so that's actually a large scale crime. these things are carried out the additional us here and the above, high rocking interview jobs preparatory to describes on me on the notes the government

may or may not know about you told me on you know, your goals. so just to bring the conversation back to sense. so we've spoken about what is happening in the country and the effects. this is having a but 20, i'm coming back to you with the same question i started with. why is this happening in nigeria? you know, we, how is it possible that we're still talking again, subsidizing fuel in an oil rich country. those 2 things don't seem to belong to the same sentence. but general context is when an economy is in a bad state, like the one niger is in, uh, from years and decades of, you know, bad mismanagement, you know, policy mismatch, you know, raisins theft it's, we'll need to take some hard, hard decisions major as glossing here not by one decision, no by one by president, is guarding here by several bad actors come bringing us here continuously while we're experiencing, in terms of high inflation. bob rhodes, by the infrastructure. it's something that has be carried over 2 decades or 3

decades to be to be real. so it's not something that we can flip the switch and change around. so the question is, what do we do to fix it? if we're really as excited all really as passion is about making i dread that's i think the real job is in holding government accountable. oh no, no. let me actually ask the person who's in a position, how do you hold the government accountable? you're relaxing here with you. i mean, we're just can you kind of hold these people to account the what's the point i give an example, there's a local government, jeff s, and you know, good instinct was increasing today. he's been a risk detained by the dss. today was a ring. you know, he's been mishandled for the last 3 weeks because he's simply asked for the location that is due to his new go government. right. and he's being exp, team is being looked up. so the people shouting does will goodman comfortable at all singing songs, you'll kind of hold them to account just to driving the s u. v with the icon for is

that still flying 1st class? definitely not pointing hundreds of aids. i'm flying them across the world for meetings, so we're choking. so if it's really a joke, why you in a position in politics, if you really think nothing can change us, my argument is we need to begin to think, you know, own self interest stuff citizens because the politicians pick you up themselves every time 7 days a week twice on sunday. we have to think sofi city for ourselves. i don't understand. we're our own self interest lives. that's why i'm excited about the young people who are fighting for low school fees. yeah. pursuing their own self interest because the politicians would always take care of themselves. let me hear from gimme a 2nd. let me just give me a 2nd to, to hear from much and because you mentioned self interest and monitoring has actually been arrested for criticizing the government. correct? so correct. that's correct, but i, i wanted to really decide do it's i you because um, when you talk about the accounts, i guess they've been removed his glasses. it's serious. not very talk about

children governance accountable. we've seen a lot of progress in terms of who the governments accountable. so for example, let's have those thoughts with the jen z angelic. this pro, the protest in terms of um and size and size held united around governments and put them on these funds to for them to at least get to the point where there was a need to be told before. individual employees. what we are doing here and expressing ourselves, if governmentally, since we also who's in governments are comfortable saying, listen, the subsidy, you remove the digits in the very spot on hogwash we use with the fixed refineries festival. so that's we come through just but i'm i'm very sorry to interrupt you, but you brought up refineries. are they working at the moment? there is literally fine every day is working. imagine my ex, everybody except post like what you find out what you want the look approximately, which is we look at processing. now, if you fix the st. mary's return for just for a look at me, and it will then help to bring the forces of the mindful play into play in such

a way that the forces of the mind supply will then the takes the prices of food on products which will not make it easily affordable for people, but you didn't do that, you remove the subsidy, you spent a lot of money back with the refineries lives to us again, less to that there to find out it will work this year and we haven't seen that happen. your accounts that we'll see that's accountability wishing full time and then what's the government's continued to do what it's doing. because for example, including the full subsidy in 2012, we move out of subsidy in 2012. and i do not much done districts and government was held accountable and people did a couple of things. people guess i rested on days, a huge public outcry and government sees what can we i agreed to reverse this decision. so as citizens of nigeria on this fund, that power is still very, very useful. and if we continue to use our voices to tell the governments that this is what we want. and we disagree with your policy. this particular policy that you

are implementing measure and government will have no, no other reason than to listen. i'm just, i'm still okay. so i liked that because it brings us really nicely into some solutions, right? we've talked about some of the problems and how they are affecting the society. but if you had a chance to be in those top offices today, what would you do to change things around? i want to hear from some of the young people. first of all, it's giving gen z, let's hear what you have to say to. so i just feel like encouragements, of public opinion, because i usually heard that he was arrested for criticizing the government. okay, so we are citizens, we are and we do not just have the intention to just sit back on for the arms whenever we see things disagree, but especially with the government's actions. we should also be allowed to speak out to so opinions it should not be condemned because of re feel like we have that that would be knows a bit that interest or just some solution. so whenever we, you know, there's something that's constructive criticism and i feel like we, a citizen should be allowed to constructively, decided to go from the government without being condemned to encouragement of

public opinion. cut, also be, you know, used to in has this problem because this is a democratic society and we practice democracy now. no and other fit those you bundle with that. okay. so should all be allowed selection of views and opinions without being honest, there are content. yeah. also yeah, i also think that the government should look into a career to more a manufacturing industry, see it and they may be subsidized into i didn't open the board as for explanations . that's, we've got to you create of the more job opportunities for the youths make more money to exports in goods out. so yeah. drama, i wanted to add to what she said. yes. and manufacturing industry make most manufacturing industry so that we can now explore it, which is a beautiful idea. well before that, how about reducing the import due to think it makes sense to do that so that you can reduce the burden on people and also want to add, we have set of said

a lot about accountability. i don't want to, well, transparency to is very important. we need to know what's happening. what's you, you've reduce the, you've removed this for a subsidy which is beautiful. and you said something about a couple how we showed that these people that made up the cobalt, not the same presses that would still handle the responses. how should we? so this is our issue since for the most. and so talking about public trust i think is, is quite straightforward, simple. but no, just like make people feel like the month. uh, like, okay, like, this thing is in your hon. protects its mickey will. so we're talking about for a subsidy where always, um, reactive know, proactive. you're trying, your plan is to remove subsidy, okay. these are the steps of taking national minimum wage be increased and will crits. i've been useless. the engine bosses talk to people engaging people without human beings. eventually everybody wants manager of the work is the way they said we in dallas on way and says,

i don't know one engine as well. so we're trying to remove subsidy. you have ministers, you have no call government you. i mean you have coffee. look your house of redman by send them back to their communities and them and gives you the valid chips that the people tell them. when do you explain to them, then they'll give you a brief window to perform. what's your engage to make a, what do you feel like they have a piece of cake to come down? okay. a, b, c. you know, there is a system that's make it look like the lead us a whole day on the public. i don't, there was a body, i say, and you that'd be space. we don't care about it so that the east looks like a good kind of body. the be within on what say about we are saying i spoke because citizen, us use it look like the traits, notes with your bodies look like a traits with you. all face it look like a trip to the see should. so we need to remove that. so we're going to show we need to stream the, i do a lot the they should be on the scanned in between the, the, the lead us on the people, the meeting. so we need, so any mean maybe that's we need to remove that and they should be, you know,

moisture understanding of what's, what's the, the default blake is say you should be course see that us need a notion but to be saying that's tricky. and finally, my issue with government continuously is a designated room parlance where we say we need to pick out hospital this government comes in and decides we're going to be 70 social if this government comes is. and that says we're going to be completely democratic. this come it's, it's always a mismatch. so then we are facing this way tomorrow, are going this way. next, the more we turn on, do we go down the middle? it's a continued pick one decision and i've stick with it. but the people, the people which, which is the most important fact during this entire conversation, need to realize that the people who i government are no gods they came out from us . they need to be held accountable. okay, i think that is a beautiful place to wind up. it was a very complex question that i asked, but i think 20 has tried to sum it up really nicely and i don't the at anything the

for you for watching. i thank you always. and so you next time the, [000:00:00;00]

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