COVER
MAN, LCCI, Economists Counter Buhari Claim on Economy
By Joseph Amah, Abuja
The Manufacturers Association of Nigeria (MAN), the Lagos Chamber of Commerce and Industry (LCCI) and economists have countered the claim of President Muhammadu Buhari, that the economy under him is better than it was in 2015.
The Chairman of the Gas Group, the Manufacturers Association of Nigeria, Mr Ola Adebayo, said Buhari’s regime’s policies have not translated into positive economic growth and real sector development.
He faulted Buhari government’s implementation of policies, ssying that the present government has not score any pass mark.
Adebayo said, “One thing I have observed is that policy formulation is different from implementation.
Also, the Deputy President of the Lagos Chamber of Commerce and Industry (LCCI), Mr Gabriel Idahosa, said the reality was at variance with the claims of the President.
He said the current government has not been able to attract the private sector to invest in critical infrastructures like railways and airports, saying that the government’s economic model is counter-productive and not in the best interest of the economy.
“The business community has been consistent in saying so. It’s not a matter of disagreeing with him. It’s a matter of looking at the facts at the table.”
Idahosa further said that “We don’t really need any complicated analysis to see whether the policies are addressing the issues of the business community. Whether it is power supply, the foreign exchange market, whether it’s a model that enables the private sector to invest in infrastructure in a manner that enables business to thrive, it is clear for all to see.”
Also Director-General, the Nigerian-American Chamber of Commerce, Mr Sola Obadimu, said Buhari’s assessment of his administration’s economic policies did not reflect the realities on ground.
According to him, his government has failed in all economic indices and should be humble to admit it.
He said, “In the past seven years, we have witnessed the most volatile phases in our industrial life. For instance, if we pick the naira valuation as at when he came in and now, you will see the difference. That has been unfriendly to industry.”
He said the benchmark interest rate has been high at 13 per cent, making access to capital difficult.
Obadimu further stated that with the disparity between exchange rate at the official and parallel markets, it was obvious that the government had created certain opportunities for round tripping in the system and consequently put a strain on business entities who needed foreign exchange for business.
An economist and Chief Executive Officer, Center for the Promotion of Private Enterprise, Dr Muda Yusuf, said that between 2015 and now, the nation’s economy has recorded over 200 percent currency depreciation.
He said that the investors’ confidence has worsened within the period under review and major indicators show that the economy is lagging behind .
“I don’t agree with that. Let us look at all the major indicators in the economy. Look at inflation, look at how bad things are and you know the implication of inflation for investments and for welfare. The current situation now is almost unprecedented and, of course, you can’t compare that now to what the situation was in 2015. Look at our currency. What was the exchange rate even at the parallel market in 2015 and what is it now? We are talking of a depreciation of over 200 per cent or even more and that also has a very serious implication. Even the poverty situation in the land is much and the business confidence. Investors’ confidence has worsened between 2015 and now. So, I don’t agree with that assertion.”
Also speaking, the Founder of Cowry Assets Management Limited, Mr Johnson Chukwu, said, “I will be belittling myself to comment on issues like that. Let me ask you, what is your take on it? If I were a journalist, I wouldn’t even write about it.
“That’s how I feel about that comment. Because it just doesn’t make sense for me to be wasting my time talking about it. I need to initiate conversations higher than that level. Because even someone who is daft and a person who didn’t go to school will discuss it. It doesn’t make sense. Somebody said I’ve done well and you want me to discuss it. I guess you understand how I feel about that. It doesn’t make sense for anybody to discuss it.
“It’s not a matter of feeling, it’s how you are living. How much do you buy bread? How much do you pay for transport? How good is light in your area? So, if you want me to comment and speak about the economy, the way forward and what to expect from the new president, I will, not this,” he said.
A scholar and an Associate Professor at Pan-Atlantic University, Dr Olalekan Aworinde, said that the only sector that is doing well is the oil and gas.
“We cannot say that the economy has fared well because we still have so many indices that tell us that the total values of goods and services produced in Nigeria are nosediving. The only sector that is doing well is the oil sector. It makes about 80 per cent of the revenue in Nigeria.
“If you take a look at the manufacturing and agricultural sectors, they are not at the level we expect. There might be some improvement in agriculture but the kind of farming practiced in Nigeria is still at the subsistence level. In the manufacturing sector, we have more firms folding up probably because of these infrastructures that we expect. There’s no stability in power. The rate at which the Gross Domestic Profit is growing in Nigeria is not at the fast rate. It’s increasing at a decreasing rate.”
He also said that the government has pushed a lot of Nigerians into poverty than it has taken people out of poverty.
“Let me talk about price stability, it is worrisome. I don’t know how this government is able to come out without looking at the statistics at the price level. The last figure that was released by the National Bureau of Statistics a few weeks ago tells us that inflation is close to about 18 per cent. So, before they were in government, what was the statistics? So, this government has brought a lot of people more into poverty, absolute poverty than they have taken people out of poverty. I’m not going to agree with President Buhari’s statement. Yes, price stability is the responsibility of the CBN so in an attempt to maintain this price stability, you would discover, particularly this year, that it has been worrisome. It has been on the increase”
“I do not know what the yardstick that he used. Look at the level of unemployment. If you say you want to reduce the level of unemployment, that means that the level of inflation will be on the increase. But despite the fact that there’s an increase in inflation, the level of unemployment is still increasing. It is very clear, this is not unconnected with the manufacturing sector that is not doing well. The manufacturing sector is not doing well, so which sector will be used to employ the teeming youths that are not employed in Nigeria? The unemployment figure in Nigeria is about 33 per cent. So before they assumed office, what was the percentage and presently what is it? This government has taken a lot of loans and the future generations will have to pay for these loans. I do not know where the statistics and the indices that this present government is using to better the lot of Nigerians because as at the last count, the World Bank told us that the present government has made so many Nigerians to fall into abject poverty.”
Director of Research and Strategy, Chapel Hill Denham, Mr Tajudeen Ibrahim, also said, “I think we should look at the major metrics to know if really the economy is doing better now than in 2015 and one major metric is the exchange rate. And for the exchange rate, the Naira has lost tremendous value in the past 7years. And that has led to several other factors such as higher consumer price index over the period. It has also led to great uncertainty for foreign investors in terms of investing in the country,” he concluded
Under Buhari, Nigeria experienced two recessions – one in 2016 and another in 2020 fuelled by COVID-19.
As at the fourth quarter of 2014, Nigeria’s unemployment rate was 6.2 per cent, according to data by the National Bureau of Statistics, NBS. As at the fourth quarter of 2021, the NBS disclosed that the rate in the economy had risen to 33.3 per cent, making it one of the worst in the world and signifying a 437 per cent increase over the seven-year period.
As at May 2015, Naira exchanged for dollars at N197/$ at the interbank market and N217/$ at the parallel market. Naira is N415-N420 to a dollar at the Importers and Exporters Window and nearly N603-N610 at the parallel market. Subsidy has since risen from N100 million in 2015 to N4 trillion in 2022.
Inflation is not spared as prices have risen by over 70 per cent since Buhari came to power. Inflation has since 2015 risen from 9.01 per cent (average number in 2015) to over 17 per cent in May 2022.
The Misery Index in 2015 was 47.7 points but it has risen to 50.48 points, meaning that more Nigerians are now more miserable than they were in 2015.
Similarly, in 2018, Nigeria was adjudged by the World Poverty Clock as the world’s poverty capital.
According to the World Bank, the poverty rate was 33.1 per cent by the end of 2014/ beginning of 2015, but poverty rate will likely sit at 42.6 per cent in 2022.
By Tony Obiechina, Abuja
Director-General Infrastructure Concession Regulatory Commission (ICRC) Dr Jobson Ewalefoh has said many airport projects undertaken by state governors lack commercial viability.
The ICRC boss stated this at the second Joint Public-Private Partnership Units’ Consultative Forum.
Over N160 billion has been channelled recently by Bayelsa, Nasarawa, Ekiti, Ebonyi, Yobe and Jigawa states for airport projects.
Ewalefoh described these allocations, which generate no revenue for the Federal Airports Authority of Nigeria (FAAN) as a misplaced economic priority.
He said, “When talking about infrastructure, it must be integrated, and we must speak with one voice.
“For instance, you have airport infrastructure projects going on in almost all the 36 states of the federation. With proper planning, that scenario can be avoided.
“I am from Edo State. There is an airport in the state and another one in Warri, Asaba and Anambra.
“Driving through those states with good roads is not up to one hour. So that’s why I think we all need to put our heads together and think of a national planning approach.
“Though we have a document, we can sit down and decide on priority projects to know which is best for one to do.
“Edo can build one project, Delta another one, Warri a different one but with integrated planning, such things can be avoided. We need to discuss at the national and sub-national level because Nigeria is sovereign, and we are one.”
Through integrated projects and collaboration with sub-national bodies, Ewalegoh said the frequency of unfeasible economic ventures would be addressed.
From Attah Ede, Makurdi & Jude Dangwam, Jos
There seems to be no respite for many local communities in Benue and Plateau States as bandit attacks have continued to escalate by the day.
According to multiple local sources, the incessant attacks by gunmen, suspected to be Fulani herders, have left hundreds dead while many others are either displaced or missing.
Amid the growing tension, community leaders and other stakeholders have called on the federal government and the security agencies to secure the lives and property of the terror stricken communities.
In a passionate appeal yesterday, a group of academics and opinion leaders from Tyoshin, in Gwer-West local government area of Benue State bemoaned the fate of residents in their communities in the hands of the armed invaders.
Coming under the aegis of the Forum of Tyoshin Academics (FoTA), the forum said more than 500 persons had been killed by the armed invaders within a period of six months.
A statement jointly signed by the forum’s National President and the National Publicity Secretary, Professors Patrick Ukase and John Anja said five persons were killed in a fresh attack on Saturday.
The forum noted that the attacks, which it said dated back to 2011 claimed about 192 innocent lives by the end of 2017, while 302 were killed between 2018 and 2023.
According to the forum, more than 17 persons had been killed this year, bringing the figures to 511.
The statement said in part, “Today marks another day of mourning, another black day etched in the hearts of our community.
“The relentless wave of violence continues as suspected Fulani armed herders have, once again, unleashed terror on our people—this time along the Naka-Makurdi Road.
“The lives of five innocent souls who were rushed to the clinic for treatment following the attack, tragically slipped away, their cries unheard. Others lie in agony, fighting for their lives, yet the true number of those attacked remains unknown.
“Since 2011, the toll of this violence has been staggering. Between 2011 and 2017, 192 sons and daughters of Tyoshin were gruesomely murdered by herders. From 2018 to 2023, the numbers escalated, with 302 more lives lost in the area.
“This year alone, 17 individuals have been mercilessly hacked down by these herders. These figures do not include those who have disappeared and have not been seen since 2011. In all, we have lost over 511 lives to this relentless onslaught.
“Tyoshin land is bleeding, its cries drowned in the deafening silence of indifference. Our villages, our homes, and our very existence have come under siege for too long. Nine council wards of the Gwer-West local government area have already fallen into the hands of these ruthless attackers.
“Today’s tragedy is but a grim continuation of a war that has ravaged our land, leaving us shattered and broken. Just days ago, the blood of our brothers and sisters was spilled in Camp-Nagi, Mbachohon, where three more were brutally murdered.
“Yet, in the face of this terror, the silence from those sworn to protect us is deafening. The Tyoshin people are abandoned and forsaken by the very government that should shield them.
“The Federal Government and the Benue State Government remain disturbingly quiet, their inaction a haunting reminder of how alone we truly are.”
The community leaders lamented that the attacks were being carried out by the invaders despite the presence of soldiers drafted in the community for the purpose of protecting lives and property.
“Even the military presence, meant to offer protection, stands idle as the bloodbath continues. Our people fall; one by one, as these attackers roam freely, unchallenged and unafraid”, the group said.
The leaders appealed to President Bola Tinubu and the Governor of Benue State, Hyacinth Alia, to come to come to the community’s rescue.
In a related development, troops on Sunday rescued eight travellers along the Akaa-Akundo community in Zaki Biam, Ukum local Government Area of Benue State.
The troops were attached to 401 Special Forces Brigade/Sector 1, with the code named “Operation Whirl Stroke (OPWS).
The names of the rescued travelers were given as Oliver Enze, 40, who was the driver of the bus; Obi Valentine, 32; Nasuru Abubarka,18; Evangelist John Udhemuburu, 64; Bulus Bukar, 23; Samuel Chukwudi, 18; Joseph Ejeh, 37; and Alex Okafor, 42.
Some of the victims who spoke to journalists in Makurdi, thanked the troops for their prompt intervention.
The driver of the bus said they were attacked at 7:30pm when the vehicle ran into a barricade mounted by the bandits.
“They stopped us along Zaki- Biam-Wukari road at a check point that was mounted by the armed men wearing army uniforms and we mistook them to be soldiers.
“Several other vehicles were also parked by the roadside, and I was asked to park and ordered down with the passengers and forced to lie face down.
“Two of the passengers were taken away from the vehicle by the gunmen into the bush and cash worth millions of naira was collected from them, including travel bags, phones and other valuables.
“In the process of their operations, they spotted the vehicle of the Joint Military Operations Team from a distance and took to their heels. That was when we got to know that they were kidnappers.”
When contacted, Brigadier General A. Rabiu, Commander 401 Special Forces Brigade/Sector 1, confirmed the incident and assured Benue State residents of total fight against criminality in the state.
It would be recalled that last week, the military troops also rescued six persons including a serving youth corps member who were traveling from Taraba to the Southeast.
The situation is not too different in neighbouring Plateau where armed herders have been terrorising agrarian communities in the state.
The Minister of Defence, Mohammed Badaru Abubakar who visited the state at the weekend, condemned the renewed bloodshed across some local government areas and called for an immediate end to the senseless killings.
He said peace loving people in the affected areas must avoid farm destruction, cattle rustling, poisoning of animals, night grazing, underage grazing and avoid ethnic profiling.
Abubakar stated this yesterday during a stakeholders engagement with community, religious and youth leaders from Barkin-Ladi, Riyom, Bokkos, Mangu and Wase local government areas of Plateau State.
He noted that the essence of the stakeholders engagement was to come up with workable solutions and tasked them to identify criminals in their respective communities and treat them as criminals rather than promoting ethnic profiling.
In his words, “Firstly, I must express my displeasure over the current attacks and reprisals that have resulted in the loss of lives and property.
“This is happening despite the best efforts of our security agencies, particularly the 3rd Division Operation Safe Haven, in ensuring a peaceful settlement to these early attacks that have affected both farmers and cattle breeders.
“I am particularly saddened by the actions of certain elements in some communities who continue to destroy farms and disrupt peace efforts despite ongoing dialogue aimed at resolving the issues diplomatically.
“These security challenges are not isolated to Plateau State, but are widespread across other parts of the country,” Badaru said.
This minister said the stakeholders’ meeting was intended to de-escalate tension and prevent a spillover of the situation in parts of Mangu into other areas of the state.Earlier, the General Officer Commanding 3 Armour Division, Maxwell Khobe Cantonment Rukuba Barracks, Major General Abdusalam Abubakar had given a commitment to ensure peace in the area
By David Torough, Abuja
Nigerian Army last night dismissed speculations that the Chief of Army Staff (COAS), Lt. Gen. Taoreed Lagbaja is dead, describing the reports as fake news.
The headquarters via its official X handle, @HQNigerianArmy dismissed an online report that circulated yesterday with the headline “Chief of Army Staff dies of cancer”.
The report claimed that Lt.
Gen. Lagbaja passed away in an undisclosed hospital overseas nearly 48 hours due to stage three cancer. It quoted a senior government official.The report claimed that the news of the COAS’s death had been kept secret due to intense lobbying by some Army Generals seeking to assume his position.
However, sources at the Army Headquarters confirmed that the Army Chief was critically ill.
One of the sources said, “COAS is not dead. He is only critically ill at the moment. We should be praying for him at this critical time and not spreading rumours that he died.”
Another source said he was out of the country to treat himself.
“He is out of the country for treatment. And I have not heard of his death from anyone around him. There is no way such information could be hidden.”
The phone number of the director, Army Public Relations, Maj. Gen. Onyema Nwachukwu indicated it was switched off. He was yet to respond to a message sent to him on the matter.
Lt. Gen. Lagbaja, born on Feb. 28, 1968 in Ilobu, Osun State was appointed by President Bola Tinubu in June 2023 as the 27th COAS.
The Army Headquarters asserted the importance of accurate information and urged the public to disregard any unverified reports regarding the health or status of its leadership.
Presidency reacts
Also reacting to the rumours, Special Adviser Information and Strategy to President Tinubu, Bayo Onanuga via his X Platform dismissed the report on death of Lagbaja.
He said, “Director of Army Public Relations, Major General Onyema Nwachukwu has dismissed fake reports about the Chief of Army Staff, Lt. General Taoreed Lagbaja.
“To be very clear, the Nigerian Army is a highly structured establishment with well-laid-out procedures and processes for dealing with different circumstances.
“Before proceeding on leave, necessary protocols were put in place for the Chief of Policy and Plans (Army), Major General Abdulsalami Bagudu Ibrahim to act on behalf of the COAS while he is away.”
In another development, the army pulled out of service 15 Generals from the Artillery Corps.
The army in a post on X yesterday said, “The Nigerian Army formally pulled out 15 retired generals from the Artillery Corps on Saturday, October 19, 2024 during a ceremony at the Nigerian Army School of Artillery in Kachia, Kaduna State.
“The group of retirees included 11 Major Generals and 4 Brigadier Generals.”
Maj. Gen. James Myam who spoke on behalf of the retired officers reflected on their long military career, expressing fulfilment and gratitude.He extended appreciation to President Bola Tinubu for the opportunity to serve and thanked the COAS for his leadership.
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