Finance Minister, Kemi Adeosun has reacted to remarks by the former Vice President of the World Bank, Oby Ekekwesili’s remarks that the Muhammadu Buhari-led administration is “archaic and opaque” in terms of economic policies.
According to Premium Times, Ezekwesili who was a guest on ‘The Platform’ a public policy forum in Abuja held on Saturday, accused President Buhari of rehashing his “command and control” approach to economic issues adopted during his first time as military Head of State in 1984.
She pointed out that during his regime as Military head of state, there was a rise in inflation, loss of jobs and a decline in economic growth level which seems to be where the country is headed to again.
She said, “What did not work in 1984 cannot possibly be a solution in a global economy that’s much more integrated.”
“The same ‘command and control’ approach towards economic issues has left the country’s economic indices worse off since he assumed office almost year ago.
“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,” she added.
According to her, the present administration’s foreign exchange policies rendered the poor poorer and the opaque economic policies were not only encouraging massive corruption, but abuse of power.
However, coming to the defense of the President Buhari-led administration, Minister of Finance Kemi Adeosun who was a guest on ChannelsTV’s ‘Sunrise Daily’ earlier today, disagreed with Ezekwesili saying the present government has a planned economy and does not operate a command and control economic system as alleged.
According to her, the main economic strategy of the Buhari administration is to reset the Nigerian economy to have a more diverse revenue base and to cut wastage in government’s spending.
She reaffirmed an earlier statement by President Muhammadu Buhari that the government inherited an empty treasury, in addition to a high debt profile and these have made things difficult adding that the previous administrations in Nigeria failed to build savings while the country enjoyed massive revenue from high price of oil globally and this put the country in a tight condition when the oil price fell.
Nigeria’s sole dependence on oil she noted made the impact much tougher on the economy and the citizens.
The minister then listed power generation, roads, rail, housing as some of the areas where the capital expenditure would cover as these are the core areas that create jobs and empower the citizens to develop the economy.
Watch her interview below!
Following her appearance on TV, Mrs Adeosun’s accent became a trending topic on social media for a couple of hours.
Video Credit: ChannelsTV
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