FG, Ezekwesili differ on Buhari’s economic policy

A former Minister of Education, Mrs. Oby Ezekwesili, has said President Muhammadu Buhari’s economic policy is worsening the rate of poverty in the country.

She has also described Buhari’s economic policy as outdated and irrelevant in a 21st century democracy.

The former minister said this on Saturday at the 12th edition of The Platform, organised by Covenant Christian Centre in Abuja.

She maintained that the President’s monetary and fiscal policies were similar to the ‘command and control’ system of Communist China in 1979 which hindered a free market economy.

Ezekwesili argued that Buhari’s handling of the current forex scarcity was wrong.

The ex-minister said, “During the first time of our new president as head of state of this country, the ‘command’ and control approach was the economic principle that he led. I don’t think many people have been able to tell Mr President yet that during that era, inflation spiked; during that era jobs were lost; during that era, the economic growth level dipped. That era wasn’t the best of eras in economic progress. What did not work in 1984 cannot possibly be a solution in a global economy that is much more integrated

“In nearly one year, our President is still arguing that the command and control approach is a better source of discipline in the allocation of scarce resources. Inflation has doubled to nearly 13 per cent for the first time we have lost the single digit.

“Jobs are being lost because companies cannot get foreign exchange. What is good about the ideas of the President? The good thing is that the President holds unto this economic philosophy on the premise that he does not want the poor to suffer. The problem though is that the intention and the outcome have diverged because unfortunately, the weakest and most vulnerable suffer the impact of inflation the most. When companies need to squeeze labour, the first set of people that must go are in that class.”

Also speaking, the Chairman of FBN Holdings, Mrs. Ibukun Awosika, lamented that Nigeria was one of the toughest places in the world to do business.

Meanwhile, the Presidency has described Ezekwesili’s statement as inaccurate and unfair.

The Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, said this in an interview with our correspondent.

Vice-President Yemi Osinbajo supervises the nation’s economy which was criticised by the former minister.

He said, “I have read through Dr. Ezekwesili’s statement and I did not see any evidence to back her claim that the economy is archaic.

“What is archaic in the attempts by the present administration to diversify the economy and spur technological innovation?

“What is archaic in the government’s attempt to find long-lasting solutions to the problems facing the country? What is archaic in the Treasury Single Account which has increased the level of transparency in handling government’s revenues?

“What is archaic in bringing to account those who have stolen our commonwealth and get the resources back to government coffers? What is archaic in fast tracking industrialisation and dealing with infrastructure? All these are economic issues.

“You cannot come up with your own unclear elitist summary of the economy. Although she is entitled to her opinion because this is a democracy.”