Revenue shortfall and it's effect on Nigeria's economy.
Coronavirus is a virus that has been declared a global pandamic disease by World Health Organization (WHO) and ever since the outbreak of covid-19 in the world, the world economy has been in great jeopardy and price of oil has sharply reduce at the world market.
Many countries in the world who largely get their revenue from the sale of crude oil had to make a lot of rethink towards diversifying their source of revenue.
The outbreak of the covid-19 has really effected a lot of things in the world including sporting events worldwide, music concert, conferences, meetings, social gathering, marriage ceremonies and Nigeria who largely get it's revenue from the sale of crude has been effected because there has been Sharp drop in revenue of the federal government of Nígeria. Many states government may be having some tough time in paying their staff salaries because many of the State governors depend on the revenue that is coming from federal government to pay salaries.
Federal government also may also have some difficulty in funding some the proposed project due to revenue shortfall likewise State governors.
Some companies have also shortdown due to inability to pay their workers and even schools in Nigeria has been shortdown for past three months now and the worst heat effect is the private schools teachers because can only be paid from what the school owner get from what the parents who pay School fees of their children.
Furthermore, Even the airlines sector was also shortdown and this has lead to a lot of aviation staff losing their source of income.
The outbreak of covid-19 has really make each government to diversify their economy plan, redirect and redefine their economy template,it has make the Federal government to now focus on agricultural sector of the economy.
Agricultural sector can give Federal government 80% of their revenue if properly invested in and it can also arrest the issue of unemployment in the country.
Many countries in the world has also fashion away to prevent the further spread of the virus in the various countries. The World Health Organization has said that the pandemic will leave with us for some time but the organization his working hard towards developing a vaccine to treat the virus.
Some African countries is also working in hand with their traditional institutions to produce a workable solutions to this pandamic disease by providing a local herbal treatment for the covid-19.
Recently the federal government ease lockdown on interstate movement and resumption of domestic flights across the the country this will help to reshape the economy and drive revenue increase in the country.
Meanwhile, Instead of the Federal government depending on the revenue get from oil the should look inwards and invest in the untapped natural resources we have in the country to increase revenue base we mineral natural resources like Gold, Limestone,Coal and many other more.
The Federal government through its other partners to fund small scale business enterprises because some this businesses have been badly effected by covid-19.
International organisations should also find a medium to create grants for small businesses to survive with this our economy can be improved upon and the standard of living of individuals can improved.
Furthermore, if small business grant can be access easily it will facilitate the growth of business and expansion of the business.
Lack of capital is the problem of everyone who wants to start a business in Nigeria and access fund is a major challenge because of the requirement being asked by the commercial banks in which they want to apply for the loan.
The state government should also assist the private schools teachers which their source of income have been badly affected due the closure of schools across the country.
It is imperative that everyone need to redirect and redefine it focus and the need to diversify our source of income amid covid-19 period. We need to go back to agriculture and acquire land to plant different kinds of food crops to increase food sufficiency in the country and with agriculture we can sustain our economic system amid covid-19 period.
Agriculture can improve our economy without even depending on oil money realized from oil sales.
Private sector should not also add to the economic problems of individuals by disengaging their staff rather they should find way to help their staff in the period of covid-19. Federal government should also make available small business loan without much and less requirement for people to access business loan to fund their business.
Every individual should learn how to save money for the running day because of unpredictable period of this nature, Parents should encourage their children to have the habit of saving by doing we are teaching good lagacy to leave with.
Content created and supplied by: Stev05 (via Opera News )
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