Fighting Recession in Nigeria

Fighting Recession in Nigeria

president-buhariThe  biggest Political and Economic issues in Nigeria to day is the issue of Recession.  Recession itself means that the  contraption of the Nations  Economy for two quarters.  A  lot of reasons had been attributed to this.  The All Progressives Congress [APC]   government of President Muhammadu Buhari  has tried to exonerate itself from the  leading the country to recession, a country that ones taunted itself as the Largest Economy in Africa. Many have also forgotten that  Nigeria was once voted  as the  happiest people on Earth.  The  reasons given by the government for the recession in the country include  fall in the price of crude oil, crisis in the Niger Delta that has resulted in the bursting of oil pipelines  and the inability of the past administration of President Goodluck Jonathan to save for the raining day. The  Minister of Information and National Orientation stated this much during the 2016  12th All Nigeria Editor’s  Conference in Port Harcourt the Rivers state capital recently.

The Minister said Nigeria lost over 60 percent  of earnings due to  crash in oil revenue. He however said despite the crash in oil revenue due to fall in the price of crude  ‘other OPEC members are fairing better  due to the fact that they were able to save for the raining day’.

The  President himself said he inherited nothing from the last Peoples Democratic Party [PDP]  administration. During the 2016 Eid El Maulud  celebration in his country home in Daura, Katsina state the President said he inherited  no road, no railway, no Education, no school, no Economy, no Security. He had said earlier that he met an empty treasury.

Many  Nigerians however blamed  President  Buhari’s  style of Administration for the for the recession Nigeria is going through. This  is  because the President spent  his first one year into his administration touring Europe and America and telling the world how corrupt Nigeria is.  Since no serious  minded business person  will ever want to do business with corrupt people especially people whose high  corruption level was even  confirmed by their President.  The  aftermath of this is that while new investors  were reluctant to come and invest, those all ready on ground  had  to leave.

Nigeria  former Minister of Education Oby Ezekwesili blamed  President Muhammad  Buhari for the  current Economic recession.

Ezekwesisli  former Vice President World Bank stated in a  whatsApp  message  ‘ I still find it funny that most people don’t know why Nigeria  economy went into recession. They love the incompetent lies of  Lai Mohammed  about the past government  ruining everything. Its also myopic  to think that if  Jonathan were to still be in power, we would be worse off’.

‘the truth about Nigeria’s  recession is this, it was caused by the President’s  unguided rhetoric  and uncultured body language.”

‘firstly there is nothing we are buying today  that we weren’t buying  five years ago, therefore it is not our  purchase that pressure on the naira  but by withdrawal of funds by  foreign investors.  After the election, the President created instability  with his statements  about how everyone is corrupt  and how every one  is going to jail.  The instability  made foreign investors  to liquidate  their investment and change their money to dollars. In the process of  trying to flee, they were willing  to buy dollars  at any price , which lead to  high exchange dollar rise.’

She said  ‘even though  some of them  were not ready to run away but want their money in dollars  to save their investments  from devaluation, the President gave a bad signal by banning  deposits of foreign currency  into domiciliary  accounts.’

In a recent interview the Minister of National Planning  Senator Udoma Udo Udoma  stated that the crash in the price of crude in the International market was made worse by the bursting of oil pipelines by the  Militants in the Niger Delta. He said before the commencement of Buhari’s administration the country was producing 2.2million barrels of oil daily but regretted that with the attack on oil pipelines by militants in the Niger Delta the country was only able to half of that.  President  Buhari himself  is the cause of this..  shortly after he was sworn in  2015 he had told foreign journalists in an interview that he would not  run an all inclusive administration, pointing out that  he would concentrate on the area that gave him 95 percent of his votes.  What the President told the world was that even though 90 percent of the resources of the country is coming from oil situated in the Niger Delta area, he would not pay attention to them because they did not vote for him.  So  it could be said that the activities of the Niger Delta Avengers and other militancy groups in the Region was to remind the President, in case he has forgotten, that the resources he would use while in office as President is not only meant for all Nigerians but that indeed it was coming from the Regions that did not vote for him and as such he cannot afford to ignore the Region.

The truth of the matter is that the current hardship being experienced in the country is really not new, it was been expected. The fight sign of the things to happen this year was first exposed by the Emir of Kano Sanusi Lamido Sanusi who warned Nigerians that President Buhari administration will take a tough decision that will be painful in 2016. The Emir stated this in Benin in 2015   at a special convocation ceremony for the installation of his Royal Highness Mai Martaba Sarkin Kano Muhammadu Sanusi as the Chancellor of the University of Benin.

The Chancellor of the University of Benin and the Emir of Kano  Muhammadu Sanusi  while congratulating the graduands enjoined them to always contribute their quota to National development.

He said President Muhammadu Buhari  is determined to give the country a new lease of life  but said the crash in oil price at global level is affecting the economy of the country.

He said government must  make  a difficult decision in the year’s ahead while enjoining  Nigerians  to be ready to make sacrifices. He said the development of Education in the country must not be left to government alone.

 

At the occasion President Muhammadu Buhari has said his administration will not fold its alms and watch people mismanage resources of the Universities.

The President stated this in Benin the Edo state capital   at a special convocation ceremony for the installation of his Royal Highness Mai Martaba Sarkin Kano Muhammadu Sanusi as the Chancellor of the University of Benin.

The President who was represented  by the Minister of Education  Alhaji Adamu Adamu said all those who had mismanaged Resources in the Education sector especially tertiary Education will not go unpunished said  ‘as we block leakages and  wastage perpetrators must be punished’.

He said  the fight against corruption must begin at the higher institutions where characters are molded for future leaders.

He said in the fight against corruption  respect for the rule of law must not be compromised.

He said his administration will continue to fund Education  to bring it at level with International standards.

WHAT THE GOVERNMENT MUST DO  TO EXIT NIGERIA FROM RECESSION.

There has been many suggestions as to how  to exit the country from the recession we currently find ourselves.  First we have to fight economic recession the way we fought EBOLA.

PRESIDENT BUHARI TASKED UNIVERSITIES ON RESEARCH

President Muhammadu Buhari on Saturday tasked Nigerian universities on research breakthrough to accelerate national growth and development.

Buhari gave the task in a message to the 38th convocation ceremony of Ahmadu Bello University (ABU), Zaria.

Represented by Prof. Akanerem Essien of the National Universities’ Commission (NUC), the President also said Nigeria would not achieve greatness until “education is highly funded.”

He disclosed that the Federal Government, through TEDFUND, had established “institution based research and national research fund” to resuscitate research activities in Nigerian universities.

He, however, lamented that much of the funds were yet to be accessed by the nation’s public universities.

The President called on the universities to put in place tangible proposals for the purposes of research breakthrough that would make remarkable impact on national development.

He noted that ABU had in the past made remarkable progress in research on agriculture, extension services and livestock improvement through breeding.

“These activities must be resuscitated for increased food production especially at this point in time when government has step-up plan aimed at diversification of the economy with agriculture in the front burner.

“This government will harness available resources from the universities to achieve the desired goal for national development,” he said.

 

 

About The Author

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *