The Senator specifically pointed out that the Minister of Finance; Dr. Kemi Adeosun has demonstrated gross incompetence in the handling of the nation’s economy. He emphasized that she has not fashioned out economic policies that would help to take the country out of the economic recession which has lingered for so long.
On the part of the Minister of Budget and Economic Planning, Mr. Udoma Udo Udoma, he said with due respect that he (Udoma) is a distinguished and an accomplished lawyer with integrity. But being that he is not an economist, he lacks the requisite knowledge, skills and experience to manage such a very critical and important ministry.
Similarly, Senator Melaye criticized the Central Bank Governor, Mr. Godwin Emiefele for initiating and implementing policies that have only helped to slow-down and negate the effort of the current administration to improve the well-being of Nigerians and take her out of the recession. He pointed to the fact that the Emiefele was not prudent in handling the disbursement of the money meant for the purchase of arms during the last administration of Goodluck Ebele Jonathan (now tagged as the Dasuki-gate).
Take it or leave it, Senator Melaye’s call for the heads of these ministers and the governor of the Central bank is not only appropriate but timely. For instance, the Minister of Finance, during the second quarter of this year, assured Nigerians that as soon as the implementation of the 2016 budget begins, the social safety net embedded in the budget will help to cushion the effects of the meltdown and will systematically stimulate and enhance the revival of the ailing economy. Again, by the time money for capital projects is injected into the economy, it will create more jobs and reduce unemployment especially among youths.
The passage of the budget into law is four months old now but instead of the economy to improve, we have seen it deteriorating by the day. In fact, the economy is currently in recession, the worst ever, the last of which was since the past thirty three years.
The recent statistics released by the National Bureau of Statistics (NBS) indicates that the inflation rate has grown astronomically to an all time high of 17% in the first half of the year 2016. Nigerians are aware of the fact that the previous administration headed by Dr. Goodluck Ebele Jonathan left the inflation rate between 10 and 11 %.
Today, the poor masses of Nigeria bear the brunt of the economic downturn and are grappling with soaring prices of commodities put at between 100 and 200%. The purchasing power of most Nigerians have been adversely affected due to the uncontrollable increase in the prices of commodities in the market occasioned by the high inflation rate in the country. Staple foods which are essential to human existence have suddenly become outrageously expensive. Most households, now, live from hand to mouth.
The Central Bank of Nigeria’s Governor, Mr. Godwin Emiefele has repeatedly been inconsistent in his monetary policies which might have also contributed to the present administration’s inability to have a robust and sustainable economic roadmap capable of improving the living standard of the people and emphatically dealing with the recession head-on.
In recent time, the Central Bank black-listed some commercial banks and prevented them from participating in the foreign exchange market transactions and suddenly reserved its decision. There are a good number of policies which the Central Bank introduced and within a spell of time either reserved or cancelled them completely. Emiefele seems to be at a cross roads lacking clear at policies that would rejuvenate the dwindling economy.
The ministry of Budget and Economic Planning is very important that the minister so appointed to lead the ministry should have been an economist with robust knowledge, skills and experience on budget and economic planning. Planning is critical to the growth and development of every nation. Therefore, such a portfolio needs a seasoned economist with an impeccable track record. At present, there seems to be no short term and long term plan to tackle the current economic downturn.
This tripartite ministries and an agency of government is saddled with the responsibilities of managing the nation’s economy through appropriate planning, initiation and implementation of policies that would drive the ailing economy and make it very vibrant. Here we are, confronted with an economic challenge but the drivers of these key public sectors seem not to have the right solution to the problem.
I stand to support this agitation because the country needs capable hands that can provide the right remedy to the ailing economy that is on the verge of total collapse. In as much as I will agree with the school of thought that says the current economic challenges are as a result of the fall in the crude oil prices and the mismanagement of funds by the past administration, relevant short term economic policies are supposed to be put in place to mitigate the humongous negative impact of the economic meltdown on the citizens.
It is on record that Iran was sanctioned for years by America and the European countries due to her nuclear programme. Iran was deprived of selling her crude oil all these years despite the fact that crude oil is her major source of income. But the sanction did not cause major economic setback because they were able to plan, initiate and implement policies that mitigated the negative impact that such an action could have caused to her economy and the citizens.
Therefore, this is a clarion call to President Muhammadu Buhari to take bold steps towards identifying those in his cabinet who are not performing to the required yearnings and aspirations of Nigerians and to show them the exit door.
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