OPINION: ECONOMIC MISMANAGEMENT AND A BAG OF RICE     

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Much as I appreciate what the media has done by publicising the speech   delivered by Dr Oby Ezekwesili at the Inaugural Business Lecture of the   Lagos Country Club, I am still not quite certain about what that speech   hoped to achieve. You see, Dr Ezekwesili did a fine job of detailing the   current issues in the country, she even took it a step further by saying   the problem did not begin with President Buhari’s government, but had   been brewing when Goodluck Jonathan was in office. The former minister   explained how bad policies had led to this downward spiral we now call   ‘recession’.

Donning her advocacy cap, she called on the citizenry to ‘convict’   the government to retrace its steps and to sit up. At that point, I knew   that this speech was a dud. I must hand it to her though that she is a   great communicator. Anyone who is able to analyse their audience and   feed them what they want to hear is great, really. I mean, delivered in   Lagos Country Club, I’m sure she would have received a rousing   ovation. But, take that same speech to the market place, to the homes of   those who have lost their jobs, to the pockets of those who have yet to   receive their salaries and they would ask, _“how does this speech   affect the cost of a bag of rice?”_ When Jonathan was president, how   much was a bag of rice?

Not too long ago, there was an odd sort of ‘campaign’ that took   social media by storm in Nigeria. It was a #BringBackOurCorruption   campaign. As painful as it was and still is to read those words, they   were emblematic of the mindset of most people at the time. So, you say   the problems started with Jonathan? The average individual would tell   you that at least they were able to feed, take care of their families   and maintain a reasonable lifestyle. This wasn’t so much an advocacy   for corruption, it was more of a pun. If you say Jonathan was bad and   corrupt but things were reasonably better for the average individual,   then bring back the so-called corruption. It was that simple. When you   think of it, nothing makes much sense to a hungry man. But when he is   fed, when he has something to go home to at the end of the day, and a   reason to rise early and the start of the next day, then you can have   some support for your crusade.

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On the matter of her allegations that the economy was mismanaged or   defunct, need we be reminded that when Jonathan was president people got   paid, they could eat, the economy grew at 4 percent, and inflation was   at 9 percent? Beyond that, the Nigerian youth graduated with high hopes   for jobs as a result of the GIS Scheme and the support of private   companies that were springing up everywhere. Those who had decided to be   entrepreneurs also got the support of the same government through the   YouWIN Initiative. Even as oil prices fell and then finance minister, Mrs Okonjo-Iweala, recommended belt-tightening measures, it was clear   that the government was not prepared to have the poor suffer more at the   expense of the rich. If that indeed was mismanagement, then we may very   well declare that this present government has sent our economy on a   suicide mission from which there is very little hope of return.

Looking at the figures Dr Ezekwesili presented at her speech, it is   certainly true that the growth percentage dropped, but with active   management the economic team managed to keep the economy on positive   growth path. What do we have now?  An abdication of economic management.   The government clearly has decided to ‘wing it’. Even former   president Obasanjo, under whom Ezekwesili herself served, advised them   to focus their energies on more productive concerns and stop the blame   game. Nigerians are not deceived. The actions of the current   Administration clearly show their ineptitude and absolute lack of   intellectual content.

The former Minister of Education also noted that both governments; the   present and immediate past, failed to adopt the right policies to deal   with the crash in crude oil prices, which began in mid-2014. How is she   any different from the current government she is so eager to accuse?   When you relish pin-pointing problems without proffering any cogent or   actionable solution, you are ineffectually saying that you don’t know   the answers. And if you don’t know the answers, could you try and give   us a breather? We have been on this ‘whodunnit’ merry-go-round for   far too long. When are we going to stop saying who did what, or who   should have done what and actually get something done? If Mrs Ezekwesili   has answers, she may as well start spitting them out. And by answers, I   mean something more than a clamour to begin another advocacy group.

The way I see it, we will need more than a #BringBackOurEconomy hashtag   to get back what we have lost.

Written by Undung Pam.

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