Dissecting Atiku’s Economy Reform
For long, our leadership has been pampered. We work into managing wealth we have little input into how it is created. And because we are not involved in the creation, we rarely appreciate it. Hence, we turn out as either bad managers or killers of the greater Nigerian dream. We’ve enumerated the challenges faced by the country over and over. What we need to do is to proffer solutions. That is what will make us different from the clueless government.” Atiku
Nigeria has the human and material resources required to make the leap. In fact, many of our nationals have helped other nations make that transition. Yet, there is still that consensus that Nigeria is not meeting up with its potential. All things considered, that verdict is true as the country as not made substantial progress, after all, within a decade.
The Presidential flag bearer of the People’s Democratic Party Atiku Abubakar examined the state of the nation’s economy. He did this in a series of meetings with stakeholders. Abubakar said he has reasons to worry about the current status and future a prospect of the country. This is because neither the economy nor society is working for our people. He said in the last four years, Nigerians have witnessed a deterioration of all aspects of basic human development. Also, our country suffered avoidable social and economic decline.
The absence of a coherent and comprehensive economic policy has robbed the economy of its capacity to attract investment; to support the growth of small businesses and absorb a fast-growing labour force. Africa’s largest economy, with a GDP of US$450 billion; remains paradoxically, ‘one of the poorest and most unequal countries’ in the world. According to the UN, last year Nigeria overtook India. A country with 6 times but our population, as the world capital for people living in extreme poverty.
On the political front, PDP Presidential flag bearer bears his mind out on the malfunctioning political structure of the country. He said our unity as a nation has been fatally black-and-blue. Social cohesion is being eroded. Democratic consolidation is being undermined. And national unity and security threatened by ethno-religious tensions, agitations, restiveness and disputes over titles and entitlements. States and local governments are too weak to meet their constitutional responsibilities. Consequently, the Federal Government has succeeded in emasculating them and taking away those responsibilities and; along with these, the resources which belong to them. Over the years, Nigeria has promoted, tolerated and indeed celebrated a faulty political structure.
According to him all that Nigerians need is to work to achieve a United, Secure and Prosperous nation. A nation that will work for all Nigerians irrespective of their gender; age; religious beliefs; ethnic identity; local government; state or geo-political zone. He envisions a New Nigeria with basic features as Nigerian citizens want a Better Tomorrow. To achieve this, Nigerians need a country that promotes the politics of inclusiveness and minimizes citizens’ frustration and alienation and completely eliminates the compulsion to take up arms against the society or fellow countrymen.
A new political structure that guarantees freedoms and ensures accountability at all levels of government. Tomorrow’s polity shall reinforce the country’s concept of true Federalism by conceding unfettered autonomy to the subordinating units. A modern, dynamic and competitive economy that is capable of taking its rightful place among the top 20 economies of the world. Nigeria has the potential to double its GDP by 2025. A strong economy that is capable of providing in the next 5 years, a minimum of 3 million job opportunities annually, reducing poverty rates to below 20% and significantly closing the income inequality gaps.
To actualize his Vision for a better Nigeria, PDP Presidential flag bearer Atiku Abubakar said both experiences of been in politics for a number of decades and also being in the private sector running his own businesses that employ tens of thousands of Nigerians and have afforded him the ability to think about the policies that will have the benefit of practical application to create an environment conducive to economic growth and job creation. If Nigerians accorded him with the opportunity to govern the country, he will restore investor confidence in the Nigerian economy.
In the last four years, the actions or inactions of the Federal Government have resulted in a significant drop in investor confidence on the Nigerian economy. As a consequence, there has been significant decline in capital importation since the regime came into power in 2015. Today, Ghana – a country with just 14% of our population – attracts more FDI than Nigeria. In order to reverse the trend, our economic policies will be more coherent, consistent and therefore, more predictable by the business community. Nothing could be more threatening to investment flows than an environment that is full of policy flip-flops.
His administration will assist the Micro, Small and Medium Enterprises to grow bigger and to be more productive. As we all know, small businesses offer the greatest opportunities for achieving inclusive pro-poor growth, through increased self-employment. His focus shall be on improving their access to affordable, long term funds, provision of critical infrastructure as well as adequate training for their workforce to improve productive capacity.
Atiku Abubakar aims to create an Economic Stimulus Fund with an initial investment capacity of approximately US$25 billion to support private sector investments in infrastructure. Power sector reform will be a critical policy priority. Our vision is to accelerate investment to double our infrastructure stock to approximately 50% of GDP by 2025 and 70% by 2030. Re-building infrastructure and reducing infrastructure deficit will enhance the carrying capacity of the economy and unleash growth and wealth creation.
PDP Presidential flag bearer Atiku Abubakar promised Nigerians that his administration will move up additional revenue by blocking leakages from exchange rate adjustment. The official rate on which the 2019 budget is based US$/N305 with a parallel market rate of approximately US$/365. FGN will appropriate the premium in excess of N60/US$ and evaluate subsidy payments on PMS. As the current centre government has set aside billions of Naira for subsidy payment in the 2019 budget.
He will ensure set aside billions of Naira will in its place go into the funding of education and health. His administration will build strong and efficient service delivery institutions for more effective co-ordination of government policies and for effective support to the development of a dynamic and internationally competitive private sector. We will re-position the public sector to become more disciplined and performance-oriented.
Indeed, it is time for citizens to demand as a matter of right, from people aspiring to lead them, a plan on what they want to accomplish and how. Political slogans should not take the place of development plans and propaganda is a poor substitute for proper socio-economic and political agenda. Nigerians must reject the status quo and bring in a leader who has a history of economic reform and political transformation.
Nigeria needs a leader who shares its hopes and aspirations, who understands the complexities of the development process and who has the capacity to articulate an acceptable notion of development. It requires strong commitment, bold initiatives, and a discernible shift from the mistakes of the past, to lift Nigeria from the abyss, and make its people happier, healthier, and wealthier.
Dukawa can be reached at through – [email protected]
Source: The Herald
For more about economy reform, visit www.smefinance.org