I was reading a flurry of tweets from a twitter handle which I want to believe belongs to Vice Presidential Aspirant Professor Yemi Osinbajo. He responded to questions ranging from security to the economy and sent in his replies via pictures from his twitter handle. As expected, I was more interested in what he had to say about the economy and from what I see it sounded like a disjointed response to simple questions. Whilst the Vice Presidential aspirant is more synonymous with legal issues, he will surely be tasked on his knowledge of the economy. Here are some his responses
How do you intend to reduce the rate of unemployment ravaging fresh graduates? pic.twitter.com/rGmEUAEkKv
— Prof Yemi Osinbajo (@ProfOsinbajo) December 22, 2014
My take: On the first effort he talks as if job creation is some form of bookmaking or more like a wish that will be granted with the wave of a magic wand. His response lacks details and doesn’t quite explain how the states “will be supported” and how the government intends to fund them. Are they going to give some states more share of the Federation Account or maybe the government will just dash states some of its own share of the Federation account. On the second point he says his government if elected will give post  “Youth Corpers” who are unemployed  ‘Stipends’ without revealing how much that stipend will be or how it will be funded. He also doesn’t explain for how long the stipend will be paid for. On the third approach he says their government will provide “massive public works program” that is expected to have a multiplier effect and create jobs. He also doesn’t give details of what,where and how this program will be executed. He also mentions tax breaks without explaining where it will come from or how much will be lost in revenue by the government. In summary, this response smacks of someone not ye sure of how to create employment.
How is apc's vision different from that of pdp? pic.twitter.com/fwwAjMN7Kd
— Prof Yemi Osinbajo (@ProfOsinbajo) December 22, 2014
My take: Well, at least here he is telling us that the APC is left leaning which means they support larger government, higher taxes and welfare programs. Sort of like what Awolowo stood for decades ago. The only issue is that I don’t know how that differentiates them from PDP. Is the PDP more to the Right or to the left? Another contradiction is the fact that he earlier mentioned tax breaks which is less identified with leftist political ideology. How do you fund all this job creation programs without increases taxes to an extent.
Can you tell Nigerians in one word what your vision for Nigeria is? One word is far too short but my vision is pic.twitter.com/BLr8HZE7C8
— Prof Yemi Osinbajo (@ProfOsinbajo) December 22, 2014
My take: This is an utopian response and lacks economic reality. No country can guaranty “good jobs” and living a “decent life” is quite relative.
How will your administration tackle corruption? pic.twitter.com/MpqpNGSND0
— Prof Yemi Osinbajo (@ProfOsinbajo) December 22, 2014
My take: This ticket is obviously being sold on the corruption mantra and is quite understandable. However, the party APC cannot be said to not be corrupt. Bribery and human rights violation still takes place in our APC controlled states everyday. I witnessed one my self last two weeks.
How do you intend to to proportionately reduce our dependency on crude oil? pic.twitter.com/7URf6a5sZa
— Prof Yemi Osinbajo (@ProfOsinbajo) December 22, 2014
My take: I want to believe he did not write some of this answers himself going by the several grammatical errors (intentional or unintentional). However, his response about paying farmers a minimum payment for what they produce is basically subsidy. The Agric sector has been hit by corruption in subsidy payments for decades, though that has now reduced via the lofty efforts of the current Minister of Agric. Whilst providing subsidy to a sector that is the largest contributor to our GDP is ok, it appears inefficient farmers will be compensated no matter what they produce. This could yet create more portfolio carrying farmers and introduce yet more corruption. Just how do you pay a farmer a minimum price for their produce? What is that minimum price and what are the standards for each produce?
He also mentions plans by the government to allow free trade in Nigeria by encouraging an ‘environment that allows Nigerians trade not only locally produced goods but from around the world.’ Whilst I support the idea of a free trade he needs to realise how such a policy will impact on his job creation plans. Also, Nigerian business lack the competitive edge either via technology, labour or quality to compete with their foreign counterparts particularly from Asia. I believe they need to strike a balance between encouraging free trade, supporting the local market, job creation and cheaper and quality goods and services. He also says APC will fund ‘technologist” to enable them compete with Indians and their western counterparts. Again, how they intend to fund this program is not explained. Is it in partnership with the private sector or via a special legislation?
Finally,
It is still early days and I do believe as a young party the APC is still struggling to find its voice economically. APC is drumming the corruption mantra which resonates with most Nigerians even though how corruption will be tackled remains divisive. The PDP government though disappointing in its result so far, still has a better economic rhetoric than the APC and will indeed take a very strong showing by APC to convince folks like me.