There are those who are of the opinion that some of President Bola Tinubu’s administration policies are not well thought out, though there are
The government says the palliatives, particularly the N5 billion, is a loan. Do you think the money is encouraging enough, especially as the governors know that they have to repay?
It is their own method. Each time we try to intervene in a problem, we don’t go back to methods used successfully in the past. During the Shehu Shagari government, when we had problems with the collapse of our currency and our foreign earnings, there was an agency set up by Shagari. What they did was to create a system, though they criticised it at that time, the system ensured prices of essential goods fell generally. This idea of a handout where you give one “mudu” of rice is not sustainable.
All these decorative ministries don’t move a needle for me. Ideally, the coordinating minister of the economy is the president, assisted by the vice president, who is the chairman of the National Economic Council. All these naming ceremonies don’t matter in economics. What matters is that there are policy choices, and there are alternatives we have to make that have consequences. I am not bothered about how you titled yourself.
The government is already on a kinetic train. If you are a minister, being sworn-in is like a player brought on to the pitch when the game is already on. You only need a few seconds to gather the wits around you and know exactly what role you are coming to play. The numbers are already out there, so they can’t say we don’t know what is going on.
The first thing you do when you say you are floating your currency is to do an appreciation of your environment. For example, you say you welcome everybody who wants to trade in the naira and exit the naira in a free way to any currency of their choice since you say you are not regulating the pricing of your currency. Therefore, the CBN needs to realise that it can not control the dollar and it doesn’t have the power to issue the dollar .
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