Ezekwesili to Buhari: ‘What didn’t work in 1984 can’t be a solution today’

A former Minister of Education and co-convener of BBOG advocacy group, Oby Ezekwesili, has said President Muhammadu Buhari is trying to impose on the Nigerian state, the same economic policies that failed him during his military regime of 1984.

Ezekwesili said the ‘archaic’ and ‘opaque’ economic principles of Buhari have led to the suffering of vulnerable Nigerians while inadvertently creating opportunities for corruption and abuse of office.

The former Minister said this on Saturday, at The Platform, a public policy forum held in Abuja.

“During the first coming of this our new president, a command and control economic system was adopted. During that era, inflation spiralled. During that era, jobs were lost. During that era, the economic growth level dipped. That era wasn’t the best of eras in economic progress.”

“What did not work in 1984 cannot possibly be a solution in a global economy that’s much more integrated.”

“In over one year, the president is still holding to the premise that command and control is the only way out. In a year we have lost the single digits inflation status we maintained in past administrations.”

“The president comes into this economic philosophy on the premise that he does not want the poor to suffer. I can relate to that, a leader must not allow the poor to suffer, especially a leader who knows that most of his votes came not from the elite but from the poor.”

“The problem though is that the intention and the outcome are diverged. The weakest and the most vulnerable suffer the impact of inflation the most. Enormous power is being abused as a result of opaque economic policies.”

“Companies are suddenly finding themselves unable to produce because they’re unable to access foreign exchange. Mr. President should sit with his team and look at the economic evidence that speaks loudly. It’s time to sit back and review the well-intended idea of command and control economic principle.”

“He should do what the Americans say that if it ain’t broken, don’t fix it.”

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