I'm
compelled to say a few words on the attempt by some people to apportion
blame on President Muhammadu Buhari on the state of the economy and
also share my view on the call by Senator Dino Malaye on the President
to sack some ministers and Central Bank Governor as the solution to the
problem.
As
a former Chairman of the House Committee on Finance, and until recently
Appropriation, I am in a good position to contribute and proffer
solutions to the problem.
Let
me state very categorically that the President is not to blame on the
state of our economy today. It is unfair and very wicked to push such
blame on a man who just came on board barely a year ago. Not even a
magician can turn around the economy within a period of one year. The
biggest spending in our economy, that is the budget, hasn't even run a
full course of one year. Yet, some people want to crucify President
Buhari. Haba! Let's face reality!Â
We
all know how badly oil price has gone, a situation that adversely
affected our foreign reserves and mounted pressure on the naira. No
matter what approach we adopt to manage and deal with the situation,
recovery will be slow. It is not President Buhari's fault. Everyone
seems to forget when the whole country was supporting more spending as
against saving. But here we are today, soaked in the rainy day.
President Buhari should not be used as anybody's scape goat!Â
The
recurrent expenditure, which has escalated and constituted a huge
burden on our yearly budget rose from N950.32billion in 2006 to
N1.372.20 trillion in 2008 and N2.593.62 trillion in 2015. This was not
created by President Buhari.
Similarly,
the total cash call (oil production cost) which rose from about N200
billion in 2006 to about N1.2 trillion in 2015 was not a creation of
President Buhari. The cash call has remained another tale of burden on
our yearly budget. Statutory transfers including that of the NASS are
not left behind. Statutory transfers rose from just about N100 billion
in 2006 to N375.62 billion in 2015. President Buhari was not the
President then.
Debt
servicing also rose from about N300 billion in 2006 to N953.62 billion
in 2015. These expenditures have over the years constrained the budget
and made it difficult to channel sufficient funds towards productive
sectors that can sufficiently grow the economy. Domestic borrowing also
skyrocketed during this period and created devastating consequences on
the economy.
Government
at that time continued to mop up money from commercial banks at a rate
considered one of the highest in the world, while the real sector is
left with nothing. And even when they were able to access funds, it came
with an unbearable interest rate. President Buhari met this situation
on ground. He did not create it, but is doing his very best to take us
out of the economic quagmire. We should all support him.
On
the call by Sen. Melaye on Mr. President to sack some ministers, I
disagree with that proposition. Nigerians are of the habit of asking for
the sack or removal of public officers, often for sentimental reasons,
envy or simply for an opportunity to join the fray. In my assessment, I
have not seen any member of the President's cabinet today -- from SGF,
HOS to ministers -- that is not good enough to hold the office. At
worse, the President may wish to reshuffle a couple of or more ministers
based on their strength and weaknesses for better service delivery.
A
minister doesn't have to know everything. A minister has an ample
latitude to draw knowledge from the MDAs staff or within the larger
society to achieve result in his ministry. I believe that most of the
present cabinet ministers can source information or knowledge from these
reservoir when the need arises. I have worked very closely with most of
them and I am convinced that they have proved their mettle despite
managing a very difficult situation that they did not create.
I
am sure nobody can question the competence of Udoma Udoma. Finance
Minister Kemi Adeosun is also doing her best, and having worked with
her, I am convinced she has all it takes to turn around the economy. The
Central Bank Governor is managing the most challenging period the apex
bank has ever witnessed. I think the president has worked with this team
for about a year. His cabinet team understands him better and
vice-versa.
I
believe if they stay focused and refuse to be distracted, we shall soon
start seeing the dividends. The President must not fall for the trap of
people trying to distort the progress made so far. Whoever he appoints
again, the call for sack will never stop.
I
am therefore calling on my colleague, brother and friend, Senator Dino
Malaye that we should rather look inward and address our own
contribution to this problem as lawmakers. We can start by addressing
the budget and other monumental fraud under the watch of Speaker Yakubu
Dogara, a systemic corruption that affected and continued to derail the
economy of our dear country. That is the appropriate place to start.
Remember, charity begins at home!
Hon Abdulmumin Jibrin
APC-Kano
Kiru-Bebeji Federal ConstituencyÂ
Kano
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