i’m no economist. however, neither are loads of the people who have written or spoken in recent instances on the industrial considerations time-honored in our nation today. we’re, on the other hand, stakeholders; after all, it is our usa. We reside right here, earn money right here; our children attend schools right here and what have you. Even those of us who aren’t resident within the country have members of the family who’re, and more than likely some funding or the opposite right here. So, we are all stakeholders.
for the reason that first alarm was once sounded on the falling costs of crude oil, many of us were following the information ardently, silently hoping for a reprieve of some kind. It has been a number of weeks for the reason that first news broke, and though a few moves and reactions have taken location on account that then, the narrative of the overall populace has no longer modified; we are still within the ‘finger pointing’ phase. Two factors arise from this segment which require that we check out the data earlier than us seriously quite than enable ourselves be swept away in the flood of what in the beginning could appear as ‘public opinion’, but now performs as a neatly-crafted plan to distract and derail the great individuals of this dear nation from the things which might be real and right.
Dr (Mrs) Ngozi Okonjo-Iweala is a technocrat, now not a politician. She used to be no longer appointed as finance minister and Coordinating Minister of the economic system as a result of she was once owed a political favour, but since the presidency deemed her the precise fit for the job. in response to her earlier carrier to the us of a, it isn’t out of place for me to state that she is not one related to reckless spending. in truth, it was all over her first stint as finance minister that the excess Crude Account was arrange.
Secondly, whereas she endorsed saving; other events, wielding political might, undermined her efforts. In April 2013, she brazenly, and on a couple of social gathering instructed us that the Federal govt was once compelled to share over $ 16.4billion revenue gathered in the excess crude account to the states since the governors argued that it used to be unconstitutional and even unlawful for the Nigerian republic to have savings stashed away for some imaginary wet day. She was additionally quoted pronouncing that, “It used to be a struggle to even get $ 1billion paid into the SWF (Sovereign Wealth Fund). We managed to save lots of $ 20billion the final time, however now the governors are announcing it’s unlawful. So, the united states is not in a position to save lots of, and what’s left in the extra Crude revenue Account lately is best about $ three.6billion”.
actually, surviving the current decline in oil costs and its poor impression on nationwide and international economies would have indubitably been made more straightforward had we sufficient funds shored up. take into account that, it had been done earlier than throughout the 2008/09 crises. the government was once in a position to augment its price range deficit and continue with most of its construction programmes with revenues from a wholesome extra Crude earnings Account.
Had Dr Okonjo-Iweala no longer, in the past, expressed her concerns, reservations and angst about what some other economic meltdown with out adequate funds within the ECA would do to us, then she should naturally be our first target for finger-pointing. however she did, a number of times over, she did. but we refuse in charge the individuals who squandered our future and have confronted the one girl who was an enemy of state governors and legislature in her bid to steady the commercial future of this u . s . a ..
The Minister has at all times been an suggest of the necessity for the united states to proceed to create security nets within the form of financial savings in order to cushion any possible unwanted effects of the volatility within the world oil market on the domestic economic system should there be any longer melancholy in the international economic system. simply as she has again and again stressed that elevated efforts to diversify the u . s . a .’s economy remains the only possible option open to pursue within the face of dwindling revenues from crude oil exports as well as increasing volatility in the international oil market.
With elections fast drawing near and our current situation turning into fertile floor for politicking, what is needed now could be a collaborative paradigm shift. We wish to seem to be beyond the issue to the imaginable solutions; we need to shift our center of attention from blaming the finance minister and her economic workforce to specializing in the issues that matter. in actual fact, as stakeholders, everyone has a task to play. let us not be carried away by way of the opinions of naysayers as we look in opposition to a greater financial system in the years ahead.
Issachar Odion is a post graduate student in some of the federal universities.