INTRODUCTION
The political economists say; Labour is the source of all wealth. Thus, labour could be said to be next to nature which supplies it with the material that it converts into wealth creation.
According to Paul Samuelson, an American author and economist of international repute, “Pricing and product are the invisible hands of an economy”. Suffices it to say, Economy is dynamic and distinct from one nation, culture and people to the other. A nation that does not understand its own dynamism, its variables and ready to cause a leap in being and develop accordingly is bounded to the annals and nomenclature of a Third-World Nation. It is pertinent to note that it’s high time Nigeria embraced a new and vibrant concept that will radically show Nigerians of all Creed, Class and educational background ways and how to systematically develop the nation of Nigeria instantly through expansion and enhancement of our economy with the seemingly common organized industrialization mechanism. This mechanism will create well over Two Hundred and Ten Million (210,000,000) new domestic jobs opportunities with a benchmark of Two Hundred and Fifty Thousand naira (250,000) as the our nation’s new monthly minimum wage, through the only veritable tool of pricing mechanism of our National dominant product in the last four decades; the Premium Motor Spirit (PMS) otherwise called Petrol, Fuel or the once almighty black Gold. Whereas, with what I have dub as the dual and appropriate pricing mechanism of N200 and N100, 000:00 per litre of PMS, our nation will create hundreds of Trillions of Naira tied to our natural resources of Crude-Oil for developmental purposes in our domestic economy, almost like the American Shield Oil and Gas Security and Risk Management model that created One Trillion Dollars out of the blues and was tied to that Country’s Oil reserve in the fields of Alaska under President Obama. In all sincerely and clear thought, that was a modified concept of mine I have been canvassing in the internet and other medium, begging for attention in the last decade from successive government of my beloved nation of Nigeria to no avail and now been exploited by the American government. As a matter of fact, the concept of an economic meltdown has been floored just as I have long argued before anyone that has cared to listen to my postulations before it became glaring that concept was a fraud to global economy. Just to revisit, how can there be an economic meltdown when the World is still replete with abundance of natural resources yet untapped? Economic meltdown and over population are relative terms between availability of resources in a given country or place and not the numeric of people and density of the world. Rather, it is a function of the distribution of wealth and not availability of resources. Before you judge, please hold your guns and join me through this piece till the end first.
Now, to simplify this ‘complexity’ of market forces and PMS comparative advantage as the pivot of Nigeria’s rapid economic transformation; it would be instructive to note that the higher the prices of our domestic PMS the better developed and buoyant the Nigerian macro economy will become at its equilibrium of an appropriate price. The spiral effect of these PMS prices regime will no doubt create millions of jobs in excess of our present population. I might just quickly add here before the outpour of criticism and backlash of conventional economists and models of the correlations of prices and inflation that, my researched price transaction would be a cashless model, and as futuristic as it may sound, it is the economic development stage the world has just entered in its infancy. Again, it will interest all to note that the said PMS Price regime will not affect prices of other goods and services as it is the convention of the dying current Capitalist economy, but rather and for the first time in our national history, there will be Zero inflation in the Nigeria macro domestic economy as we lead the charge as a nation to the new global economic order. I am of the opinion that financial revolution is peaceful and achievable when juxtaposing with armed revolution in achieving peace and instant development for all. A yearly budget is not a true statement to determine instant development in comparison to my suggested adequate pricing of one product to develop other products; or if you would not mind putting it this way, deliberately causing “Inflation” on one dominant product to drive an entire economy.
THE PROBLEM WITH OUR CURRENT FISCAL POLICY, PMS SUBSIDY MANIPULATIONS AND PRICING AS THE CAUSE OF NIGERIA UNDERDEVELOPMENT
Fuel subsidy and pricing structure of PMS in Nigeria from 1956 when the so-called black gold was struck at Oloibiri, and till date, have been unable to show or give Nigerians the much desire accelerated development or peace of mind. If this product that has powered most of the world’s technological advancement in the 20th Century and which our nation now almost solely dependent on for its foreign Trade was adequately priced “domestically” from the beginning, especially using my revolutionary model that was borne out of deep thoughts, research and divine inspiration, Nigeria and Nigerians would have experience prosperity that surpassed all other oil-rich nations of the world by now, with bountiful employment and mind-blowing investment opportunities everywhere and regions of Nigeria. As we have it today, the Nigerian macro economy lack enterprise and pragmatic drive of all variables in achieving economic growth, rather, it is a mere giant strive in figure and published statement of low competence and performances over the decades, devoid of standard life for all as in their previous and present convention. May I be quick also to advice against stereotypical views of our “intellectuals” while appraising this concept at this point?
The influence and affluence of the civil society, Labour Congresses, Industries, Religious and the various Arms of government with their economic teams missed out on a significant something in the last price increases which was otherwise called partial subsidy removal. Rather than taking a positive stand on the new price of 141 naira per litre for starters, in its stead, the nation was thrown into rancour and wrangling between organized labour, civil society and government culminating to a reduction of PMS pump price by the government of the day to 97 naira per litre, before the current politically motivated downward review again to 87 naira per litre. Suffice it to say, the negative result of all these inadequate pricing is all too glaring for all to see by the suffering of the masses. Consequently, these are my observation and analytical thoughts my fellow Nigerians and, it is a subject to constructive criticism and engagement for the betterment of our nation to start with, and the world economy at large:
AN OVERVIEW OF THE OLD ORDER AND PMS PRICING
- From when PMS was selling for Shillings till it became 65 naira per litre, it is a common knowledge that Nigeria suffered inflation, Unemployment and under- development of her economy, while I am not unmindful of the role of Corruption and the ever increasing tendency of corrupt practices owing to lapses in the System as well as glaring lack of a proper sanctions of the many offenders and truncates of the System.
- With the emergence of the new price range of 138, 141 to 150 per litre of PMS, still inflation was ever present and no instant employment opportunity and development for Nigeria was recorded. Again, one is not unmindful of the role of corruption and Mismanagement of the economy.
- At the operational price of 97 naira and recently 87 naira per litre should one be lucky or ever get to buy at those prices, it became even worse off with unabated long queues and product scarcity nation-wide. Again, massive unemployment, inflation and no meaningful development were all we have to show for it. As a matter of fact, with the change of Administration practically across the nation, worrisome debt statistics and a near collapse economy were the revelations and biter pills all Nigerians were made to swallow and contend with as a nation as we all need to hurriedly tackle these ruts, least we lose our today and tomorrow as this same nation.
ADEQUATE PRICING OF A DOMINANT PRODUCT TO DRIVE AN ECONOMY INTO PROSPERITY- A PARADIGM SHIFT
This paradigm, if Nigerians agree to reason along with the new concept of the above price ranges, these will give Nigerians of all Creed and Class a minimum and standard individual financial right to say the least; And it should be noted that up till this point in our national life, Nigerians are yet to have nor enjoy a standard financial rights hence the gross inability to exercise their fundamental human rights all through these years. But with this revolutionary concept, all Nigerians will now have that missing individual financial right in our economy; in another parlance, this is what the Western World called Social Security, only mine is an all round advancement on the western concept. With the new concept, all Nigerians can now have a standard individual financial right as to make recycling financial policy contribution for development, this will allow for horizontal flow of policy as opposed to vertical hierarchies. I was able to design an organized market through this amiable price concept that will allow all businesses to be geared towards profits oriented ventures, as it involves the invisible hand of recycling, expanded and organized financial Macro Economic Policy. All fees will be deducted at source, as all will now have means to standard employment or preference share holding to enhance the Nigerian Capital market.
ADEQUATE PMS PRICING- THE SOLUTION
Having identified some of the failures and causes in the old pricing regime and I am now to suggest a new price, which I have tagged the adequate PMS price that will guarantee Nigeria and Nigerians instant development in the face of our nation deepening economic crunch and obvious Mismanagement over the decades by previous administrations; I have worked out an adequate price for our domestic PMS being the nation’s dominant product to sell for 100, 000 naira per litre for government Institutions, enlisted Private and Public Organizations as well as encrypted public service vehicles to secure and Shield Hundreds of Trillions of naira to be created for develop of our domestic economy whilst private PMS buyers, Consumers and Vehicles will still buy a litre of PMS fuel for no more than 200 naira given the current Market variables. Again, I dare to give the added guarantee that this dual PMS pricing mechanism will neither cause inflation nor affect the prices of other goods and services than we already have. And as a matter of knowing, it is sure to lead our economy to Zero inflation at its optimum. Significantly of note, the above prices will determine the quantity of litres of fuel produce in a year as against the quantity that will be consumed in a given year owing to the elasticity of demand and price dynamic mechanism. Take for instance, our quoted ‘average’ domestic demand of 40Million litres of PMS per day which summed up to 12.6 Billion litres of PMS per annual will create and Shield over 1260 Trillion naira annually from both public and private consumption in financial security and cashable bonds on maturity based on individual consumption. Apart from the basic financial security that is guaranteed in the system, there will be more than enough money to rapidly develop our Country. It is these appropriate pricing that will give Nigeria the enabling organized financial environment for adequate growth and organized industrialization of our investment in all facets, such as:
- This will provide instant employment opportunity for 210M and above new domestic jobs opportunities and productivity irrespective of tribal sentiment and affiliations.
- Guarantee new minimum wage of 250,000 naira in both the public and private sectors.
- Build Standard accommodation of three bedrooms flat for all Nigerian workers in both our public and private sectors.
- Zero age children to secondary level adolescent will have monthly allowances of N150, 000:00 in financial securities and fundamental rights.
- Undergraduate of various Institutions will have monthly study grant and allowances of N200,000:00
- Each State in the Federal will have efficient and organized transportation system to manage the States and Nation uncoordinated transportation schemes and negative behavior. And also give room for the organized industrialization of the scattered conventional price policy model.
- The Nation is guaranteed to maintain zero inflationary rates and zero unemployment rates and zero non–availability of accommodation in the next four years, unlike as we have grown to know and experience in today’s so-called modern society.
- 280,000 naira is guaranteed as the new minimum pension benefit for public and private sector retirees.
Today, it is a general believe that should Government increase the prices of petroleum products to as much as 140 naira per litre from the current, yet unworkable 87 naira to guarantee instant development, visually nobody will believe it, how much more for an increment of N200 and N100,000: 00 per litre regime. Fortunately, the latter is just the irrefutable truth of the day having tried the others for over half a Century and failed flat. Should my radical economic team be invited to government roundtable even for mere argument sake, we shall lay our facts and model bare for the benefit of the nation and for government to see how the above mentioned financial and developmental concept could bring that desire change of instantaneous benefit to all. I just cannot echo enough that proper re-pricing is the way to go now as a guide to rein-in Nigeria’s scatter economy and holistically organize the nation’s macro economy.
EXPANDED ORGANIZED MONETARY POLICY: According to Wikipedia, the free encyclopedia, Monetary Policy is the process by which the monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency. And the conventionally accepted models to describe currency are the treasury bills, bonds and naira as the case may be; While Fiscal policy is generally used in economics and political science to describe government revenue collection methods (mainly taxation), and expenditure (spending) to influence the economy. According to Keynesian economics, when the government changes the levels of taxation and government spending, it influences aggregates demand and the level of economic activity. Fiscal policy can be used to stabilize the economy over the course of the business cycle. In the same way we also need organized fiscal policy for effective control of our fiscal transactions.
The two main instruments of fiscal policy are changes in the level and composition of taxation and government spending in various sectors. These changes can affect the macroeconomic variables, amongst others things in an economy. But in the case of Nigeria, injecting or mopping excessive cash from the economy has often suffered the domestic economy due to an array of factors this medium may not be adequate to make bare. But of course, these lingering factors were what led to my introductory solution and the new concept I did tagged as the; appropriate organized price model, using what I called the fourth money approach management (Foreign Reserve, Money in the Bank, Money in Circulation and the fourth money, otherwise called Appropriate Price Model) of our macro and micro domestic economy to achieve instant development for the Nigerian masses, the government and to industrialize the Nigerian economy within a shorter space of time than that of the world acclaimed Chinese’s economic miracle, if not instantly in the case of Nigeria. To achieve this complementary economic model, we as nation need to accept the new appropriate organized price model approach. Nigeria has tried different methods to jig the economy towards organized industrialization but to no avail. An erstwhile governor of the Central Bank of Nigeria, Prof Charles Soludo once recommended removal of a digit from our different currency denominations but could not see the light of the day nor would it have provided any suitable solution to the Nigerian economy at the time. Another former governor of the Nigerian apex bank, Mallam Sanusi Lamido Sanusi, now the emir of Kano, also used the conventional approach which is the fiscal monetary policy and as well direct and indirect regulated pricing approach to the economy in order to achieve instant development or proffer a solution to the Nigeria’s domestic economic problem, but till he left and even now with a new governor managing the apex bank, we still have not found a solution to our domestic economic problems. I want the Federal Government to critically consider my new concept of appropriate organized price model as a viable solution in solving the militating problems against the Nigeria domestic economy over the years. With the new price model, Nigeria can now create over 210,000,000 new domestic job opportunities that is far above the country’s current population estimate with the said new minimum wage.
FINALLY
A tree cannot make a forest we often say and believed, but I do believe a tree can change the forest. That is what I stand for with a new concept of this magnitude as I enjoined other Nigerians to accompany me make a forest out of this country, that is, economically speaking of course. Please I wish to have your reactions and responses for a robust and inclusive input towards having the Nigeria of our dreams. If positive make and send copies to others. Endeavour to be a member of the movement of this historic making event of our lifetime. This concept will give the nation of Nigeria the currencies needed for our macro economic growth in both domestic and international transactions. Most Nigerians are of the opinion that corruption is the reason why Nigeria is not develops; Yes! it is to a large extent, but No! it is so because there has not been enough resources to go round our citizens hence this massive scale of corruption and its practices. On behalf of my team and the good citizens of this nation appeal to our Leaders at all level of governance and influence to see and embrace this novel development in solving our economic woes as we shall lead the world into new economic order.
Thanks
EDUCATION IS POWER 