What new thing did the summit offer? Was the congregation of the so called economic council for a summit to put food on the tables of Nigerians absolutely necessary for PMB to know what to do? Who is advising Mr President against assembling a sound “crack economic team” made of notable egg heads that Nigeria is blessed with rather than engaging in ignominious activities such as an economic retreat? Is PMB thinking that he knows it all even when he is yet to proffer sustainable solutions to address the persisting fuel scarcity which he doubles as the petroleum minister?
When on March 7, 2016, this writer's article titled; “The Many Failed Promises of Buhari" was published in Vanguard newspaper, this analyst was very clear on President Muhammadu Buhari's lack of capacity and the right team to move Nigeria forward. In one of the paragraphs, this author wrote: “Nigerians are hungry. And rather than spend the past 9 months since he assumed office to fight hunger, starvation, poor health care delivery systems, and shelter for the homeless, PMB has been busy junketing the entire globe and painting Nigerians black as corrupt people”. And in another paragraph, I stated: “President Mohamadu lacks clues on how to move Nigeria forward. He also lacks the capacity to be Nigeria’s president. This is because he equally lacks ideas on how to diversify the economy of this great nation blessed with abundant natural and human resources. His team also lacks cutting edge ideas that will take Nigeria out of the woods. They have nothing new to offer as his “miracle making” and “saints” ministers are of the old school or old brigade with little or no achievements to show in their past leadership roles except for Babatunde Raji Fashola”.
I am happy that after the publication of the above article, President Muhammadu Buhari (PMB), found it worthy to convene a 2-two day national economic council retreat to address some of these major challenges like hunger, starvation, poor health care delivery systems and shelter for the homeless; as contained in his economic agenda designed to achieve the change agenda. But what I find very worrisome is the clear demonstration and exhibition of his administration lack of capacity, clues, cutting-edge and innovative approach to proffering solutions that are in tandem with modern day realities.
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Shallow thinking
The gathering of his team for a 2-day national economic conference that ended with the decision to release N350billion to contractors, increase vat, and the ordering of state Governors to identify 2 areas in agriculture to focus on, buttresses this commentator's earlier stated position and remains a monumental disgrace to a nation blessed with abundant educated people and seasoned professionals whose opinions, suggestions and ideas can turn around an economy of a nation willing to reinvent itself. I am writing this because fixing Nigeria's economy does not require rocket science neither does it require a reinvention of the wheel. It is a known fact that our economy is a mono (oil dependent) economy, and it is common knowledge that fixing it requires a simple, well designed and sustainable plan for diversification.
Lack of vision
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Of all areas and available non oil resources in Nigeria begging for exploitation like solid minerals, agricultural produce processing for income generation, the only thing they could offer is increase in tax for Nigerians already suffering from hunger, starvation, job loss and unemployment. Who will pay this tax? Is it the already impoverished Nigerians whose electricity tariffs have been increased or the ones generating their power to run their businesses at unregulated fuel price caused by scarcity which the Minister of state for Petroleum, Ibe Kachikwu, has shamelessly told Nigerians will persist till the month of May even though he was forced to recant his earlier statement?
It is a shame that out of several areas that abound for diversification of the nation’s economy, our leaders could only think of increment of tax, identification of two areas in agriculture by each state of the federation and the payment of 350 billion to contractors even when the vice chancellor of Amadu Bello University, Professor Ibrahim Garuba, recently announced, while delivering a paper titled; “Mineral resources and Mining in Nigeria: Investment Opportunities and Challenges” at a seminar, during the 37th Kaduna International Trade Fair, that there are about 40 different solid minerals and precious metals buried in Nigerian soil awaiting to be exploited; with 70% of these buried in the bowels of Northern Nigeria, putting the estimated commercial value of Nigeria’s solid minerals at hundreds of trillions of dollars.
On agriculture, it is also common knowledge that the government cannot do it alone. So, rather than give the responsibility to this tier of government alone, why not extend it to the local governments and the unemployed who are willing to engage in food production but whose major challenge is funding. So why not make funding with reasonable interest rates and less cumbersome and very challenging collaterals available as a deliberate policy to provide food and employment for willing Nigerians which will in turn add up to the nation’s foreign exchange and raw materials for our industries?
Unrealistic and faulty promises
PMB’s sudden realization after 10 months in office, that, the power situation in the country was no longer funny, and his promise to increase it to 10,000 megawatts by 2019, even when experts have ruled out the possibility, is disturbing. Also, the dismay expressed by the President over the high cost of food items is highly embarrassing. Is PMB just realizing all these?
I find this very disturbing; if Mr. President is truly aware of this hardship, are the forgoing decisions the best for the revitalization of our economy at this time?
His admitting the fact that the plan by his party, the APC, to build 1,000,000 housing units per year might not be realized, and the invitation of foreign investors together with local domiciled big construction companies to enter into commercial housing building is worrisome. This is because, with the current rate of unemployment in Nigeria, why plan to involve only big local construction and foreign inventors when we have so many unemployed building and civil engineers, architects and building experts? Is this a deliberate attempt to settle or compensate his friends and those who donated or invested in his electioneering campaign who may be owners, share holders or invertors in these proposed big firms?
Can’t small and medium scale companies (SMEs) be involved in this laudable project of mass housing provision since SMEs are the highest employers of labour in every economy? Also, why can’t the government develop a national building code to regulate the industry (if none currently exist) if the government is in doubt of the capabilities of SMEs?
Lack of capacity, focus and direction
To really prove this administration’s lack of vision, focus, direction and capacity, President Muhamadu Buhari, told Nigerians recently, at the All Progressives Congress (APC) National Executive Committee (NEC) meeting held at the APC National Secretariat in Abuja, that
“For globetrotting, sometimes, you need to present your case on personal basis to your economic colleagues and neighbours. “Nothing is better than personal touch and I believe that we are learning a lot and eventually, the nation will realize so.” This is surprisingly rather embarrassing if the foregoing is the only reason PMB could give as a reason for his numerous journeys since he assumed office.
Also, the dismay expressed by the President over the high cost of food items is highly embarrassing. Is PMB just realizing all these? I find this very disturbing; if Mr. President is truly aware of this hardship, are the forgoing decisions the best for the revitalization of our economy at this time? Was this 2-day national economic council summit absolutely necessary considering the shallow level of reasoning and proposed solutions proffered?
In his (PMB) several attempts at the presidency, and in APC’s years as opposition political party, are these what Buhari and his party can offer Nigerians as solutions to the nation’s socio-economic challenges; without a clear cut policy direction and strategy?
Why is Mr. President finding it difficult to assemble an economic team that will assist him to think and put things in the right perspective rather than trying to do things alone; displaying his I- know-it-all attitude?
Was the APC only gunning for power all these years in opposition? Can this be why the party said there is no vacancy in Aso rock in 2019? Is the party only concerned about power despite the hardship in the land even when its change agenda now appears a mirage? Why was PMB crying for Nigeria while he campaigned to be president knowing full well that he had no clear-cut ideas to move the nation forward?
What new thing did the summit offer? Was the congregation of the so called economic council for a summit to put food on the tables of Nigerians absolutely necessary for PMB to know what to do? Who is advising Mr President against assembling a sound “crack economic team” made of notable egg heads that Nigeria is blessed with rather than engaging in ignominious activities such as an economic retreat? Is PMB thinking that he knows it all even when he is yet to proffer sustainable solutions to address the persisting fuel scarcity which he doubles as the petroleum minister?
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