Afenifere National Publicity Secretary, Prince Justice Faloye, has stated that democratic leadership in Nigeria since 1999 had contributed to the economic woes the country is passing through, by ignoring the Chapter Two of the Constitution of the Federal Republic of Nigeria that holds the ace for economic boom.
Faloye who is the president of ASHE Foundation, a think tank group, pointed that instead of the political class to implement these basic policies in Chapter Two of the Constitution, they were busy creating policies that never helped the common Nigerian, reports Daily Independent.
He stressed that the so-called structure of economic reforms to tighten the economic noose on the poor, through devaluation, subsidy removal and taxation must be changed, to make meaningful impact to the society.
Faloye stated: “Chapter Two of the Constitution prescribes everything to make Nigeria great – economics, politics, sociocultural, education, health, foreign policy among others, but has been neglected by all parties since 1999, until SDP now made it the focus of the 2027 manifesto.
“However, Section 16 is the most important and essential to making everything else work. Economics is why we became the Slave Coast, amalgamated into Nigeria and currently why we have 63% poverty rate, and nothing short of a War, THE BIG PUSH, can turn around the 500 year economic exploitation.
“Chapter Two is comprehensive – Section 14 is on Sovereignty, democracy and social justice, declaring security and welfare the primary purpose of government: Section 15 are Political Objectives of national intergation against discrimination and prebendalist governance: Section 16 are Economic Objectives ensuring maximum welfare, happiness and a planned economy: Section 17 are Social Objectives of freedom, equality, Justice and dignity : Section 18 are Education objectives of free education: Section 19 : (Foreign policy) : Section 20 (Environment): Section 21 (Culture): Section 22 (Media): Section 23 (Ethics): Section: (Citizenship).
“However as stated Section 16 is essential because it states the right type of economic ideology that can inspire Section 15 Political Objectives, Section 17 Social Objectives, Section 18 Free Education etc.
“However, politicians having breached Section 14 objectives of Sovereignty -politically through election malpractices and economically through foreign inspired neoliberal economic policies, they have not only failed the expressed primary purpose of governance for security and welfare, but every other stipulation.
“There is a question of whether the greatest fault of our politicians is corruption or ignorance due to coloniality of knowledge and power sources that causes mental slavery. I wrote an article in November 2022 titled Neocolonial administrators or Economic Revolutionaries, when I read through the Manifestoes of the three leading presidential candidates – Bola Tinubu Abubakar Atiku and Peter Obi – all vouched for fuel subsidy removals and devaluation.
“Not knowing that fuel subsidies were not consumption subsidies they proclaimed but production subsidy since two thirds of vehicles were commercial, in addition to Okada and Keke, and 90% of our production was based on fossil fuels, so the removal crashed the productive economy.
“They also shared the misconception that Agriculture and Agro-Allied industries will lead to industrial revolution and economic prosperity. Even Obasanjo Farms has not stimulated manufacturing byproducts in nearly 50 years of establishment.
“Our elite are ideologically stuck in the slave plantation economic exploitation nor the colonial economic system of exporting primary goods and importing manufactures, and only want to change the skin color of the plantation slavemasters while the exploited masses are paid unliveable wages.
“Nigeria has remained a poor neocolonial economy with over 90% of its labour in the informal sector made up of agriculture, retail and transport workers on low unliveable wages with no healthcare, housing or retirement benefits.
“Our manufacturing sector contributes less than 10% of our national production, and only 3 subsectors (food & beverage, cement and textile) with low wages account for 77% of manufacturing output.
“Our political slave masters advocate more labour in agriculture that will further depress the low agriculture wages. In USA, China and other developed nations, labour was drawn out to the industrial sector with higher wages. The reduction in the supply of agricultural labour led to wage rises in agriculture, which stimulated the move from peasant to mechanized agriculture.
“Like China before its economic BIG PUSH, Nigeria’s agriculture 26% contribution to GDP is too high, now China has reduced it 27% to 7.9%, USA to 0.9%, EU to 1.6%, all with railways and massive housing that increased heavy industry and services like haulage and logistics.
“Their utopian Manifestos of Agro-Allied industries as El Dorado isn’t aware that Nigeria has the highest agriculture value added in Africa and 5th largest in the world since our agriculture is fully processed in our food, tobacco and beverages, and textile manufacturing subsector. Our agriculture is suffering from laws of diminishing returns due to lack of railways and haulage, leading to 40% wastage of agricultural output that reduces return of investment and wages.
“Instead of economic reforms to tighten the economic noose on the poor through devaluation, subsidy removal and taxation, the structure of the economy must be changed. Prince Adewole Adebayo, the SDP Presidential candidate states that nothing but an economic war, known as the Big Push economic development theory is required. Not just mouthing ‘consumption to Production, his approach to uproot poverty is to tackle the two pillars of the economic system – the consumer and producer market.
“At the root of the consumer market are homes, while railways is the industrial launchpad, both of which are underdeveloped – 30 million people are homeless, while we don’t have a railway complex. Houses are the Ultimate Good and store of wealth that stimulate consumer demand.
“Railways, not just another mode of transportation, has the highest income and employment multiplier effects across the economy. Yam can only grow into yam chips processing, oranges into juice factories, but railways are the largest production unit involving Steel, Plastic, Rubber, Electrical and Electronics.
What is required is a Big Push like the 1933 New Deal by US President FD Roosevelt and China’s Chairman Mao massive public works. Even till date China and India push their economy by building 15,000 houses and 15 kilometers of railway everyday.
With 30 million homeless, and a population growth of 6 million annually, to prevent homelessness worsening, at least 2,500 housing units daily (1 million yearly) must be built across the states based according to population.
The private sector currently builds less than 400,000 yearly (1000 approx daily), while the government budgeted for just 25,000 homes in 2025. At least 7,000 homes daily must be built to achieve its promise of a roof over every head. There must be a railway station in every local government, not just piecemeal approach but a structured approach that entails 10 kilometers a daily across the nation. First creating a grid of three West-East lines (Lagos-Calabar Ilorin-Yola and Sokoto-Maiduguri), and thre South-North lines (Lagos-Sokoto, Port Harcourt-Kano, Calabar-Maiduguri), then States and local government can connect to the mainlines. This railway boom will stimulate at least 50 years prosperity.
“Instead of relying on foreign loans, SDP intends to use tools of Modern Monetary Theory for deficit budgeting. This huge outlay is expected to cause inflation especially if it seeps into imports due to raw materials needed or contractor profits used to buy consumer goods.
“Even without deficit budgeting, economics understands there is a tradeoff between employment and inflation known as the Philips Curve. The tradeoff between inflation and massive development is addressed by ensuring that the rate of inflation is less than the rate of value added.
“Apart from being the only Nigerian institution with nationwide organizational capabilities, the business arm of the Army, the Nigerian Defence Industries Corporation, will remove the cost of contractors and wastage to produce at half the price, which could be recouped in the markets, with the government taking the business incubator role. The scale of the massive public works must be enormous and strategic, mobilizing the whole nation into productive action.
“The building of our economy from the roots of the consumer and producer markets, with the provision of citizens with the Ultimate Good ‘Summum Bonum’ of housing, and railway industrial launchpad that free education, free health, true social democracy and political system all will defend, human dignity, vibrant foreign policy and all other objectives of Chapter Two.”
