ACCOMPLISH MAGAZINE NOV 2023

President Tinubu’s
Slave Economics
Will Provoke a
Haiti-type
Revolution
By Prince Justice Faloye
President Tinubu claimed
that our $10b fuel subsidies
were too expensive and
removed them, which has led
to galloping inflation, while the
United States government’s
Inflation Reduction Act (IRA) is
paying out $369 billion in energy
subsidies. Our London-Chicago
politicians turned subsidies
into a dirty word, but the United
Kingdom spent £258bn on
subsidies across the economy
in 2020/21, representing about
23 percent of all government
spending. It is basic economics
that subsidies provide huge
multiplier effects to stimulate
consumer demand and local
production, while Tinubu
subsidy removal has killed the
economy and he only wants to
use redenomination to hide the
corpse. Mental slavery is so bad
it can make you self-destructive
and even commit suicide.
For political survival, the
political leadership of Western
nations, led by revolutionprone
France, introduced an
array of subsidies, following
the Russian Revolution. Even
though energy and transport
subsidies are at the foundation
of Western mercantilist
economies, to avert revolutions
across Western nations in the
mid-1900s, they paid out huge
housing subsidies which is why
they have neat rows of houses
across their cities built around
the same time. Subsidies were
paid for employment, health,
transport and agriculture to
stop price fluctuations that kill
agriculture, but African leaders
fall for upside-down economic
theories prescribing subhuman
conditions for Blacks, to
arrest and exploit us in modern
economic slavery.
Like with the Native Labour
Supply Theory, the backward
bending supply curve, to
justify low Black wages, it
was postulated that Black
people are genetically lazy
and couldn’t be motivated
after a certain level of wages
to supply more labour, current
day Eurocentric scholars and
politicians postulate a body of
self-destructive and povertyperpetuating
policies. One can’t
but wonder which International
Monetary Fund (IMF) economic
rule book informed Tinubu to
remove the $10 billion subsidy
which was just 2% of our gross
domestic product (GDP) which
led to multiplier effects of over
33% in the economy, when the
latest IMF report estimates
that 6.5% of global GDP ($5.2
trillion) was spent on fossil fuel
subsidies in 2017, a half trillion
dollar increase since 2015.
Who are Nigeria’s economic
models if not the world’s largest
subsidisers that include China
($1.4 trillion in 2015), the United
States ($649 billion) and Russia
($551 billion)? The International
Energy Agency estimated
that so-called consumption
subsidies for fossil fuels across
the world doubled in 2022 to
$1 trillion globally. The agency
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Accomplish Magazine