“When You Return, Leave The Economy For Osinbajo” – International Business Website Tells Buhari. - Olu Jameson Media

“When You Return, Leave The Economy For Osinbajo” – International Business Website Tells Buhari.

Share This
In a recent article published on its website , The Economist says the Nigerian economy has grown since acting president Yemi Osinbajo took over the mantle of leadership about a month ago.



In the article , the International business
website called on PMB to leave the economy to Osinbajo to run once he recovers and comes back to Nigeria.

The full article below :

EVER since word trickled out that
Muhammadu Buhari, Nigeria ’ s 74-
year - old president , was not just
taking a holiday in Britain but
seeking medical care , his country
has been on edge . Nigerians
have bad memories of this sort of
thing . Mr Buhari’ s predecessor
bar one, Umaru Yar ’ Adua , died
after a long illness in 2010 ,
halfway through his first term .

During much of his presidency he
was too ill to govern effectively ,
despite the insistence of his
aides that he was fine. In his
final months he was barely
conscious and never seen in
public — yet supposedly in charge.
Since he had not formally handed
over power to his deputy ,
Goodluck Jonathan, his
incapacity provoked a
constitutional crisis and left the
country paralysed .

There is nothing to suggest that
Mr Buhari is as ill as Yar ’ Adua
was . But that is because there is
little information of any kind . His
vice - president , Yemi Osinbajo ,
insists that his boss is “ hale and
hearty ” . Mr Buhari’ s spokesman
says his doctors have
recommended a good rest. Yet
even members of Mr Buhari’s
cabinet have not heard from him
for weeks, and say that they do
not know what ails him or when
he will return .

Such disclosure would be
expected in any democracy . In
Nigeria the need is even more
pressing . Uncertainty is
unsettling the fractious coalition
of northern and southern
politicians that put Mr Buhari into
power . Nigeria is fragile: the split
between northern Muslims and
southern Christians is one of
many that sometimes lead to
violence . The country also faces
a smouldering insurrection in the
oil - rich Delta and an insurgency
in the north - east by jihadists
under the banner of Boko Haram
(“ Western education is sinful”).

Mr Buhari, an austere former
general, won an election two
years ago largely because he
promised to restore security and
fight corruption . Although his
government moves at a glacial
pace , earning him the nickname
“ Baba Go Slow ” , he has wrested
back control of the main towns in
three states overrun by Boko
Haram. Yet the jihadists still
control much of the countryside ,
and the government has been
slow to react to a looming famine
that has left millions hungry.

On corruption , Mr Buhari has
made some progress . A former
national security adviser is on
trial in Nigeria for graft, and a
former oil minister was arrested
in Britain for money laundering.
So far , however, there have been
no big convictions.

Mr Buhari’ s main failures have
been economic ( see article ) . The
damage caused by a fall in the
price of oil , Nigeria ’ s main
export , has been aggravated by
mismanagement . For months Mr
Buhari tried to maintain a peg to
the dollar by banning whole
categories of imports , from soap
to cement , prompting the first
full - year contraction of output in
25 years .

First, do no harm

With Mr Buhari in London , the
country ’ s economic stewardship
has , whisper it, improved a bit .
Mr Osinbajo has allowed a
modest devaluation and started
on reforms aimed at boosting
growth . This is already paying
off . In February the government
sold $1 bn- worth of dollar -
denominated bonds, its first
foreign issue in four years.
Demand was so great that
investors bid for almost $ 8bn-
worth of the notes, raising hopes
of a second bond sale later this
month . If his health recovers , Mr
Buhari still has two years left in
office.

He should focus on doing what
he does best : providing the
leadership his troops need to
defeat Boko Haram and the moral
authority to clamp down on
corruption . And , noting how
much better the economy is
doing without him trying to
command it like a squad of
soldiers , he should make good
on a long- forgotten electoral
pledge to leave economic policy
to the market- friendly Mr
Osinbajo .

No comments:

Post a Comment

Pages