Need for financial education

February 4, 2020
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Once upon a time, the naira was as good as the dollar but today, this is a fairy tale. The financial garbage heaps Nigerian leaders are leaving behind for future generations is reflected in the escalating national debt due to our political leaders’ lack of financial education.

The staggering statistics on the nation’s debt have made headlines in recent times. Some questions beg for answers: Has political leaders been budgeting wisely? It was in the news lately that in Jigawa State, an associate professor of medicine and surgery who had a road accident died because there was no cannula to resuscitate him at the Gumel General Hospital. Check the priorities of most of our political leaders. What do you find? Only budgets for renovation of government houses, National Assembly etc.

Could lack of financial education be one of the reasons our leaders fail at their assignment as public office holders leaving millions of unemployed roaming the streets? Nigeria needs leaders who know how to create wealth rather than how to unwisely spend other people’s money. We are not only in a financial crisis; we are in an educational crisis.

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The Robin Hood philosophy of economics we practise in Nigeria is unfortunately responsible for the strident opposition to restructuring the nation voiced from states benefiting from the philosophy – take from the rich states and give to the poor struggling states who mismanage such free wealth.

 John R. Jimoh,

Ijebu-Ode.

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