of devaluation

Devaluation IS NOT a solution, its just a strategic response....

As the crude oil prices have fallen, we have to respond...we EITHER devalue or we DEFEND the Naira.....

if we DEFEND, we use our Foreign Reserves ie spend down that $28b in CBN ....if we DEVALUE, we reduce pressure on the USD reserves...we make the imports more expensive, hopefully reducing them, thus reducing pressure our reserves....

so the choose is clear, do we have a strong Naira and "weak" reserves, or weak Naira a "stable" reserves?....we cant have both for now......

however the choice has already been made, there is ALREADY a devaluation of the Naira...the issues is not not if we devalue but if we maintain a dual exchange rate policy of N199 and N305 to a Dollar....

the real issue is structurally our economy base is flawed....The Chairman Senate Committee on Tertiary Institution and Tertiary Education Trust Fund, TETFund, Senator Binta Masi, yesterday said Nigeria currently spends over $2 billion annually as capital flight on education abroad....This figure is more than the budget allocation to Education in the 2016 budget....using the market rates...this makes no sense...

The Nigerian with kids offshore are there because the schools in Nigeria and to a large extend education has failed....

Should the FGN/States/LGA decide to make a first charge just 10% of their FAAC and commit to Education, should we mandate allocating 100% of royalty payments....not Royalties not taxes...and earmarking to education, then education will improve, and we will not need to spend $2b annually.....

its not just spending money, its having a long term plan for education, again for now, education has failed....again the solutions are not rocket science...

its our problem..we can fix it...