Is Nigeria Still In Recession? There Is Unbearable Hunger In The Land

By Fredrick Nwabufo

When economic syrups do not improve the health of a diseased economy, the medicine can be best described as fake, substandard, and voodoo-ish. Nigeria ‘exited’ recession in September 2017. At the time, the government made exorbitant promises, and bragged that it “rescued” the economy from the buccaneer manifestations of the Jonathan administration. I remember, Lai Mohammed, minister of information, made this a refrain at every official event.

*President Buhari and Finance Minister Adeosun 

But months after the ‘exit’, the economy has not improved. And there are no pointers to marginal economic recovery.

I will not buy that economic bullshit that ‘there are significant improvements, but that they will become visible in another one or two years’, because the government has sustained this lie for three years.

Nigeria: A Nation Without Leaders

By Anthony Cardinal Okogie  
When a nation is in turmoil, those who have faith in God must pray. Given clear indices that Nigeria is in turmoil, we pray: Gracious God, grant that our leaders become wise, and the wise become our leaders. But it would be irresponsible fideism to simply pray and fold our arms. Those who pray must think, and, having sought and obtained answers to right questions, they must act intelligently.

*Cardinal Okogie 

As Nigeria passes from one turbulent season to another, it has become inescapable to inquire: what is the quality of leaders—of the men and women at the helm of affairs—in our beloved Nigeria? Can it be said that those at the helm of affairs—at federal, state, and local levels of government—are sufficiently competent to navigate the ship of state? Do our leaders fit the bill?

The high level of insecurity in our land; the abysmally low quality of life of the average Nigerian, in scandalously sharp contrast with the opulence in which past and political office holders live; the self-serving and malevolent demagoguery that accompanies unitarist, secessionist, and xenophobic agitations in our country; the propagation of the stubborn myth that one’s ethnic community is marginalised by all other ethnic communities, when in fact every ethnic community is marginalised by the incompetence of our leaders; the acceptance of this myth by young, discontented but gullible Nigerians: these and many other indices offer little or no hope to even the most incurable optimist in the land. 

Nigeria: When ‘Clueless’ Is Better Than Calamitous

By Bolaji Tunji

The present government of President Muhammadu Buhari would, in a few months, be two years old. Ever since the government was sworn in, save for the euphoria that trailed a new government and the expectation of Nigerians looking for change, if truth has to be told, Nigerians have not really got anything to show for all the change that they were promised. There is hardship in the land occasioned by the poor state of the economy. Nigerians are hungry. Prices of essential commodities are soaring. Food items are no longer affordable. As for social amenities, Nigerians experience more of darkness than light as power has worsened. Former Lagos governor and Minister of Power, Works and Housing, Raji Fashola has not been able to find solution to the problem.

*Jonathan and Buhari 

Most of the people who aided and supported this government such as former President Olusegun Obasanjo have equally signaled their dissatisfaction with the way things are going. He told the government to concentrate on clearing the mess inherited instead of complaining about the situation. In the early days of the administration, it was the in thing to blame the Goodluck Jonathan administration for the rot in the system. If the present government would continue to have its way, it would still have preferred to continue blaming the previous administration. But this would have shown the new government as lacking in initiative – for still blaming its predecessor at nearly two years of taking over.

Come to think of it, does this present administration have initiative, creativity? I do not think so. As much as Nigerians admire the person of President Buhari for his honesty, integrity (I equally do), he has fallen short of the expectation of so many Nigerians. This is not just about criticizing the president for the sake of it, but criticism is coming because the president, in the past 20 months, has shown his unpreparedness for governance. I want him to succeed but wishing is different from the reality. The reality is that nothing is working. Companies are finding it difficult to continue and jobs are being lost.

How Do I Rescue Nigeria, My Country?

By Dan Amor

I am first and foremost a Nigerian child. Then I am a depressed Nigerian youth. Depression obviously has its several roots: it is the doubtful protection which comes from not recognizing failure. It is the psychic burden of exhaustion, and it is also and very often, that discipline of the will or the ego which enables one to continue fighting, continue working, when one’s un-admitted emotion is panic.

And panic, it is, I think, which sits as the largest single sentiment in the heart of the collective members of my own generation. Today, I find myself in an overwhelmingly urban society, a distinctly urban creature. Thus, I am adequately informed of current developments in my country. I am anxious, angry, humorless, suspicious of my own society, apprehensive with relation to the future of my own country.

Quixotic, yet optimistic, I am on the prowl for the immediate and remote causes of our national predicament. My nostrils fairly quiver for the stench of some injustice I can sally forth to condemn. Devoid of any feeling for the real delineation of function and responsibility, I find all the ills of my country, real or fancied, pressing on my conscience. Not lacking in courage, I am prepared, in fact, to charge any number of windmills.

But in so doing, I am often aggressive and unapologetically critical of my own society, critical of what I need to live by, critical sometimes of God’s own choice of creating me a Nigerian. You may wish to call me names. But do not call me a crank or an eccentric. For, on a very rough and ready basis, you may well see an eccentric as a man who is a law unto himself, and a crank as one who, having determined what the law is, insists on laying it down to others, like some dictator of many a black nation.

The Tragedy Of A Presidential Illness

By Dan Agbese

President Muhammadu Buhari is back home and is now at work in Aso Rock. That sentence, a poor reportage of stale news, speaks to our collective relief at seeing the president as usual resplendent in his white baban riga, at his desk.

The enormous relief at his return is still washing over the nation. He was away for 50 days. And for 50 days, this nation was on tenterhooks, consumed by fear, concern and anxiety. And hope was progressively marginalised. Presidential spokesmen positively muddied the waters when they unnecessarily tried quite gallantly but pathetically vainly to deny what was patently undeniable: the fact of the president’s illness.

I join millions of my compatriots in welcoming Buhari back home. It is the Lord’s doing. Or, perhaps, more appropriately in this case, it is Allah’s doing. 

It should not be difficult for Buhari to pick up from where he left off more than 50 days ago as of this writing. He is lucky to have a vice-president who is committed to the ideals of governance they share and did a splendid job of minding the complicated shop by the name of Nigeria. His administration remains on course. Splendid.

The president’s illness was a sad and cruel reminder that illness is no respecter of persons. All mortals, presidents and truck pushers alike, are subject to the grim decision of the Grim Reaper entirely at its own discretion. The president is human; so is the truck pusher. I see the president’s illness as an interruption on his programme of salvaging the country. It shook the nation as much as it shook his own immediate family. Pox on illness.

BREAKING: It Is Now US1$ To N500!

As Nigeria's economic recession worsens, the Naira has suffered further depreciation. One US dollar now exchanges for five hundred Naira (N500)...

*Today's Exchange Rates

How Not To End Recession In Nigeria

By Fred Nwaozor

The last time I checked, people had abruptly become fond of attributing silly jokes, even the ones cracked by a day-old child, to Robert Mugabe, Zimbabwe’s president. Currently, a day won’t pass without experiencing a certain comic utterance trending on the social media, and when one scrolls down, he would observe the comment is credited to no other person than the man who has ruled Zimbabwe for 36 years.

*Buhari 

This can be related to what is making the rounds in Nigeria at the moment. Right now, any misfortune in the country, be it personal or corporate, is wholly attributed to the President Muhammadu Buhari-led government owing to the obvious minuses the administration is characterised by.

It is needless to reiterate that Nigeria is at present undergoing recession. I’m afraid, if the needful is not done as quickly as possible, depression might set in soonest. Hence, sound thinkers cannot fold their arms as the painful and pathetic situation lingers. It is their duty to proffer the needed remedy as well as tender constructive criticism when and where necessary to ensure that the embattled giant of Africa regains its strength.

The Federal Government (FG) has promised that the 2017 budget, estimated at N7.298 trillion, would pull Nigeria out of recession. This pledge does not augur well for the country since the implementation of the 2016 budget of N6.08 trillion is still ongoing, and indeed, over 60 per cent of the budget is yet to be implemented.

Besides, do not forget in haste that Nigerians were equally promised a while ago that 2016 budget would end the recession. Intriguingly, the focus has suddenly been shifted to the yet-to-come 2017 budget. This confliction of promises significantly indicates that the actual disease ravaging the country’s economy is yet to be discovered by those entrusted with the task. I would say the 2016 budget can end this monstrous era once and for all, if the appropriate things are done. The 2016 budget is conspicuously bedevilled by limited funds, hence, the prime problem is not its implementation but how to find the required funds. We need to concentrate on realistic issues rather than empty ones. This is the only way we can make progress.

If we fail to implement the 2016 budget as expected, we will arguably still encounter similar hurdles when the awaited 2017 budget is eventually approved by the National Assembly (NASS). Moreover, a deficit of N2.269 trillion in the 2017 appropriation bill is enough reason to worry. This implies that Nigeria would continue to live on mere promises whilst thousands of Nigerians are dying with countless firms running out of business, on a daily basis. Since the NASS is yet to approve the Presidency’s request to borrow $29.9 billion externally, which is in line with the people’s wish, I suggest we look inwards toward sourcing for funds internally. Several citizens would be willing to lend, or even donate, to the government.

Where Are We Headed, President Buhari?

By Rotimi Fadsan

The above question probably sounds very unfair and it’s probably in order to address what makes it so before going on any further. The first thing is that the question gives the impression we are under the control of a leader, a pilot or a driver of a vehicle who has lost his sense of direction.

 Such an impression, on the one hand, might imply that this leader as the driver, pilot or whatever else we may choose to call him, of our metaphoric vehicle is adrift and is aware of it. On the other hand, the impression created may be that the leader has no sense that he has lost direction. Neither impression nor its implication is flattering as it leads one to ask if the leader is asleep at the wheels or is simply lazy or shirking, which would be grossly irresponsible. 

I do not for a moment believe the conclusion that the impression painted above leads me to about how President Muhammadu Buhari is leading this country. Which is why I consider my opening question probably very unfair. While leadership is never an easy thing, it’s not at all difficult- in fact it’s very easy to be critical of those in leadership positions and to dismiss their effort with a wave of the hand. To do that without any appreciation of what they might be facing is both unfair and irresponsible. 

My belief is that President Buhari is not sleeping on the job but is working hard to bring about the change he promised before his election.  His intentions for Nigeria appear completely genuine and he is doing his best to realise them. What is, however, critical is how he goes about realising his goals. His strategy for moving Nigeria in the direction of political development and economic growth does not appear well thought through. He seems to and is surely attempting to do too many, not just too soon but all at the same time. 

What this results in is that he spreads himself too thinly across the different aspects of our national life demanding his attention with the further consequence that his government appears to lose direction. It is for this reason that Nigerians are increasingly questioning the competence of this government and demand to know its blueprint for development. It is why they are anxious to know where we are headed and if this government is indeed working at all. 

President Buhari as a person and his ministers might well be working far more for the good of the country and in more selfless manner than those they replaced. But the manner they’ve gone about their job might not be helping their cause or be doing justice to their effort. The question is not therefore whether the president or his ministers are working but how and at what they’ve been working. As for the President, one can see him as he goes on his numerous travels and imagine it can’t be for the fun of it.

 At his age and considering the toll such trips must be having on his body, he can’t be doing them for reasons of personal gain. Nor can it be for the purpose of amassing foreign exchange for the ‘extra duty’ of additional air or road mileage covered. This definitely can’t be his purpose. There must be something more fundamental, a greater motive for his air exertions than the merely pecuniary or sensuous. Even the trips appear to be wearing him down. He looks spent these days than he was when he took office. He simply can’t be going around for nothing. It is true that our leaders appear to be footloose once they get into office, creating the impression that they enjoy the trips abroad than staying back home to do the hard work of leadership.  

President Obasanjo was criticised for this. President Jonathan far less so. Only President Umar Yar’Adua escaped this type of criticism and, perhaps, for the obvious reason of ill health. There must therefore be something in the nature of their job that, for good or bad reasons, compel our leaders to embark on frequent trips abroad. But in order that these frequent trips to get support do not amount to nothing; in order for him not to appear to be out of his depth governing this country, President Buhari needs to concentrate his effort in one or two direction. So far he appears to be fighting corruption at the expense of everything else. His efforts in this regard have not come with the right kind of reward. They appear bogged down by court processes even when there is no doubt that most of those caught in the net of investigators have a lot to explain. But victory may not come too soon. 

Nigeria: Living In Troubled Times

By Robert Obioha

WE  are, indeed, living in troubled times. Nobody can say for sure if this is the perilous times that the Christian Holy Book predicted long time ago. Nigerians are really passing through a hellish period in the history of the country. Nigerians are no longer a ‘suffering and smiling’ people. They complain a lot these days. They do so openly as well as in the confines of their homes.

*Buhari 

Listen to telephone programmes on radio and television and hear and see the anger of these Nigerians as they lampoon the government for their misfortunes. Go to the newsstands and hear them vent their anger on our rulers and politicians, especially those in Abuja. They also have solutions to the nation’s woes apart from fighting corruption. If those in government can come out and listen to ordinary Nigerians, they would know what they are passing through now.

They would probably be in a better position to solve the nation’s many problems. Leaders should, once in a while, disguise and mix up with the masses to have a feel of what they go through as citizens of this great country.

Go to the markets and hear them abuse our politicians to no end over their misery and calamity. Go to the buka joints and beer parlours and feel the anger and frustrations of Nigerians on the economic recession. On what government said it would do but now refused to do. All Nigerians are hit by the harsh times but low-income earners are the worst hit.

The poor are already down and therefore are not favoured at all. They also bear the brunt of the hard times as prices of goods, especially food items are going up at astronomical rates with each passing day. The irony is that the rich and the poor buy from the same market. The Nigerian market does not discriminate the poor from the rich.

And there is no refuge in sight that all will be well within a short time. Nigerians are not happy the way things are going in the country now. Not even the prayer warriors among them are optimistic that things will soon get better. A bag of rice now sells for between N18,500 and N19,500 while 5-litre of vegetable oil is N3,500. Palm oil is also out of the reach of the poor as 5-litre of it sells for between N3,800 and N4,000.

The prices of other food items have also gone up. Many Nigerians are finding it difficult to feed. As things stand now, the prospect of famine looms large. The government has even warned of imminent famine should farmers continue to export their farm products.

Nigeria’s economy is in its worst shape now. Renowned economists have alarmed us of the dire situation we are in and made some useful suggestions. Even former President Olusegun Obasanjo has added his voice on what the present leadership can do to salvage the situation. We shall return to the ex-leader’s recommendations later in the article.

Poverty And Hunger Amid Opulence

By Matthew Ozah  

I shall begin this piece on a morbid note, with other disturbing tales. A news report that went viral on the internet has it that a seven-year-old boy in Lagos was lynched for allegedly stealing garri, perhaps to quench hunger with it. Of course, the wickedness and horror that followed the public anger shows signs of the times in the country.

President Buhari's 72nd Birthday party 

Also, President Muhammadu Buhari recently raised the alarm and warned Nigerians to brace themselves for an imminent outbreak of famine in the country. In the same breath, he called on religious and traditional leaders to assist him prevail on the selfish businessmen who took advantage of the huge demand for Nigerian grains in the global market, to embark on mindless and profit sojourn exporting grains across our borders and put local market and citizens out of food. Another horrendous situation is the United Nations’ warning that 75,000 North East children risk dying of hunger if we don’t do something urgently about it.

Oddly enough, in the face of all these heartbreaking news coupled with inflation and looming economic hardship in the country, the pomposity about wealth and how it’s being exhibited by the political elite is evidence that opulence has found a new home in Nigeria. The position the political elite chose to place themselves and the masses is like a tale of two cities, on the one hand, is a view of a world dominated by an empire without a king on which the sun proverbially never set, on the other, an amorphous blob in which people have dissolved into areas of darkness and are not remembered until election period.

Nigerians will find much to intrigue, entertain and absolutely electrify while wondering and trying to figure out the mind-set and the subtle difference occasioned by the wide gaps between politicians and the masses. By their very nature, you need no interpretation to discover their deceit and everywhere they exhibit their prowess, that immediate striking influence which requires no labels will sense and expose their presence. It is, therefore, hurting that politicians are insensitive or they pretend not to have any clue about the sufferings of the masses, of whom they cajole with mouth watering promises during election campaigns. They fight for their self aggrandizement once in power.

A case in point is a recent report of N3.6 billion expended on exotic cars for members of the House of Representatives. They chose to splash money on luxury cars at a time the country’s economy is having some difficulty and when crude oil price, the major foreign exchange earner for the country is dropping on a daily basis. In defence, they rebuff any one that dares to question their misdeed, claiming that the cars are not ‘luxury’ and that it is long overdue for their oversight functions and they cannot sacrifice anything for it. Yet, they are quick to ask Nigerians to endure the economic hardship and sacrifice more for the nation. But when it affects them, they shall be first served.

Nigeria: Between Hope And Hopelessness

By Dan Amor

In 2015, during the Presidential campaigns, the ruling party, the All Progressives Congress (APC) then in opposition, promised Nigerians heaven on earth. They said they would turn Nigeria to a new paradise in Africa. Boko Haram would be defeated in six weeks. The pump price of petrol would be brought to forty Naira per litre. Naira, the Nigerian currency would be made to be at par with the American dollar. Primary and secondary schools students would be provided free food daily. Unemployed Nigerians would be given a welfare stipend of five thousand Naira (N5,000) each every month.

 

                                                                                  *pix: cnn

The list included over 150 promises, too numerous to be accommodated here. More than sixteen months of the APC in the saddle, Nigerians are told to be prepared to make sacrifices, that the change must begin with them. Boko Haram has been defeated only on paper.  Sambisa forest has been liberated by federal forces. But the insurgents have metamorphosed into killer herdsmen who are being pampered and protected by security forces to kill armless Nigerians. The Nigerian currency has nosedived several octaves below its metropol. It now exchanges for almost 500 to the dollar from N165 to the dollar in May 2015. Petrol which sold for N86 as at May 2015 now sells for N145 per litre. Millions of school children are still at home more than a month after schools have resumed across the country. Everywhere, there is hunger and gnashing of teeth as inflation has risen above rooftops. But, in his October 1 independence anniversary broadcast to the nation, President Muhammadu Buhari asked Nigerians to hope for tomorrow, that tomorrow would be better. Are Nigerians hopeful of the day after? Will tomorrow ever come? The collective answer to this poser is a resounding NO. Tomorrow hardly comes.

If Nigerians are no longer hopeful of tomorrow, they deserve pardon. For, never in the history of mankind have a people been so brutalised and tortured by the very group of people who are supposed to protect and nurture them. They ought to be pardoned knowing full well that their manifest state of hopelessness has extended beyond disillusionment to a desperate and consuming nihilism. Which is why the only news one hears about Nigeria is soured news: violence, arson, rape, killing, maiming, kidnapping, robbery, corruption, official lying, etcetera. It is sad to note that Nigeria is gradually and steadily degenerating into the abyss. Even in a supposedly democratic dispensation, a sense of freedom, a feeling of an unconditional escape, a readiness for a genuine change, is still the daydream of the entire citizenry. Everything is in readiness for the unexpected, and the unexpected is not in sight. You cannot possibly conceive what a rabble we look. We straggle along with far less cohesion than a flock of cattle or sheep. We are, in fact, even forced to believe that tomorrow will no longer come. Quite a handful of us are simply robots without souls; as we are hopeless because we are conditioned to a state of collective hopelessness.

Change Begins With Buhari And APC

By Lucky Ofodu

The recent launch of ‘Change Begins With Me’ campaign by the Muhammadu Buhari’s administration goes against the moral etiquette of leadership by example. In his speech at the ceremony, the president shifted the responsibility of his Change agenda to Nigerians instead of the other way round. He seemed to be blaming Nigerians for the mélange of problems facing the country under his watch. He urged the citizens to change their orientation and attitude for the country to get out of its current misfortune.

*President Buhari and Lai Mohammed

In other climes, it is the leadership that sets the standards for the followership. The President’s remarks were hardly surprising. Followers of events since this administration came to be would agree that this government has not for once taken responsibility for anything. All it has been doing is to blame others for its glaring shortcomings; always passing the bulk. The government forgets that a leadership that does not take responsibility is a failed leadership. People are voted into power to solve the problems confronting society. They are expected to dig deep and come up with solutions in order to uplift the lives of the citizenry.

They are not elected to lament and look for those to blame for their lack of performance. Unfortunately, blame game and propaganda have become essential ingredients of governance in Nigeria in the last seventeen months. The problem of Nigeria has not been with the citizens, but those who lead them. So there is need for value orientation and change. And this should be directed at the leaders first of all. This is what Lai Mohammed and the egg heads at the National Orientation Agency should have done instead of turning the campaign on its head. With the wrong attitude with which the Change campaign has started, one can state categorically that it is as good as dead.

Come to think of it, the timing of the ‘Change Begins With Me’ campaign is patently wrong. With starvation and unprecedented hardship pervading the land, many Nigerians view this as adding insult to injury. As they say, he who come to equity must come with clean hands. The kind of campaign Nigerians want to see right now is such that would put food on their tables; campaigns geared towards paying the backlog of arrears of salary owed state and local government workers across the country; campaigns that would alleviate the suffering of pensioners; campaigns made up of think-tanks proffering solutions to the country’s economic quagmire; campaigns aimed at alleviating the horror Nigerians are going through right now; not one asking them to be disciplined or that blaming them for government’s ineptitude. The situation has gone beyond political rhetoric and blame game. How do you discipline a starving populace?

Nigeria At An Economic Crossroads

By Ndubuisi Ukah
To say that Nigerians are economically hurting at this moment is no exaggeration; to state that most Nigerians have never had it this economically difficult in their lifetime is not an overstatement; the fact that most Nigerians are out of work and go to bed hungry now is no longer news. The pains are palpable in the voices and faces of everyday Nigerians on the streets and in the work and market places across the land – driven by the current economic recession. And while it’s luring to heap the blame squarely at the doorsteps of fallen crude oil prices, it would be best to put the blame to where it rightly belongs – on our visionless and prodigal leadership class, who instead of building the nation’s future by responsibly planning ahead for times like these, irresponsibly chose to build and nurture an unprecedented corruption industrial complex.

What we are experiencing right now in the country is a practical realisation of the age-long saying that “he who fails to plan, plans to fail”. For decades, the leadership class rather than engaging in the patriotic act of nation-building, has spent most of their time perfecting the shameful act of betrayal of public trust by repeatedly engaging in massive looting of our “easy-to-come” petro dollars, at the callous expense of everyday Nigerians. Stories abound of looting in the billions of dollars of monies earmarked for road construction, Niger Delta development, power rehabilitation, refineries turn-around maintenance, and fight against Boko Haram even as innocent Nigerians, women and children were being raped, abducted and killed by the Boko Haram renegades, etcetera. As such, in the light of the above and other several well-documented gross mismanagement of our national wealth by an irresponsible, greedy and visionless political class, it’s unfortunately, fair to conclude that the current economic recession has been a long time coming.

It’s also fair to acknowledge that all of these frustrations led to the CHANGE vote by the Nigerian people in the last election. The election was simply aimed at making a statement against impunity and business as-usual.

While the current administration has recorded some success in the areas of reducing corruption in public service and curbing the free reign of Boko Haram in the Northeastern part of the country, it’s clear to any objective observer that not much has been done to instill needed confidence in the economy, especially by way of sound fiscal and monetary policies. There doesn’t seem to be a steady hand in-charge of the economy at this time and this doesn’t bode well for the administration after 15 months of coming to power. 

All one hears most of the times on the pages of newspapers are platitudes and pockets of incoherent and reactionary interventions by the apex bank. It is well known that nothing hurts an economy and scares investors and the business community during an economic recession more than equivocation and non-steady economic steering hands. Considering that recessions are not uncommon in nations’ economic lives, one tends to believe that what our economy is suffering more from right now is not simply the recession, but the feeling of hopelessness in the recession. A time as serious as this calls for decisive economic leadership and clarity of direction.

Mr. President, if I were you, I’ll be on national television engaging in question and answer sessions as often as possible, explaining the present economic problem and possible solutions in very simple and clear terms to the Nigerian people. You owe it to them and they rightfully deserve it. The Nigerian people are hurting so much right now and they don’t seem to get the sense that someone is caring, listening and doing something to alleviate their sufferings.
The Nigerian people are a smart people; they get the fact that the problem did not emanate with this administration, but they also understand that things could really get worse if nothing urgent and serious is done right now by the administration to stem this ugly tide.

Mr. President, there has to be that sense of the fierce urgency of now on the economy, just like you’ve demonstrated in the fight against Boko Haram and corruption. This time calls for you to seek help from the best Nigerian economic experts wherever you can find them.

Sack Your Grossly Incompetent Economic Team – Dino Melaye Tells Buhari

PRESS RELEASE 

Deeply worried by the poor state of the economy which has brought unprecedented hardship and hunger on the masses of the Nigerian people, a federal lawmaker, Senator Dino Melaye (APC Kogi West) has called on President Muhammadu Buhari to take urgent and drastic measures, including the immediate sack of three prominent members of his Economic Team as the solution-precedent to reboot the ailing economy.

*President Buhari and Finance Minister, Kemi Adeosun

In a Statement in Abuja Sunday, Melaye said the President must shake up his Cabinet, and accused most of the members of gross incompetence, inexcusable ineptitude and a distressing lack of capacity to deliver on the mandate of their ministries/Agencies.

Those to face the axe immediately if the economy must be effectively rebooted to deliver on the Change Agenda of the present administration, in the estimation  of Melaye include the Minister of Finance, Kemi Adeosun, Budget and National Planning Minister, Senator Udoma  Udo Udoma and the governor of the Central bank of Nigeria (CBN), Mr Godwin Emefiele. 

" At the moment, it must be crystal clear to all discerning minds that the President's widely-acclaimed magical body language has lost its presumed  aura and efficacy. His  no-nonsense demeanor is equally neither instilling fear nor commanding respect and loyalty from amongst his cabinet members. It is therefore obvious that the time for barking is over, now is the time to bite and boot out all those who have demonstrated, in the past several months, a crass lack of capacity to effectively carry out the functions of their office", Melaye declared, stressing:

" The Finance Minister has not only displayed gross incompetence on the Job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy like the Finance Ministry. It is time for her to go now and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently under her stewardship".

On Udoma Udo Udoma, he stated : "To be sure, Senator Udoma Udo Udoma is a very charismatic man, an accomplished lawyer, and a quintessential gentleman with a fairly untainted reputation. In everyday parlance, he is a good man. But the critical job of Budget and National Planning Minister for a huge country like Nigeria, with her prevailing economic challenges requires much more than being a good man with a great personality. 

Recession Caused By Buhari’s Incompetence And Visionlessness – PDP

PRESS RELEASE 

Our attention has once again been drawn to the recent inconsiderate statement attributed to the Governor of Jigawa State, Abubakar Badaru and similar comments from people of like minds to the effect that the previous Peoples Democratic Party (PDP) Administration was responsible for the current Economic Recession.

*Buhari 

It is really disappointing that a notable personality as highly placed as a State Governor could be drawn into making idle and pedestrian claims without the benefit of facts. It is either he does not realize the obligation of speaking responsibly in that position or he is grossly ill-informed; in which case, we could only try to put the facts before him, and hoping he would recognize them.

In the first place, this blame is misplaced because our elementary understanding of economics teaches us that the major cause of recession is inflation and poor handling of the economy given that the higher the rate of inflation, the more impoverished people become, industrial production and GDP decline resulting in massive job losses. Perhaps we should quote those who should know and tell Governor Badaru that wrong economic policies of the All Progressive Congress (APC)-led Government caused the current stagnation and recession in the Country.

Larry Ettah, President of the Nigerian Employers Consultative Association (NECA) did not mince words when he said few days ago that, “It is quite evident that the lack of clarity about the economic agenda of the current government contributed to the current economic stagnation and recession.” He said further, “In recent times at our AGMs, we have variously described our operating environment as challenging, unpredictable, unstable and energy sapping. These words are of course, true and descriptive of what our members have experienced in keeping their businesses afloat.”

However beyond that, we make bold to tell Governor Badaru that Jonathan and the People’s Democratic Party Government saw this coming since 2011, and wanted to deregulate the sale of hydrocarbons in 2012, but Badaru and his co-travellers who are now in the All Progressives Congress (APC) frustrated the effort. The former Administration also wanted to encourage more savings in the Excess Crude Account (ECA) and set up the Sovereign Wealth Fund (SWF) but the Badarus of this world who play politics with serious national issues and were state governors at the time took the Federal Government to Court and did everything to frustrate the effort. Thank God some of them are among the ‘best brains’ in the APC Federal Government of today.

Governor Badaru should know that you can't plant grapes and harvest mangoes. It is no secret that the policies and statements made by key government actors have not been business friendly and Nigerians and foreign business men took their hard currencies out of the Country. When professionals were advising the Government to woo investors, characters like Badaru were busy de-marketing Nigeria all over the world. They should be reminded that great leaders take over countries either in recession or war and still succeed in turning them around; quite unlike the prevailing situation where a Ruling Party plunges the Economy into an avoidable recession, only to turn round and begin to whine helplessly like a baby.