naijagize

During his Independence Day broadcast, the President appeared to have given himself a pass mark when critics are saying the economy is at a standstill. How do you explain such a position?

Critics will always be there. Without opposition, democracy will not be complete. Therefore, we must consider opposition to be a necessary requirement for good governance. It will keep government on its toes and check excesses by any incumbent administration. But it is helpful if opposition is informed by facts. In a normal situation, perhaps, President Buhari doesn’t need to read the kind of speech that he read on the Independence Day.
He is usually a very modest and quiet person. He is very self-effacing. He has been forced to come out and say these are achievements recorded. It is obviously necessitated by the ongoing and consistent attempts by the opposition to show the government in a negative light. I will give you one clear example. If you look at a string of opposition and attacks lately held onto by the Peoples Democratic Party (PDP) spokesman, Chief Olisa Metuh you will agree with the president that he needed to explain some of the things he has done.
The PDP has maintained that because the ministers have not been appointed, President Buhari was veering toward dictatorship. 

How can there be dictatorship in a country where there is an independent parliament? There is a parliament that has been in turmoil from its inauguration up to now. We have a President who has held back that he would not dabble into what they are doing. This is a country that has a judiciary that is operating independent of the two other arms of government.

This is a country in which investigative agencies, such as the Economic and Financial Crimes Commission (EFCC), the Code of Conduct Bureau, and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) are operating for the first time in the history of their existence in line with the laws that have established them without the President saying, ‘arrest Mr. A, release Mr. B.’ So, we have an opposition that needs to know what opposition itself is. 

I guess Alhaji Lai Mohammed made a lot of sense. He was very graceful when he offered to train the PDP leaders in the area of public communication in opposition. But they turned down his offer.

They said they didn’t need it. But look at them, they are bungling it. They are not getting it right. Maybe it is time for them to really accept the offer by Alhaji Mohammed made and see whether they can benefit from it because the country stands to benefit from an opposition that is competent, vibrant and able to keep the government of the day on its toes.

So, this administration has achieved so much. Perhaps, it has become necessary for these achievements to be trumpeted. Who doesn’t feel that the environment is more secure now than it was a few months ago?

You can look at what has happened in the power or energy sector, especially the issue of fuel. Look at what has happened about the state of crude oil; the export of Nigerian crude oil has grown. 

With the kind of efforts that President Buhari has put in place and with the international support his fight against crude oil theft is getting, the markets overseas are turning their back against stolen oil from Nigeria. 

So, increasingly now, there is no incentive for someone to steal crude oil from here. Even if they can, the challenge is where do they take it for sale? So, the country is gaining in so many ways that could not have been spoken in the duration of that speech that the President gave.

Apart from the issue of oil theft that has reduced, many manufacturing companies are complaining that their access to forex to import raw materials is a bit difficult. Has there been any effort to address this issue which has slowed down their production? 

Let me say this, what did the government do through the Central Bank of Nigeria (CBN)? You know that our earnings from crude oil have come down. The oil that was sold for $140 per barrel is down to between $40 and $50 per barrel. 

This means two-third of our earnings has been lost. We cannot continue to live a lifestyle that is no longer sustainable. Otherwise the economy would have crashed in the hands of government. President Buhari would not allow that to happen under his watch. What did they do?

They brought out a list of 150 items which they said we can do without. Government does not ban importation because we have our commitments and obligations under the World Trade Organization and all of that.

Therefore, they just limit it to things like toothpick and rice which we have in abundance. Rice is produced in many of our states: Niger, Kebbi, Sokoto, Benue, Taraba, Nasarawa, Ebonyi, Osun. There are so many states producing rice. Yet, you are dumping on this country cheap import that is killing local production.
So, government is saying that if you must import those luxury items that are not necessary, go and source your foreign exchange through means other than the CBN. 

I was present when the President met the Manufacturers Association of Nigeria (MAN). He said to them: if you have disagreements with what the CBN has done, go and sit down together and agree on those things that are essential for manufacturing, creating jobs, setting up of industries, and training, including school fees and medical treatment, the CBN will then ease it for you.

So, those people who are complaining don’t fall into the category of those who are in the productive sectors of the economy, who genuinely need foreign exchange for activities such as job creation, training, overseas education, medical services, spare parts acquisition, procurement of plants, equipment and all materials for the manufacture of basic goods. Under the new rules, all these things must be made easy for the Nigerian producer by the CBN.

It is certainly hurting certain sectors of the economy that are driven by luxury and unnecessary test which the economy cannot pay for, given that we have much reduced earnings than we have had in the past. 

You must then give credit to the President because at the time when oil price has crashed and the earnings have substantially come down, our foreign reserves are increasing because money is being used wisely.