The much anticipated ministerial nominees were made public on Tuesday by President Muhammadu Buhari amidst optimism and scepticism. This development is understandable judging by the economic challenges facing the nation and the urgent need to address varying economic variables.
Speaking to BusinessDay on Tuesday, veteran economist and columnist, Henry Boyo, advised the government to work harder to bring down inflation rate to three per cent if the government intends to make any significant economic growth.
Nigerian inflation rate is currently at 11.22% according to the National Bureau of Statistics, a development Boyo said cannot guarantee growth. “The economy cannot grow if we continue with the same template that has made us poor over the years. We have suffered because of poor economic policies and high interest rates that do not support growth,” he said.
He added that interest rate is a function of inflation, adding that high interest rate is caused by inflation because the cost of fund must always be higher than inflation, stressing that it makes no sense that anybody will lend money to another person at a rate that is below the rate of inflation.
“That is why you will realise that in Europe those economies that are very succesfull they are very concerned that inflation never goes above 2 or three per cent because at three per cent cost of funds will not be more than five or six per cent maximum. But in our case you find that inflation is 11 per cent or more it is not surprising to find that the cost of fund is 18 per cent and above.
“So you cannot have a situation where you will expect growth will occur in Nigeria when you have not fully addressed the issue of inflation. Inflation is basic because inflation determines the quality of life of the people and once inflation goes haywire the whole economy will be distressed.
“If you can bring inflation down to one or two per cent you find that consumer demand will be preserved. So the government should ensure that inflation is at maximum three per cent that way you conserve the purchasing value of income and once you conserve the purchasing value of income and make sure that level of consumption is adequate in terms of the number of people you have in the country it will keep the economy moving,” he said.
On his part, the lawmaker representing Kano Central in the National Assembly, Ibrahim Shekarau, submitted that the nominees would take Nigeria to greater heights in President Buhari’s second term.
“We trust Mr. President as he assured Nigerians not too long ago to give Nigerians the best team. But I am convinced that going by the assurances given by Mr President a couple of weeks ago to give Nigerians the best team that can move Nigeria forward, I am satisfied that it is going to be better than what we have had before. And that is part of the movement to the next level. Bringing on board, men and women of character and capability, I expect those coming on board would be doing a lot of work for Mr President for Nigerians. And for the Senate that would be screening them,” the former Kano State governor said.
Some others who spoke to BusinessDay where however, not optimistic about the ministerial list even as they expressed disappointment that the list fell short of expectations.
Describing the nominees as recycled politicians, they wondered what took the President this long to forward the list to the upper legislative chamber when the President knew all along that he would not bring anything new on the table.
They opined that the list had more of politicians than technocrats, even as they expressed doubts if they would Nigeria to greater heights in President Buhari’s second term.
In a telephone interview with BusinessDay on Tuesday, Jude Ohanele, Executive Director, Development Dynamics, said with the ministerial list, it will be business as usual.
“The President seems to not be in touch with reality of running a modern economy. And I think that is affecting the entire decision he is making. And I am not sure he has a wide network of professionals he can pull from. So in a bid to get people he trusts, he has this narrow network that is not very optimum for what we need to do as a country,” Ohanele told BusinessDay.
“I am not sure if these guys will do any better. Because with the old names I am seeing there, it means it is going to be business as usual.
“As you can see, he has recycled the old names. I don’t know what else these old men and women will do,” he added.
Also reacting on Tuesday, the main opposition Peoples Democratic Party (PDP) described the ministerial list as colourless, stagnant, and uninspiring.
The party believed the list did not convey any sense of hope or purposeful governance under the All Progressives Congress (APC).
A statement by PDP National Publicity Secretary, Kola Olognondiyan, emphasized that the list is replete with incompetent individuals who failed in their erstwhile ministerial assignments and left their ministries in a shambles.
“Indeed, such a ministerial list can only come from a leadership that does not have mandate of the people. It is a complete waste of time and cannot fulfill the expectation of Nigerians.
“The list has further shown President Buhari and APC’s insensitivity and disdain for Nigerians and it does not in any way reflect their hope and eagerness for a better Nigeria.
“Furthermore, in recycling failed yesterday’s men for today’s assignment, President Buhari and the APC have left no one in doubt that they have no vision to move our nation out of the economic and security predicaments into which they have plunged us in the last four years.
“A committed and responsive leadership would have widely consulted with Nigerians before compiling a ministerial list, given the current situation in the country.
“If, indeed, President Buhari and the APC mean well for Nigerians and are interested in revamping our critical sectors, they would not have ended up with a list of those who will help conceal the huge corruption in the Buhari administration in the last four years, as well as those who will assist in channeling funds to individuals and groups used by the APC to rig the 2019 presidential election.
“Strangely, the list has no space for the youths demography, those to whom the future is said to belong.
“The PDP holds that with this development, it is clear that the only way our nation can come out of our present economic and security quandary lies in the retrieval of Atiku Abubakar’s stolen Presidential mandate at the tribunal.
“That is the way our citizens will enjoy the benefit of having an array of highly qualified and patriotic Nigerians as ministers to move the nation forward,” the statement reads.
Also reacting to the Ministerial list, Chijioke Ekechukwu, a former director general of Abuja Chamber of Commerce and Industry told BusinessDay that,”Most importantly, is the fact that the list is out at last. I do believe that there were so many considerations before the President picked his Team. There is nothing showing that Party men will perform abysmally. Whether party men or no party men, Nigerians expect them to be above board, have fear of God and eschew corruption.”
Contributing, Tony Ejinkeonye Executive Director, Business Development, Esilknet Africa, told BusinessDay that there should not be heightened expectations from the released list, on the back of greater loyalty to party that governance.
Celestine Okeke, Lead Partner Small and Medium Scale Advocacy Initiative told BusinessDay that the list is clearly one designed to compensate and then, help position party faithful ahead of 2023 election.
As regards expectations, he advised Nigerians not to expect much difference from what they saw in the first term of the administration.
Innocent Odoh, Owede Agbajileke and Harrison Edeh, Abuja
