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Economy & Politics

Highlights of the 2018 NEDG/BON Vice Presidential debate

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Highlights of the 2018 NEDG/BON Vice Presidential debate

Yesterday, the Nigerian Electoral Debate Group held its Vice Presidential debate. The Vice Presidential candidates of five political parties were present, namely:

Allied Congress Party of Nigeria (ACPN): Ganiyu Galadima

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Alliance for New Nigeria (ANN): Khadija Abdullahi Iya

All Progressives Congress (APC): Professor Yemi Osinbajo

Peoples Democratic Party (PDP): Peter Obi

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Young Progressive Party (YPP): Umar Getso

Here are highlights of the two and a half hour debate, which was anchored by Imoni Amarere.

On fuel subsidy

While candidates of the four opposition parties, were in favour of removing the subsidy, current Vice President Yemi Osinbajo, in his opinion, preferred that the subsidy be left for now.

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ANN

Subsidy in Nigeria is fraught with corruption. What we are big on, is attack institutions to ensure there is transparency to ensure corruption is tackled.  

In her opinion, savings from subsidy should be spent on areas such as health and infrastructure.

ACPN

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The government will do away with subsidy. There are a lot of inefficiencies in the system. 

Doing so, in his view would encourage investors to take position in the oil and gas industry.

APC

If removed, petrol prices could go up to as high as N220. The moment you remove the subsidy, costs go up. While consumer spending is weak, I think a minimal subsidy is useful now. We can’t remove it immediately. 

He continues

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The question to ask Nigerians, how much are they prepared for petrol. Are you ready to take a N40 petrol increase today?

PDP

Vice Presidential candidate of the PDP advocated for removal of the subsidy.

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What we are subsiding today is inefficiency. It is a waste. You need to reverse itIf you do the right things, the price will come down.

YPP

To the Vice Presidential candidate of the YPP, the subsidy is a scam, as the Buhari administration had posited on assumption of office.

To be candid, subsidy to a typical Nigerian is just a scam.

On growing Nigeria’s Gross Domestic Product

YPP 

Nigeria needs to put emphasis on production. We intend to create a N1 trillion venture capital fund, in partnership with the private sector. 

PDP

Peter Obi advocated for fixing the power sector in order to enable industries to grow.

You need to support SMEs properly. Total loans by banks is N19 trillion, 0.5% of that goes to SMEs. In other countries, its 20%. You must do something about your power. 

APC

Vice President Yemi Osinbajo stated that the current administration had provided the highest lending to  the SME sector, through programmes such as GEEP.

On the AFCFTA agreement 

On the African Continental Free Trade Agreement (AFCFTA), while the PDP, APC and ANN, were in support of signing the agreement, the YPP and ACPN staunchly opposed it.

APC 

There is a process of consultation which is going on with the private sector. One of the chief fears of the private sector is the possibility of transshipment; i.e.China imports to Benin then Nigeria.

He continues

MAN rejected the agreement, similarly, NACCIMA(National Chambers of Commerce Industry Mines and Agriculture).We are a private sector driven economy. It is our duty as a responsible government, to take into account all the issues before we sign.

President Muhammadu Buhari, had initially declined signing the agreement, then reversed his decision.

PDP  

Peter Obi, was however in support of the agreement being signed.

You can have twice the foreign exchange earnings from oil from manufacturing. Sign the agreement. You consult at the stage of planning not signing. You don’t have to fear transshipment. That shows inefficiency. 

If Chinese goods are cheaper , something is wrong. To bring out goods in Apapa, costs more than it costs to bring it in from Europe.

ANN

We will encourage free trade. We have to look at it carefully before signing.

ACPN 

The ACPN candidate was opposed to signing the agreement till the economy improves.

It’s a good thing. As brothers, we trade with each other, but are we going to get equal advantage. The proper thing is for the government to put the signing of the agreement on hold till the economy improves.

YPP

Not at this stage, we don’t produce much.

On ease of doing business

In Peter Obi’s view, the Government needs to move out of business. He also had a few knocks for the Nigerian Ports Authority, which he felt spent more on non-essential projects.

The first thing is to look at where your competitors are. If I belong to the BRICS where are they ? If I belong to the MINTS, where are they ? If you look at all the rankings, they are just below 100. You are 146. Government needs to move out of business.

To him, government agencies sourcing funds from the capital market, would make them more efficient, as they would have loans they need to pay back, and be attractive to banks.

APC

Osinbajo in his response, defended the Buhari administration saying that Nigeria had moved up 20 places in the ease of doing business. He also took shots at the PDP, stating that their regime had failed to implement reforms after 16 years in power.

While Under the pdp, we fell 64 places  down on the world bank index. Under us we have moved 24 places in 18 months in the ease of doing busioness. If you say investment hasn’t taken place in years, who has been in office these last 16 years ?

He continues

Isnt it just incredible, how it is possible to keep a straight face and talk about all that has gone wrong. We we are where we are today is because of 16 years of mismanagement of resources. All this investment ought to have been done. 

 

 

 

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

2 Comments

2 Comments

  1. Dayo

    December 15, 2018 at 2:44 pm

    I think what we want is your take on every candidate’s answer not the candidate’s answer as we also watched it.

    • Onome Ohwovoriole

      December 15, 2018 at 4:36 pm

      Good Afternoon. Since we are non political, it wouldnt be proper for me to give my personal opinion. More so, as Vice Presidential candidates dont set policy agendas.

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On Friday, President Muhammadu Buhari signed the new 2020 revised budget of N10.8 trillion with the crude oil benchmark reduced from $57 per barrels in the earlier budget to $25 in the new budget.

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Ibrahim Magu, Buhari appoints new Ag. Chairman of EFCC, gives reason for Magu's suspension

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