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| MP, Hon Chi Onwurah and President Buhari |
PRESIDENT Mohammadu Buhari has
reiterated his position that the present economic catastrophe was created by
the omissions and commissions of the previous leaders of the country but unequivocally
reemphasized the commitments of his administration to change the system in the
interest of the nation.
In a statement made by the Special Adviser to the President on Media and Publicity, Femi Adesina, it indicated that Buhari made this assertion
while meeting with a team of British parliamentarians led by Hon Chi
Onwurah, a Nigerian-born MP for Newcastle, at the State House, Abuja, yesterday.
Emphatically, it stated that the President admitted the present economic situation as undesirable, however added that the catastrophe which has led to the continuous
hike of exchange rate was due to over-reliance on oil as a single source of
revenue,
and regretted that despite that, the revenue from the oil rather than
judiciously put to use to add value to the standard of living of the citizenry, were indiscriminately diverted to the pockets of the highly privileged few against the
teeming population.
Nevertheless, the President assured that his
administration is determined to redress the monumental errors towards rebuilding
the nation, however added that the country is in dire need of supports from Britain
reminding the parliamentarians that Nigeria still hold Britain in high esteem
as the two countries cordial and mutual relationship over the years cannot be
overemphasized.
“We are going to rebuild Nigeria and there are vast
opportunities for Britain and us. We share very close ties and our expectation
from you is high.
“We are disorganised because we relied on mono-economic
product for too long and now that oil price is down, we have to go back to
agriculture and solid minerals.
“Tin, columbite, cocoa, groundnut, and others, used to be
the basis of our economy, but, then, oil came, and everybody began to look for
cheap money. Now, we need to start all over again,” Buhari said.
Responding, Onwurah said the team was in the country towards
promoting the good relationship which has over the years existed between the
two countries particularly to adequately assess the situation of the country,
such that the citizens in Diaspora can substantially be a team player towards
contributing to the economic development of the country.
“Our mission on the visit is to promote positive
engagement between Nigeria and the UK, since we are stronger when we build on ties
of the past,” Onwurah said.
In the penultimate weeks, it would be recalled in an interactive session with the Managing Director of the International Monetary Fund, IMF, Christine Madeleine Odette Lagarde and the media on
emerging market economies that her positions on Nigeria's economy was analogous with the President indicating that Nigeria has no economic template on ground despite all the claims of all the previous administrations.
In response to questions centred on the possibility of Nigeria and
Azerbaijan securing loans from the international body, she emphatically
responded in the affirmative stating that IMF is available to assist all
countries that are signatories to it including the two countries as long as
such assistance is within its capacity.
“IMF remains available to all its member countries; so, the moment
we are asked to help, we’ll do the best we can to help. Both countries,
Azerbaijan and Nigeria have been hard hit by oil price decline shock, because
their economies depend heavily on oil exports, both in terms of trade, and in
term also of revenue.
“When you lose a lot of that, because the price decline was about
70%, then clearly it puts the economy under shock,” Lagarde noted.
In her comparative analysis between the two countries, Lagarde
stated that Azerbaijan has viable structures in place towards tackling the
economic challenges facing the nation unlike Nigeria which is yet to have a
solid platform towards overcoming its anomalies.
“Policies adopted by the two countries are different; Azerbaijan
has certainly taken a good fiscal approach, is reassessing spending, is really
trying to restore its position, and is also using the exchange rate as a
buffer.
“Nigeria is not there and we certainly hope that in terms of
identification of fiscal resources, removal of oil subsidies, she can do with
an exchange rate policy that is sensible, in the sense that it is not going to
waste reserves.
“We have in particular
indicated that a persistent pegging of the naira would not be such a good idea.
So, they have to adopt their policies, they have to adopt their model, and if
they need IMF’s help, we’ll be ready to help. No question about that, and no
stigma associated with it. They are clearly a victim of external shock, and
they have to face a response, which is a national response to that situation,”
she emphasized
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