It is sad that at a time Nigeria urgently needs to fix its economic mess and forge ahead in a coordinated manner, the lingering face-off between the Executive and Legislature is diverting the attention of those who should initiate an immediate rescue mission from core economic regeneration issues.
In pursuing egocentric ends, the people’s representatives have seemingly left their oversight functions for what could best be described as a fight to the finish with an executive arm, which they perceive as unduly hostile to the National Assembly, particularly, the leaders of the upper chamber. But there are many reasons this scenario may spell doom.
The International Monetary Fund, which had projected 3.2 per cent and 2.3 per cent growth, respectively, for Nigeria in February and April 2016, suddenly made a U-turn, a few days ago. The Fund now projects that the Nigerian economy will likely contract by 1.8 per cent this year, a strong pointer to an avoidable recession. Though the Governor of the Central Bank of Nigeria, Godwin Emefiele, attempted to present this clearly bad situation in confusing colours, the fact that figures emanating from the National Bureau of Statistics have indicated two consecutive quarters of negative economic growth, makes his ‘stagflation’ theory inferior.
Aside from the biggest economy in Africa witnessing its first contraction in about 12 years this year, inflation (sustained increase in the general level of prices for goods and services) hit an 11-year high of 16.5 per cent in June, eating deep into the purchasing power of already stretched Nigerians.
To worsen matters, the CBN’s Purchasing Manager Index for June revealed, pathetically, that, of the 16 manufacturing sub-sectors in Nigeria, 14 recorded decline in the review month. There are unfortunate crude production cutbacks in a country with heavy reliance on oil revenue, while the electricity crisis being witnessed in recent months could call for a state of emergency in the power sector.
Now, moving away from all the ‘jargon’, to the language we all understand, it is clear that the Giant of Africa is groaning under an overwhelming burden of policy misdirection, which has only helped to worsen the condition of 110 million Nigerians living in poverty, according to Vice-President Yemi Osinbajo’s statistics, presented at the African Union Summit a few days ago. There are even strong indications that the statistics, as scary as they seem, need to be reviewed upward in line with current realities.
From North to South, East to West, more families have been rendered homeless as a result of cash crunch and the inability of dependants to enjoy the usual flow of resources from hitherto more comfortable relatives, who are also battling hard to survive. There are now so many corporate beggars on the streets; prostitution has taken a damning dimension in higher institutions; crime rate is rising by the day amidst the different branches of unrest in the Niger Delta; death rate is climbing higher, especially among those who should still be very active. The list is endless, but it is no overstatement that this unusual state of the nation calls for a sober reflection on Nigeria’s future by all concerned parties, especially those charged with the duty of sailing the troubled ship to a safe destination.
In spite of the fact that I have been a firm supporter of the leaders of this administration even before they sailed through to Aso Rock; despite my strong belief in the fight against corruption, in all its wicked forms, I believe strongly that the economy has been needlessly plunged into a peculiar mess. I see the seeming fixation with the screaming headlines of what many have called first-rate looting as a clog in the wheel of true progress.
Yes, the economy has been badly damaged, owing to already exposed gross mismanagement of the nation’s resources by major players of the former administration. One could even literally choose to believe that the President Muhammadu Buhari administration met an almost empty purse. But, if we single out the interesting but commendable stories of discoveries and recoveries of loots, the discerning mind would be left with virtually nothing to say about activities around key ministries. To many, President Buhari’s cabinet does not appear strong enough to initiate the right kind of corrections, even if painful, in a clearly troubled economy. The cotton wool and gauze treatment of Nigeria’s globally acknowledged bad economic injury can only lead to an emergency ‘surgery’ with unpalatable consequences, when the centre no longer holds.
The Executive, the most powerful organ of government, is responsible for instituting workable policies and implementing them in the interest of the country and its citizens. But success does not stop at its door. The Legislature must be healthy and responsible enough to provide satisfactory oversight functions that will keep the Executive and others on track.
Unfortunately, however, Nigeria is confronted with a hydra-headed problem of a seemingly dazed Executive in an unending crisis with egocentric lawmakers.
When Nigerians are crying out in high tones for an urgent treatment of a life-threatening economic malaise; when the people should turn to their representatives to demand a change of policy drivers in key sectors to allow the economy breathe; just when legislators should be at their wit’s end, trying to put an end to the lingering quag mire; they are instead running from pillar to post, in their desperate bid to protect their pots of soup.
It is laughable that the same legislators, who should have grabbed different categories of awards for their efforts at legislating for their pockets, sorry, for the masses, have decided to make their spoils permanent by seeking for life pension and immunity for their leaders. Or how else can one describe a situation where lawmakers, who should lead the protest against wasteful spending with impunity, are the ones proposing life pension and immunity for their leaders, even in the state houses of assembly? This is at a time workers are being owed arrears of salaries across the country. There is no other word to capture this than insensitivity.
Senate President Bukola Saraki started well, in spite of the controversial game of chess that brought him into power. In the beginning, he came across as a leader that valued transparency, especially with his regular account of events surrounding his office. But he should have handled his case with the Code of Conduct Tribunal with enviable maturity. Allowing his colleagues insult their constituencies, and indeed, the entire country, by leaving their jobs for the court to pledge their support for him is actually a dent on his tenure as Senate leader. Whether the various allegations against him are in line with a genuine war against corruption or should be seen as an attack on democracy, is not for him or other legislators to decide. We must allow the rule of law take its course.
On a final note, the Buhari administration is fast losing popularity. Any economic jargon explaining the current standstill will only infuriate the vulnerable more. All we need now is the right economic team to complement the President’s anti-corruption struggle; or we may be heading for total chaos.
