Manufacturers, Economists Fault President Buhari’s Claims that Nigeria's economy Under him is Better
- Economists, Industrialist and Manufacturers have questioned President Buhari's claimed Nigeria's economy is better under him
- Buhari had in an interview granted to international media firm, Bloomberg spoke about the successes of said his administration
- The president also stated that he is leaving Nigeria’s economy better than he met it in 2015 when he assumed office
The Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, and experts have questioned President Muhammadu Buhari's claim that the economy is better now than it was in 2015.
According to them, data and economic reality contradict Buhari's assertion that his government has been a big success.
The economists were reacting to the President's exclusive interview with international news outfit Bloomberg on Tuesday, 21 June.
Source: Twitter
The president in the interview said that his administration is leaving Nigeria in a far better place than it was met when he came into power in 2015.
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Buhari was quoted as saying:
"Corruption is less hidden, for Nigerians feel empowered to report it without fear, while money is returned; terrorists no longer hold any territory in Nigeria, and their leaders are deceased; and vast infrastructure development sets the country on course for sustainable and equitable growth.”
Experts react to Buhari's claim
For the Chairman of the Manufacturers Association of Nigeria, Ola Adebayo, Buhari’s policies have not translated into positive economic growth and real sector development, the Punch Reports.
He stressed that his regime would not score a pass mark.
Adebayo added:
“One thing I have observed is that policy formulation is different from implementation. With the recent events, I don’t think the government has passed. We only have very good policies on paper, but the implementation has been lacking. Once there is no implementation, it becomes just an idea.”
Also, the Deputy-President of the Lagos Chamber of Commerce and Industry, Mr Gabriel Idahosa, said the reality was at variance with the claims of the President.
He noted:
“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.”
Sola Obadimu, the Nigerian-American Chamber of Commerce also said Buhari’s assessment of his administration’s economic policies did not reflect the realities on ground.
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.”
The Chief Executive Officer, Center for the Promotion of Private Enterprise, Dr Muda Yusuf, in his assessment said that between 2015 and now, the nation’s economy has recorded over 200 per cent currency depreciation.
He said:
“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.
Remittances to FG continue to decline
Meanwhile, Legit.ng reported that the Nigerian National Petroleum Corporation (NNPC) has continued to deposit less amount of money to the federation account.
The NNPC remitted the sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021 from the proceeds of sales of crude oil and gas in October.
It gave this account during a presentation to FAAC for the month of December 2021, obtained by Legit.ng.
Source: Legit.ng
