•Tinubu
Chief Emeka Kalu, Director General, Global Initiatives For Good Governance, has expressed his agreement with the New York Times report on the state of the Nigerian economy while faulting the presidency’s weak reaction to the report.
Kalu, National Coordinator, Peoples Democratic Party Coalition (PDPCO), who spoke to our correspondent yesterday, maintained that the New York Times report that the Nigerian economy is at its lowest ebb cannot be faulted, considering the level of the citizens’ sufferings, high inflation rate and hike in the prices of goods and services, reports Sunday Independent.
An engineer and President of Eck Foundation, Kanu said there was no way one would have expected a Federal Government under the All Progressives Congress (APC) to have accepted its weakness, lapses and inefficiency in redrawing and re-strengthening the crumbling economy.
The Director General, Atikulated Agenda Worldwide political structure, stated: “The truth remains that whenever the government fails to deliver accordingly and when it is constructively confronted, it always finds several reasons to surreptitiously defend itself against public blames.
“The submission of the New York Times regarding the state of Nigeria’s economy is not wrong. It is obvious that Nigerians are hopelessly frustrated by the present regime, leading to quantum crimes presently taking place everywhere in the country.
“Under former President Buhari, we recorded the same level of economic crisis, not that the country suffered fiscal deficit, but as a result of managerial recklessness and mindless diversion of public funds with no readiness on the part of the anti-corrupt watchdogs to probe and prosecute the culprits.
“Furthermore, the federal government’s response that it inherited a dead economy from the immediate-past administration of Muhammed Buhari is not a justifiable reason to prove New York Times wrong because it is evident that the current Senator Bola Tinubu regime is not sincere to the citizens regarding the fuel subsidy removal.
“Intelligent reports continue to maintain that fuel subsidies are still being paid, while the masses almost eat their flesh in a bid to survive the troubling economic situation in the country.”
He continued: “In conclusion, both the immediate-past and the present All Progressives Congress (APC) led administration regrettably undermined the nation’s economy through bad policies, mismanagement, and outrageous cost of running administration, looting and inefficiency in reporting the country’s annual fiscal status.
“APC led federal government should bury its head in shame for desperately coming to power to destroy the entire socio-political and economic system the PDP government nurtured during its days in Aso Rock.
“Without much ado, the submission of the New York Times concerning the nation’s economy is simply a fact that no amount of tailored lies would be able to counter.”
Recall that in the report, ‘Nigeria Confronts Its Worst Economic Crisis in a Generation,’ The New York Times asserted that “People in Africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many.”
The report published on June 11, was written by Ruth Maclean, Ismail Auwal, and Taiwo Aina.
But Special Adviser to the President on Information and Strategy, Bayo Onanuga, reacted by stating that the report reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments have reported African countries for decades.
He said due to the ‘misleading’ slant of the report, the government needed to clear up some misconceptions conveyed by the reporters regarding the economic policies of President Bola Tinubu’s administration, which took office at the end of May 2023.
He noted that the report painted a dire picture of some Nigerians’ experiences amid the inflationary spiral of the last year and unfairly blamed it all on the new administration’s policies.
Onanuga argued that the report, based on several interviews, was at best jaundiced, portraying all gloom and doom without mentioning the positive aspects of the economy or the amelioration policies being implemented by the central and state governments.
According to Onanuga, Tinubu did not create the economic problems Nigeria faces today but inherited them.
“As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela,” he stated.
Regardless, Dr Bolaji O. Akinyemi, a cerebral cleric and apostle of good governance, in his response, maintained that what came from the New York Times is a revelation of the concealed mission of All Progressive Congress (APC) in power.
Akinyemi, Convener of the Apostolic Roundtable (ART), opined: “That the Nigeria’s economy is currently at its worst level is nothing but the truth.
“Empirical data speaks to that fact. Beyond data are the miseries that living in Nigeria has become to all, except those who are in government, their cronies and relations.
“I am therefore not surprised at the response of the presidency for maintaining that President Tinubu inherited a ‘dead economy’ from Buhari.
“One of the promises made to Nigerians by Tinubu was his commitment to continue where Buhari stopped. Now that the presidency has admitted to the fact that Buhari handed a ‘dead economy’ to Tinubu, the continuation of death is burial.
“To expect anything other than the burial of the economy is to be unfair to Mr. President. Nigerians should therefore braze up for what lies ahead.
“In the build-up to the 2023 presidential election, Mr. Tinubu, in reaction to rising concerns about his failing health, had said: ‘If you hear them saying, can I do it? I am not applying for the job of a grave digger… I will not let Nigerians down…’
“Now that Buhari, according to the presidency, killed the economy and performed the job of a grave digger, a duty which President Tinubu did not apply for, Nigerians should understand the commitment of Mr President to take over from the killer and the grave digger.
“APC is an undertaking company. I had thought that on the shoulders of President Tinubu rests the resurrection of the Nigeria economy, for which I had prayed for him.
“But this revelation has laid it all bare. The economy is dead, the grave is dug and the burial service has commenced in fulfilment of the promise to continue where Buhari stopped. May God help us all!”
On his part, Dr. Rexkennedy Saltlove, a political activist and public affairs analyst, said the submission of New York Times that Tinubu’s APC government was at its worst economic level, is on the premise of it lacking clear-cut economic policies.
Dr Saltlove, the President/Executive Director, Citizens Rights and Empowerment Advocacy Initiative (CREMA Initiative), stated: “When the 2024 budget was passed, it was my view then that it was destined to fail, and it did because it was very unrealistic from inception.
“My view then was to draw the attention of the government to the fact that it is practically disconnected from the people and not in touch with reality and objective on the premise on which it is running the economy.
“The economy is simply about people and their transactions in terms of their production and consumption.
“As long as the leadership is disconnected from the citizens and wants to create magic by turning the economy around, it will keep fooling itself.
“Examples are: What economic value is the N90 billion spent on Hajj when the majority of citizens can barely feed?
“What is the rationale of building a N20 billion Vice Presidential Lodge and money wasted on SUVs?
“The presidency’s defence that Tinubu met a ‘dead economy’ is the most absurd excuse because he was practically part of that government incognito.
“The fact that he made a bold assertion that he would continue where Buhari stopped, is a clear indication that he cannot claim ignorance of the state of economy.
“That assertion will thus make one to arrive at some conclusions: He knew and deliberately tried to feign ignorance to group him with his predecessor, who should enter Guinness Book of Record for ‘The Most I Am Not Aware President of the Century’.”
Bishop Dr. Herbert Ekechukwu, a cleric and economist, stated: “The New York Times report on the Nigerian economy is an in-depth analysis on the parlous state of Nigeria.
“It is only a fool that doubts the proof. The evidence and credence to the report is the departure of PZ and other big conglomerates leaving the country in droves.
“In 2023 PZ made the highest level of sales in Nigeria, but the President Tinubu’s devaluation of the Naira and subsidy removal on petroleum products, have rubbished and wiped away the shareholders’ funds and the profit thereof.”
Professor John Ebhomien, an economist and financial expert, said the New York Times report was worrisome.
Prof. Ebhomien, a former World Bank/International Monetary Fund (IMF) consultant, stated: “The New York Times report on Nigeria is a clarion call for the government to go back to the drawing board to proffer solutions on how to fix the economy.
“The truth about this matter is that the Nigerian economy has been facing so many challenges begging for solutions, even before President Bola Ahmed Tinubu administration came on board,” he said.
He added: “The response by the government spokesperson that the administration of President Bola Ahmed Tinubu inherited a ‘dead economy’ is least expected.
“My advice to the government’s spokespersons at the presidency is to consider all factors and communication essentials before any response on issues that affect the people and the economy.”
Hon. Charles Anike, a political activist and commentator on national affairs, said the response by the Presidency to the report of the New York Times on the state of Nigeria’s economy is the usual unskilled and undiplomatic responses to issues of national importance.
Anike, National President of Eastern Union (EU), added: “The truth is that both the President and his cohorts in the Presidency are men that lack integrity and believe that they can always thrive on propaganda.
“The Nigerian economy is in tatters because they have blatantly refused to face the realities and be truthful for once. Lying and propaganda will take the government and the country at large to nowhere.
“The Bible says: Woe to those who call evil good and good evil.”
Dr. Victor Mathew, a cleric and security expert, said it is very unfortunate that it is in Nigeria that failure is reinforced.
Dr Mathew, the Executive Director, Kingdom Advocacy Network (KAN) and a past Vice Chairman, the Christian Association of Nigeria (CAN), Ikeja chapter, Lagos, stated: “The APC as a party failed Nigerians, beginning from Buhari, yet some people ‘voted’ for them again in 2023. The result of such misadventure is evident for all to see.
“The New York Times is very much on point that Nigerians have never had it this bad before.
“As usual and acting in character, the presidency in their usual lame and puerile response, puts the blame on themselves, because, Buhari who is being held responsible now is of the same APC stock.
“An APC administration has, as its stock in trade, to blame previous governments.”
