The next article that starts with the recessed economy must be shred to pieces or whatever the equivalent of shredding is in virtual lingua. Even though that is the fact. A fact worsened by the seeming confusion of many upon whom much of the responsibility of bringing us out of it lies. And sheer callousness of the others.

Now we are seeing another country, by no means as under developed as our going through a similar spell. We see them honestly sitting up to manage the situation. It saddening, to say the least.

The Kingdom of Saudi Arabia, our world’s largest oil producer and exporter, controlling the world’s second largest oil reserves, and the sixth largest gas reserves. Nigeria ranks 13th here by the way. Saudi Arabia, the least diversified economy in within its own region, The Gulf, is a member of the G-20 major economies (along with Japan, U.S, China, U.K, Russia) and has been classified as a World Bank high income economy. Now if all that doesn’t impress you, surely the anything-but-modest-affluence of its royalty must impress you.

Great! Glad we are on the same page. This big deal of a country is also going through economic patch like us. So here’s lesson one: we are not alone. Not in a misery loves company kind of way. Just that our mistakes are not peculiar and we certainly aren’t doomed (to the advantage of a tiny few).

For years, (ideally ‘years’ should be spelt with about 20 ‘Rs’, after all, we are talking 1938 here) Saudi Arabia’s economy has been solely mostly dependent on petroleum. See we are not alone?

Decline of oil prices

The continuing decline in world oil prices has hit Saudi really bad. Last year, the country ran a budget deficit of nearly $100 billion. And again, like Nigeria, a lot of it’s money was being spent on recurrent expenditure, importation of arms and funding of a royalty that does very little.

This article reports that more than two-thirds of those employed among Saudis are in government employment. Again, not so different. So what has this weirdly similar country done to alleviate the economic downturn it is experiencing?

It cut down on salaries and perks of its officials. That’s right. The Caliphate reduced ministers’ salaries by 20 percent, It also slashed their benefits and emoluments, including overtime pay, housing, personal phone and such other perks received by the officials. Before yesterday, this had never been done.

The cuts are part of the Kingdom’s clear, transparent and strategic plan to move past its current situation. The plan is called Vision 2030 with the aims of building a vibrant society, a thriving economy and an ambitious nation.

Lessons for Nigeria

Obviously, this Vision 2030 had us at pay cuts. With Senate President Saraki and other legislators’ earnings totalling NGN 6.78billion annually in a country where the larger portion of the society can barely scrape NGN18,000 monthly, it goes without saying that Nigeria needs a Vision 2030 Nigerian version as soon as it can get one. More like Vision 2017, if President Buhari desires to score any good points in his second coming.

By the way, many of these legislators also get pensions and other benefits that accompany having occupied executive positions at State levels. That’s just the Legislature. There are ministers, permanent secretaries, and local government chairmen who, alone are worth more than their respective communities.

There’s no better time than now to strip governmental positions of all the glamour of riches and wealth that many of the current occupiers got elected for.

Obviously, there is no need to copy Saudi’s blueprint hook, line and sinker. For instance, there’s no need for the raising of fuel prices or embargo on new employments into the civil service.

Certainly, if this the starting point of our leaders in tackling our recessed economy, Nigerians will be more than willing to give credit to the leaders for being sincerely interested in our general welfare.

Roqeebah

Creative mind. Enthusiast. Learner. Multipotentialite. And here, an assistant editor.