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 Govt Should Support Private Sector To Prevent Job Losses.

It is necessary for the

Federal Ministry of Finance and Central Bank of Nigeria

to place the economy in induced coma, albeit temporarily, by printing money and making it directly available to companies in form of very soft loan to preserve workers on the payroll & prevent job losses. The economy need easing.

Govt should not bailout itself by hiring more workers, they should make it easier for private labor employers too.

In fact, the total govt labor, FG, SGs & LGs are less than 5M people.

With over 50M employed in private labor, Govt should consider easing for private sector too.

Hiring 774000 people throughput the country is a good step in distributing value to the entire country, however, losing only 10% of the value of those employed in a private labor will amount to roughly, 5M job losses, which is the estimated number of entire govt employees.

We have to go beyond economic books & surgically attend to the economy from head to toe at this point.

Forex, should be our less concern since all foreign engagements are suspended till further notice.

Our main focus should be on Naira circulation to sustain purchasing power.

The Covid-19 crisis presented an important opportunity for Nigeria to truly measure its economic value, its currency power & its productivity absent dollars which hitherto defines the make or break of our economy.

We must seize an opportunity from this Covid-19 crisis.

Crisis situation such as this, though filled with fear & uncertainty, but in it, we must plan for the present to be protected & preserved & work on building a more efficient, productive & greater future for our people.

It is time for us to re-engineer a better economic system