- Okonjo-Iweala suggests the way forward
Concerned by the worsening conditions of
Nigerians as a result of the economic recession, the President of the
Senate, Dr. Bukola Saraki, said tuesday in Ilorin that the Senate upon
resumption next week, would probe the cause of the recession, stating
that it was necessary to know why in spite of budgetary provisions, many
more citizens have receded below poverty line.
“The Senate on resumption will respond
to the economic crisis with a number of measures including getting
managers of the economy to give account to the people, making tough
recommendations to the president on needed changes, formulating
necessary legislative framework for economic recovery and undertaking
wide consultations across the private sector,” he told journalists at
his residence during the Eid-el-Kabir celebrations.
Worries about the ailing economy were
shared also by a former Minister of Finance, Dr. Ngozi Okonjo-Iweala,
who offered some tips on the way out of the woods, saying effective
handling of spiralling inflation, foreign exchange problem, fiscal
deficit and debts control were key to resolving the current economic
crisis.
Okonjo-Iweala who spoke on Aljazeera TV
programme, The Stream, said focusing on the basic issues of
macroeconomic stability was crucial to fixing the country’s economic
challenges.
Saraki, in his intervention, explained
why the legislative interrogation of the executive management of the
economy had become necessary: “We need to know why the promises of
external borrowing have not materialised, why devaluation has not helped
to strengthen the naira, why inflow of foreign currency has continued
to dry up and interest rate is still very high? Doing this will help us
to understand where we are, so that we can determine where exactly we
want to go from here.”
Wondering why all the measures aimed at
cushioning the effect of the recession built into the 2016 budget had
failed, he said the Senate would interact with the executive to identify
where the problems were.
“The Senate intends to invite everybody
involved in the management of the economy to address the Nigerian people
through the parliament on the steps that are being taken to get us out
of this mess. We fully intend to hold all those involved in the economic
management of the country accountable. However, we will do so in a
manner that is transparent and there will be no cover-ups. We will make
tough recommendations as necessary,” he said.
Suggesting a holistic approach to the
efforts to pull the economy out of recession, Saraki said it had become
necessary for the executive arm of government to accept his earlier
offer of collaboration with the legislature and the private sector to
resolve the prevailing challenges.
“In every crisis, there is always an
opportunity for positive reforms. In this regard, in order to solve this
crisis, all hands must be on deck. Ideas should be sourced from all
quarters. All arms of government, people of different political beliefs,
from all socio-economic backgrounds and every part of Nigeria must work
together at this time,” he said.
He said the Senate would take the lead
in encouraging a collaborative approach to the nation’s economic revival
by meeting with stakeholders in the private sector to ensure it
collates a broad spectrum of opinions while formulating ideas to
stimulate the economy.
Saraki assured Nigerians that the Senate
would play its constitutional role of providing the legislative
framework for the revival and growth of the economy in the interest of
the people. “We are going to have an exhaustive and comprehensive debate
on fixing the country’s economy when we resume next week. We understand
the pains that Nigerians are feeling and we do not take this for
granted,” he said.
The Senate president called on all
political leaders to show concern about the sufferings of the ordinary
people, adding that it was necessary for leaders to always empathise
with the people.
He commended the people for their
perseverance and understanding but pleaded with them to exercise
patience, saying that the political leadership was genuinely concerned
about their plight.
Saraki said: “The positive attitude
demonstrated by our people during the Eid-el-Kabir festival gave me hope
that we, in the leadership of the country, should move swiftly to
tackle this economic crisis. We have no option and this we must do
without delay. I commend and praise our people for their perseverance
and understanding.”
Okonjo-Iweala Suggests the Way Forward
Former Finance Minister, Okonjo-Iweala,
said focusing on the basic issues of macroeconomic stability was crucial
to fixing the country’s economic challenges.
“If you don’t pay attention to the
fundamentals of having a stable and good exchange rate policy, inflation
under control, manageable fiscal deficit and debts, there will continue
to be trouble in the economy,” she said.
Nigeria is facing its worst economic crisis in decades. The economy slipped into recession after contracting in the first two quarters of 2016.
Nigeria is facing its worst economic crisis in decades. The economy slipped into recession after contracting in the first two quarters of 2016.
Inflation jumped from 16.2 per cent in
July to 17.1 per cent in August 2016, according to the National Bureau
of Statistics (NBS).
Since the introduction of the floating
foreign exchange policy by the Central Bank of Nigeria (CBN), which
freed the naira from a band of N197-N199 to the dollar, the currency has
depreciated heavily on the parallel market.
Okonjo-Iweala, a former World Bank Managing Director, told Al Jazeera that she remained optimistic that solutions to the country’s economic decline could still be found.
Okonjo-Iweala, a former World Bank Managing Director, told Al Jazeera that she remained optimistic that solutions to the country’s economic decline could still be found.
Asked what would be her top three
priorities to resolve the country’s current economic crisis if she had
remained the finance minister, Okonjo-Iweala said she would prefer the
current managers of the economy to talk about it.
“I have contributed the best I could to the country. It is still the most interesting country in the world. It is better to leave those who are managing now to say what they would do.
“I have contributed the best I could to the country. It is still the most interesting country in the world. It is better to leave those who are managing now to say what they would do.
“All I can say is that there are
solutions. Nigeria is a vibrant country. I love it so much. I know it is
going to come out of this one way or another,” she said.
On if President Muhammadu Buhari were to
ask her to come and help in resolving the country’s economic crisis,
Okonjo-Iweala said: “One of the things you learn as you get wiser is to
talk less as you grow older.
“I have spent my time contributing to the country. It will be better to leave those managing the economy to do what they know how to do.
“I have spent my time contributing to the country. It will be better to leave those managing the economy to do what they know how to do.
“I served my country for seven years and
it was a great honour. The second time was very tough, but it was still
an honour. I am not the only person who is a repository of knowledge.
There are other people who can equally try their hands in running the
economy.”
Speaking on developments in Africa,
Okonjo-Iweala expressed regrets that the economic gains recorded in
Africa have started being eroded in the last two to three years.
“On the continent, we have seen a period when the economy was doing relatively well. It’s only in the last two to three years that things have started to go a bit south.”
“On the continent, we have seen a period when the economy was doing relatively well. It’s only in the last two to three years that things have started to go a bit south.”
She spoke about the job initiative of the Goodluck Jonathan government, YOU-WIN.
“The whole idea was to have a business plan competition. Beneficiaries were expected to create jobs to employ six people or more.
“The whole idea was to have a business plan competition. Beneficiaries were expected to create jobs to employ six people or more.
“Each created 9-10 jobs. The World Bank
did an evaluation of it and found it good. I do believe the government
should come in. We started a peer to peer mentoring. Now, one of the
things I want to say is that creating employment is not only about
struggles, it is about managing success,” she said.
On how the anti-corruption war was fought during her time in government, Okonjo-Iweala described it as “a very tough fight”.
“It was tough. I must thank my team. You
don’t do it alone. I had the support of an economic team in the
Ministry of Finance. At the end of the day, you need to have some
principles,” she said.
0 comments:
Post a Comment