By Uzoma Ngozi
However, it seems that this government has no clue on how
to fix the economy. The incompetence of Buhari’s economic team is instantly
apparent as the economic system is on the verge of collapsing; inflation is on
the rise, purchasing power is very low, unemployment is high, the country is in
gross darkness and it seems like Nigerians have already lost hope in this
government.
The best word to depict an economic system led by Buhari
and his team without a pattern is to refer to it as “Buharinomy.” To borrow the
words of Prof. Utomi, Buhari is indeed operating an “archaic and medieval kind
of economic system.”
Despite the pathetic situation of the economy, his
economic team has been mum about the present state of affairs. And instead of
the president to accept the responsibility of giving direction to the economy,
he keeps blaming the immediate past administration for the present economic
woes. He forgets the word of the German author Eckhart Tolle that says, “Discontent,
blaming, complaining, self-pity cannot serve as a foundation for a good future,
no matter how much effort you take.”
There is no basis to compare the Buharinomy and the
economy of the past administration because the economic policies of the
immediate past administration were direct and had a human face to it.
One technocrat that made a difference in the past
administration was the former Minister of Finance and coordinating minister of
the economy who helped in charting a cause for the economy. Although the
administration had its own challenges, she put policies in place that helped
cushion the hardship known to the ordinary man in the country.
Okonjo-Iweala in a bid to help this administration advised
the president to concentrate on diversifying the economy, block leakages and
rebuild buffers. But they’ve chosen to dismiss her advice with an excuse of
fighting corruption.
The government claims it is fighting corruption, thereby
leaving the economy to take a downturn. Jonathan’s administration also
experienced a shortfall in the nation’s revenue which also resulted from the
fall of oil price. But it was quickly addressed by Dr Okonjo-Iweala, thereby,
reducing the effect on the economy.
The minister strategically achieved this by opening up Nigeria to the global business community which
made the country to be Africa ’s number one
destination for foreign investors. In the first six months of 2014, a total of US$9.70
billion or N1.51 trillion flowed into the national economy as foreign direct
investments (FDI).
This is relative to what this present economic team are
doing, instead of working hard to open up the country; they are all singing the
same song of blaming the previous administration, without any clue and vision
on what to do to move the nation forward.
One year running, this administration has no economic
blueprint for the country. However, if the president really wants to diversify
the nation’s economy then he should stop being the Minister of Petroleum and
become the Minister of Agriculture.
Although Jonathan wasn’t the Minister of Agriculture, he appointed a skilled
technocrat that made a difference. As at the end of 2013, the proceeds from Nigeria
I am yet to see the present Minister of Finance Kemi
Adeosun chart an economic policy that will curb inflation against the increase
in the price of fuel. I’m yet to see Audu Ogbeh, the present Minister of Agriculture encourage policies that will inspire
the young generation to go into farming.
And I’m yet to see where the Nigerian economy is heading.
Nigerians must stand up and call out this government to do
the right thing by taking ownership of the challenges. Thereby, finding lasting
solutions to the hardship some Nigerians are facing.
Uzoma Ngozi is an
entrepreneur and a social commentator who resides in Lagos
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