I read many posts and comments in defense of the shameful rapid fall of the Naira but I felt very dissatisfied with the manufactured excuses that can’t meet “ISO” and contradict commonsense.
The commonest excuse is our over dependence on importation but I asked my friends if that just started by May 29, 2015 and if yes, why did it start then?
The next manufactured excuse is so that we can grow our local production and diversify from petroleum and I asked what are the plans or policies by the present administration targeted at such out come? No response yet.
Amidst these uncertainties and visionless economy, we banned Forex trade suddenly, we stopped our monetary cards from international transactions abruptly as if anyone with such is automatically a criminal. To worsen the situation, Mr. President proclaimed to the international communities that Nigerians in diaspora are criminals; remember, the government officials at home are looters. What an image, what an impression.
The country is ravaged by insurgency, the internally displayed people camps are daily visited by death and diseases, the 2016 budget was reported stolen or doctored, power supply that was good immediately after swearing in has since gotten worst, prices of commodities have reached the sky and an international economy journal described “Buharinomics” as foolishness.
What are the programmes or policies in place to boost the agricultural productions in cocoa, rice, fertilizer distributions and cotton production. What is the present government doing on solid mineral, what are we planning to export apart from excuses and presidential slander; please can someone tell us?
Also, there are many things Okonjo Iwela were accused of but the economic team tried very hard to stabilize the economy in the face of the excuses just being manufactured now and the crash in price of crude oil in the international market. So, what is/are the present Administration not doing right?
Read my economist friend’s (Paul Alaje) response to the many questions I asked:
1. Government lacks focus in terms of the Economy. Both CBN chief and Finance minister are not trained economists. Thus , we’ve got very weak monetary and fiscal policies.
2. We still import 95% of our consumption. While what we export has reduced in terms of earning by 73%.
Our fiscal & monetary policy makers have exhausted their cards. If not, why is #Naira running in a wrong direction?
Paul Alaje is a renowned economist and former SUG President of Obafemi Awolowo University, based in Abuja. and you can follow him on twitter https://t.co/i6sP8raw0W
Let pray for wisdom for better economic management for our leaders, so that we see positive changes and not endless excuses.