Nigeria’s online newspaper, Premium Times, published a scathing editorial on Tuesday rebuking in no small measure the economic performance of President Buhari and his cabinet.
This is perhaps one of the most viscous editorials we have read in recent times and did not stop at putting the blame of the current economic situation at the door steps of President Buhari and his party despite the latter’s attempt to blame his predecessor, President Jonathan.
The online paper took major swipe at Buhari’s economic team and particularly picked out the current CBN Governor as a major culprit calling for him to resign. Here are excerpts of the editorial.
President Buhari’s government and economic team, as presently constituted, are not optimally equipped for the fundamental tasks ahead..”
President Buhari must rekindle confidence by making changes in his cabinet and the leadership of the CBN. The CBN Governor, Godwin Emefiele’s uninspiring record of performance, as well as his numerous ethical and corruption scandals that appear to have been swept under the carpet, constitute a key factor militating against foreign investor confidence in the Nigerian economy. PREMIUM TIMES strongly believes that there is a need to bring in more renowned, experienced and highly reputed technocrats to lead the CBN and the federal ministries of Finance and National Planning;
Considering the dwindling confidence investors have in our economy, it is necessary that replacements for these positions to be persons with significant international name recognition, intellectual and professional stature and networks in international development finance and global capital markets; for this is what bolsters international confidence in practice;
They also called for the head of the Minister of Finance and National Planning, Kemi Adeosun and Udo Udoma respectively.
Nairametrics had in an earlier in June requested that the Governor resign to pave the way for a return of investor confidence in the market.
Read the full editorial: EDITORIAL: How Buhari Helped Nigeria Into Recession and How He Can Take Us Out Of It
The Nigerian economy is not a sophisticated one that needs a genius to fix. The only thing lacking in Nigeria is just the right political will to take decisions in restructuring the economy.
In the past we had the best hands under Jonathan, I mean Sanusis lamido, okonjo eweala, dr adeshina, shamsideen usman, and the list goes on, still no progress.
If the country like, let them bring warren buffet to manage the affairs of the country, if the political system is not looked into, its still going to be the same old issues cropping up.
Our problems as a nation has been highlighted since the 1970’s, so we are not short of ideas about out problems, its just that our political structure is one that has been stifling us in doing the appropriate thing.
You can fire as many people you like, if the system in which they are going to operate is flawed and corrupt, they will not achieve any meaningful progress.
We all know that our current problem is lack of forex and if you tell me that the guys you want to bring in to manage the economy will be given something like 30billion dollars for them to start with then I can say lets do it.
If Saudi Arabia with over 500 billion in reserve still feel the need to reform their economy, then Nigeria with just 24 billion dollars of reserve and still living like its not broke has got no excuse not to reform.
Saudi is now thinking of selling some stakes in Aramco in order to raise funds, one wonders why Nigeria is still paying lip service to sale of assets.
The country thinks that it can manufacture its own rules and get away with wastage, well the chicken has come home to roost.
REMEMBER THE DREAM OF PHARAOH IN THE BIBLE WHICH JOSEPH TRANSLATED AS 7 YEARS OF PLENTY AND 7 YEARS OF FAMINE, well that’s now our reality, and we have to pay for our wasteful spending and behaving like a drunk sailor.