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On assumption of office in 2015, President Muhammadu Buhari promised to tackle corruption, fight insecurity and revamp the economy, among others. Last week, he pledged to bequeath a strong home-grown economy, stable democracy and revamped security forces to Nigeria on leaving office in 2023. At a dinner in honour of the 2022 Committee of Business, Political, Media and Civil Society Leaders in Abuja, the president further assured Nigerians that his administration was desirous of finishing strong and leaving a legacy for a united, peaceful and prosperous Nigeria.
He said his administration was doubling its efforts against all forms of insecurity, equipping our armed forces and strengthening the police. “We are determined to continue the war against corruption and fight poverty. We remain focused on building an all-inclusive economic opportunity for all citizens,” the president said.
These are noble and inspiring statements. However, they deserve some interrogation. On economy, it is obvious that rather than grow, the economy receded during Buhari’s tenure. Twice, it went under recession. Many companies are in debt. Some have either closed down or left Nigeria because of the poor business climate. Apparently, Buhari’s successor will most likely inherit a weak economy.
Inflation is on an upswing. It has made a mess of the purchasing power of Nigerians. The prices of almost every product in the market have doubled. Amid the high cost of goods and services, the minimum wage has remained N30,000 per month. This is even for states that are paying it. Most states are yet to commence payment of the minimum wage.
The World Bank aptly captured the state of the economy in its latest ‘Nigeria Development Update’ report 2021. According to the bank, double-digit inflation rates are depressing economic activity and worsening poverty. Noting that rising food prices were eroding household purchasing power, the bank estimated that during 2020 and 2021, the ‘inflation shock’ alone pushed about eight million more Nigerians below the poverty line. It is feared that this year, Nigeria might have one of the highest inflation rates globally.
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Unemployment and poverty are also endemic in Nigeria. While we have retained our position as the country with the largest concentration of poor people in the world, our rate of unemployment is 33.3 per cent. It is second highest rate in the world. Since the president is desirous of making impact on the economy, we advise that he should concentrate on diversifying the economy. We are still very much dependent on oil. There are mineral deposits and some other resources that the country can exploit to generate revenue. No doubt, the government has tried in the area of agriculture. But it needs to do more.
Although there is nothing wrong with the promise of bequeathing a stable democracy, it is worth pointing out that this democracy has been stable since 1999. The long military interregnum made Nigerians to realise that the worst democracy is better than the best military rule. So, stable democracy is not for any particular government to claim. What the president should do is to consolidate on the gains already made and further strengthen democracy by bequeathing free and credible elections in 2023. He should ensure that the Independent National Electoral Commission (INEC) is fully mobilised to conduct credible elections by signing the Electoral Act Amendment Bill into law. One major clause in that bill is the electronic transmission of election results. If this is achieved, it will go a long way in curbing incidents of rigging in our elections.
The president’s promise to revamp security forces is not feasible, just as his pledge to eradicate corruption. From the current spate of insecurity in the country, it is obvious that what the president could not do in the past seven years, he will not do in the next one year. We acknowledge that his government has made a few gains, like the purchase of the Tucano fighter jets and so on. However, this has not deterred terrorists and bandits from wreaking havoc in the country. Beyond purchasing jets and other sophisticated weapons, government should work on the morale of soldiers and beef up the intelligence arm of the security agencies. If we buy all the sophisticated weapons but fail to take care of the sabotage by fifth columnists in the security agencies, it will amount to chasing shadows.
Eradicating corruption will also be an exercise in futility if the fight against the monster continues to be feeble. Our continuous downward slide on Transparency International’s corruption perception index is an indication that we are not yet serious in our war against corruption. In 2020 index, Nigeria emerged 149 out of 180 countries. In the 2021 index, we dropped five places down as we ranked 154 out 180 countries.
The president should go beyond his promises by matching words with action. He should walk his talk within the limited time frame available to him. Ultimately, the verdict on his tenure belongs to Nigerians and history.
