Economic Realities: The Way Forward For President-elect Muhammadu Buhari - Politics

Election is over, post election banters should be winding up as the incumbent administration run her last lap. During the electioneering period, President-elect Muhammadu Buhari and the ruling party-elect APC made lots of promises. Some of these promises ranges from provision of 24/7 electricity, provision of 3 million jobs annually, ending corruption to standstill, reduction of recurrent expenditure and increase in capital expenditures, provision of monthly stipends for the elderly, disabled and unemployed, and 24 months payment to Youth Corps members (1 year each for service and post service period) and feeding of public primary school pupils across the country. All these are in addition to numerous capital project that was promised by the government. Funmi Iyanda appointed one of UN women gender equality champion Read more » 8 more Nigerians to face execution in Indonesia - Diaspora group Read more » Yay! Senate passes bill to criminalize female genital mutilation Read more » There are also several demands from different groups to the President-elect. The "ex-Militants" want Amnesty sustained, the Governors elected on APC's platform led by Rochas Okorocha want increased funding to states, the people in the North want an end to the insurgency, the people in the South South/South East are calling for political and economic emancipation and good leadership, those in the South West are advocating for improved governance and leadership. Everybody is making one demand or the other. Present Reality Nigeria's revenue is dwindling already with no hope in sight if the status quo remains. Our budget is destined to run on deficit of over N1.3 trillion, which will only add more burden on the people. The revelation by Ngozi Iweala that Nigeria had to borrow to pay wages and salaries of workers is a sign that we can't continue this way. No country can sustain when it borrows to pay salaries. What happens when the loan becomes too much that more borrowings is rejected? This will sentence us to IMF's Sturctural Adjustment Program, which will take us 100 years backward and punish generations to come. Mistake of The Outgoing Incumbent The grave mistake that the Incumbent President Jonathan made was to give in to the 36 States Governors in 2010 led by Bukola Saraki and later by Rotimi Amaechi to share the $25 billion Excess Crude Account among the FG, States and LGs,rather than to admonish them to look for alternative. Sadly, Nigerians never felt the impact of the so call shared dollar windfall. It only expanded the financial war-chest of the politicians and their friends. If this fund was still in place, Nigeria will have no business to resort to borrowing of less then N500b to pay salaries. Funmi Iyanda appointed one of UN women gender equality champion Read more » 8 more Nigerians to face execution in Indonesia - Diaspora group Read more » Yay! Senate passes bill to criminalize female genital mutilation Read more » The Way Forward Though President-elect Muhammadu Buhari made loads of promises, he should not subject himself to any form of pressure so as not to make ridiculous decision that will ruin the country in his bid to fulfil his pledge. Buhari should as a matter of urgency scrap the Amnesty Program, he should send an Executive bill to the NASS for the creation of Excess Crude Account Fund and/or any Savings fund that the country may turn to when in dire need. He should put hold to all his social programs and place emphasis on developmental programs. As a matter of importance, he should cut his entire pay package by at least 50% and encourage his Aides and Cabinet members to do same. He should also encourage his party-men to do same. The extra monies should be used as an intervention fund or for capital projects. He should also reduce his number of foreign trips and those of his Aides and Ministers. President-elect Buhari need to revisit the call for Fiscal Federalism (which he promised in 2011), so as to empower states while he creates special fund for the "not-so-viable" states and region to move the nation forward. The President-elect should revisit our 3 existing refineries and put them in at least 90% productive state so as to reduce our dependent on imported refined petroleum product, and at the same time solve the ever increasing subsidy bills. He should strengthen the anti-corruption agencies and ensure that whoever is indicted is prosecuted and not just that, the loot of the thief is retrieved. His corruption fight should begin with members of his "caucus" and extend outside so as to win the confidence of Nigerians especially the non-Northerners. He should also send executive bill to the parliament to amend sections of our criminal laws and codes that does not reflect to the present reality. The manufacturing sector should be encouraged along with improved electricity so as to boost our economic prospects. Insecurity ought to be addressed and should not be limited to Boko-Haram fight alone. President-elect Buhari should do these in addition to long term economic policies for the growth of Nigeria. The success of Buhari's administration is vital for the success of Nigeria. Though in opposition, I shall always wish the administration well. Funmi Iyanda appointed one of UN women gender equality champion Read more » 8 more Nigerians to face execution in Indonesia - Diaspora group Read more » Yay! Senate passes bill to criminalize female genital mutilation Read more » God Bless Nigeria Credit: http://www.solomontonye.com/2015/05/economic-realities-way-forward-for.html