The Financial Difference Between The Public And Private Sector; Is There A Conspiracy To Monetize Covid-19?
The public sector in Nigeria is continuously being funded by the government despite a halt in the provision of services rendered by people who are working in the public sector. However the private sector is mostly owned by sole proprietors, entrepreneurs and most private limited companies who depend on constant production to render payment to their workers. I go believe that in developed states like the United States, the effect of the inactivity or a halt of the economy will have a massive impact and it's left to tell how long and impactful the effect might be. But for a developing state like Nigeria without the right resources in place to manage money, don't you think the economy will experience full fledged recession?
Which can directly affect Private ownership of smaller business? How about the massive lay off of staffs by commercial banks, private schools and public limited liability companies like WAMCO? The way I see it, government are still funding the payment of people who works in public organisations despite them being at home for about 5 months now. However they're not concerned about the huge amount of people currently losing their jobs at the private sectors, government claims to be maintaining the rate of employment by paying the public sector but then this is not true as a higher percentage of people works in the private sector and there's a disparity or a sort of neglect by the government on the private sectors.
The public education sector for example are being paid their salaries and majorly this is why no one In the public sector is fighting hard to ensure government sets up a viable method for schools to resume. The private sector workers haven't received any sort of monetary support from the government despite the two sectors contributing to the GDP growth of the nation in general. One of the reasons why the Nigerian economy hasn't become full functional despite the fact that covid-19 can be tackled with the right measures in place is that. The people writing the bills and enacting them into laws are being fully paid hence why will they see a need to reopen back sectors like education and other private businesses?
So since the people at the helm are collecting free money and doing nothing to warrant them earning these monies why will they make moves to open back some of the sectors like education that generates a lot of revenue for the government? The presidency some days ago announced that to they're owing China more than $500million and it might take a long time to pay it. This made me asked what these monies where spent on. So the government is not planning on how they'll proactively suppress the effect of covid-19 on the economy, rather they just want to truly do things like an underdeveloped nation. They're taking actions to placate the moment and it's not even doing anything to curb the increasing rate of unemployment.
So, covid-19 is being monetized and some of the private sector workers have been living on nothing for the past five months. No palliative, no grant, no compensation or directly empowering the private sector to in turn keep people in the job rather than allowing them to be unemployed. So no one is thinking of how to curb the effect of covid-19 on the economy. Rather, people wants to just get by the day. I have a feeling that covid-19 is being monetized hence the increasing figures that's being reported on a daily basis. The government however needs to stop paying the public sector just like private sector is basically going through turmoil and lack of fund due to the lockdown. This action will make it possible to look for viable ways to open back sectors like education gradually with the right initiatives in play to curb any threatening spread.