Opinion: People, Priority Priority and Public Policy [3]

Buzz recently was the headline of the media that the Director General of World Trade Organization, Dr. Ngozi Okonjo-iweala, has supported the President of Nigeria, Alhaji Bola Ahmed Tinubu, and his economic policy and ongoing reform agenda. What he said to the state broadcasters, NTA, what the presidency reported in the next press statement, how the media framed it, and general understanding of the majority of Nigerians, aroused strong controversy among the people, and especially among political partisans and rooted interests. Not many of our people understood what Okonjo-iweala said during his visit to Tinubu at the Rock Aso villa in Abuja. Maybe not much in the presidency too. If they do it, they might have chosen to make a positive round on their ‘support’. But he chose his words with heart and with full wisdom. That should not be surprising for those initiated and for smart. Okonjo-iweala is a Nigerian. He was the Minister of Finance and the Coordinating Minister for the economy a little more than 10 years ago under President Olusegun Obasanjo and Dr. Goodluck Jonathan. His visit was Aso Rock at this time when crammed for the election of 2027 heated up, or at any time for that, it would still present a dilemma for him. This will run in the mines. It doesn’t matter that he does an official business for his employer.

Every movement will be examined. Each statement will be analyzed. Each greeting will be dissected, and various meanings are calculated. And that’s what happened. The ruling party, the congress is all progressive [APC]is the first of the block. Party operations described the statement of Okonjo-iweala, which were allegedly not captivated by Tinubu candidates in 2023, as the validation of the path chosen by the regime for national economy recovery. They are in all maps and turn themselves into echoes for international public servants. Nothing is missing from the instructions that are not too fine from APC Apparatchik that the main light of the state ‘opposition’ has provided a support regime. The ‘opposition nation’ in that country is IGBO who seems reluctant to embrace APC in a wholehearted way. In 2015 when the APC overthrowed the Ruling Democratic Party (PDP) in the center, southeast may be the only region where the party did not produce the Governor of the State. It has a sprinkling of members of the National Council Parliament. As a result of a poor election that shows that the president who was elected at that time, the late Muhammadu Buhari, made a famous declaration, divisive, and it was very insensitive that he would only support parts of the country that gave a large -magnitude vote for him and his party. He said he would appreciate the parts of the country that chose it with 97% of the national resources and leaving a 5% croo And he practices it with the effects on IGBO that remain unrest.

On their side, the parties opposition and other elements who did not believe in the president and his government replied to the regime’s claims about support. They say that there is nothing like that. They chose to highlight the part of the Okonjo-iweala warning that the government must put human faces on the reform agenda by the provision of safety nets for the majority of people who have been destroyed by major and drastic changes to the economy. The WTO head dropped red meat for all conflicting forces in the country. He showed the acute knowledge of ‘speaking’ diplomatic. He did not explicitly say that the economy demanded many people. And he also did not say firmly that reform had become a roaring success. He only said that the regime had stabilized the economy. And the phrase ‘economic stability’ he uses is loaded. The man who drilled him recently was the head of the old National Statistics Bureau [NBS]Yemi Kale, who is said to have left the position in a controversial state. Some people believe he was fired for opposing efforts that damaged NBS data by politicians.

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Kale wrote a new -newest to explain what it means when an economist talks about economic stability. But first -first he had to make a hard effort to inform that his intervention was not driven by the politics of partisan or acid wine syndrome. He said: “I try to stay away from unnecessary debates but let me offer my own views from a technical perspective and pure economist [for education purposes only] For this new debate, this is really unnecessary. When economists say ‘the economy is now stable’, they usually mean that the economy has reached a point where he no longer experiences large fluctuations/disturbances. In practical terms, this shows a stable macroeconomic indicator, predictability and confidence in which business, investors, and consumers feel more confident in making long -term plans and there is no direct crisis … The economy described as ‘stable’ but, does not always mean that citizens are free from difficulties. When economists say the economy is ‘stable’, they usually mean the overall indicator [like inflation, exchange rates, and GDP growth] no longer an unexpected swing. For example, inflation drops from 25% to 12% and remains stable may be seen as stability.

“However, prices may still be very high compared to last years, meaning [that] people [would still] continue to struggle. Residents experience different economies through food costs, housing, transportation, health care, and wages. Even in a ‘stable’ economy, if the income is low and basic goods remain expensive, the family still faces difficulties [emphasis mine]. Stability may only be meaningful [that] His condition does not get worse quickly, not because they have improved enough to ease the daily struggle. So, stability, good, can live side by side with difficulties, bad for several reasons “. Simple and immediately take a little of the intervention of kale lighting is that the Nigerians may be in the phase of economic stability but people are still” painful in the months of life caused by a crisis; Economic stability, investors and the first business and it can be needed several months or that is needed by the crisis; Economic Stability Investors and Business Fortion and that is the first or that is needed by the crisis; [that] Stability Eases Hardship and Translates into Job Creation, Higher Wages, Or Cheaper Goods for Citizens, Assuming the Stability Holds Long Ening “. Kale Acknowledged That The First Step in” Reversing Hardship is Stability and Stopping The Bleed “. Howver, kale. Group Chief Economist at the Afreximbank, Warned that Achieving Economic Stability on Its Own Would Not Be a “Sufficient Condition” for Economic Recovery.

Nigerian economic stabilization in the last 27 months is very deep, and victims of people are very large and accurate. The hope now is that citizens must celebrate that ‘economic stability’ has been achieved tentatively which must be a sign for our El Dorado that is difficult to understand. But not too fast. APC regime Alhaji Tinubu copied a classic recipe but failed broadly from the Bretton Woods institution – World Bank and International Monetary Fund]- without formal recognition and Nigerian purchases. The owner of the Bitter Pill recipe has said last year that it will take a minimum of 15 years to give a dose so that there is light at the end of the tunnel. We just started the third year. So there is a long road that must be taken. The main boards of the recipe for economic recovery include less government, releasing market power, currency devaluation, transfer of subsidies, reforming public institutions, privatization of government companies, among others. Because only standing two or more of this recipe has been done. But the economy and the state have been deployed in their heads. Already, there are demands that are getting harder from individuals and groups in all state segments for regimes to pay more attention to suffering in the land. Okonjo-iweala spoke with the necessity of safety net. The Nigerian Guild of Editor [NGE] warn that the situation is very important. The leading traditional rulers have become turbulent, afraid that something unwanted can be given. Hunger, privacy, shortcomings, despair, and crying are absorbed. But will the reform give if reducing the suffering and groans of the Nigerians calculated in its implementation? Have we ever been here before, that is the economic rise through currency devaluation, privatization, removal of subsidies etc.? Is this déjà vu? Could this be another structural adjustment program [SAP 2.0]?

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Author: Ugo onuoha

The article published in our graffiti section is the opinion of the writers and does not represent Nigerian ripple views or the editorial booths.