Aykes World

Wednesday, March 23, 2016

Is APC really ready for governance?

Its a pity that Nigeria's economic revival by the APC led government is now hinged on speculation and hope. Speculating and hoping that oil price will go up. Everything is amiss in the country. The country's oil Minister who also manages the National oil company has just informed Nigerians that fuel scarcity will last till May and he is not a magician. His exact words were "One of the training I did not receive is that of a MAGICIAN but I am working very hard to ensure some of these issues go away" This is ludicrous coming from one of the men who we trust to manage and revive the country's economy. Nigeria is the highest producer of oil in Africa, yet its people can't find fuel to buy.
CBN on its part looks more confused than the oil industries. Inflation has risen from 9% to 11%. Foreign currencies have skyrocketed, to such a high that I wonder how importers are ever going to make profit. so how does the masses survive, being that we import 95% of everything we use in the country. We hear about bank rates, but there is no foreign currency to give out. The CBN has made policies, reversed the policies, made new policies , reversed them. What impression will this leave in the mind of Foreign Investors, with all these policy reversals.
I don't even want to talk about the epileptic power supply. From 4000 down to 1500megawatts. Isn't that laughable. Nothing seems to be working for this government. I bet President Buhari did not have any economic plans when he was campaigning. He just rode on the wind of change, not knowing what level of complexity the Nigerian economy was. As he fights his corruption war, I wish him luck. But hinging his hope on recovered looted funds helping tackle the deficit in the 2016 budget is a big joke. These political criminals will use court injunctions to delay their trials until Buhari leaves. I hope he is able to institutionalize the fight on corruption before he leaves. I say before he leaves because I know he will not get a second term. Nigerians who put him there are already disillusioned by his governments lack of direction. So come 2019 he will not be returned as the President of the Federal republic of Nigeria. Unless he performs some magic in the economy. But someone in his government has already told us that he is not a magician, I guess Buhari is not too.

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