President Muhammadu Buhari yesterday fired back at critics of the
appointments he has made so far. He blamed the elite
for orchestrating criticisms of his appointments into government positions.
The President spoke through his deputy, Prof Yemi Osinbajo at the opening of
the 21st Nigerian Economic Summit (NES) in Abuja Buhari.
He described as unfortunate that Nigerians pay more attention to sectional and
religious interests, rather than the competence of the appointees, claiming that
misgivings on the elite.
The President noted that those seeking the promotion of selfish interests were
fuelling complaints on where government appointees come from, adding that
the fact that a northerner is in government does not necessarily mean good
fortune for his people.
He, however, said the fact that Nigerians unite in their conviction that the
majority of the people are extremely poor remained incontrovertible.
His words: "You find out that the elite, whether from the Southwest, Northwest
or wherever, are willing to collaborate in stealing the resources of
the state. It
is important to point out that the idea of where a person appointed into
government comes from is meant to divert attention."
The present administration, he said, remained genuinely committed to ensure
that every Nigerian of good and proven integrity has access to serve in the
Buhari-led government.
According to him, the ongoing war against corruption would be waged by by
example, pointing out that the President has insisted that all officials of
government must demonstrate this leadership virtue.
He said the government was already demonstrating this by not interfering in
the operations of anti-graft agencies. "What is required now is the national
orientation and the will to curtail corruption both in the public and private
sectors", he said.
The President said that only merit will be recognised and rewarded in what he
called the 'New Nigeria", urging the citizens to realise that there must be
discipline in all spheres of life.
He disclosed that from government's calculations, it will spend approximately
N51 to N60 to feed every school pupil in keeping faith with the administration's
campaign promises.
With the projection, the President noted that it would not cost the government
as much as being speculated to implement the school feeding programme.
In his introductory remarks, Chairman of the Nigeria Economic Summit Group
(NESG) faculty of economics, Dr. Temitope Oshikoya, stated that the Central
Bank of Nigeria (CBN) was at the cross-road because of slowing Gross
Domestic Product and rising unemployment, noting that the all require
"lowering of the Monetary Policy Rate (MPR), Liquidity Ratio (LR) and the Cash
Reserve Ratio (CRR)" .
These decisions, he said, could however "stoke inflation and banking liquidity
with inflation at 9.3 per cent – a 10 per cent foreign exchange gap of $30.4
billion in the external reserves – and as a result, monetary policy is
complicated with rising inflation and unemployment.
He urged the Federal Government to enhance tax administration reform by
increasing Value Added Tax (VAT) rate to 10 per cent, diversify its base and
close loopholes.
With these measures, Oshikoya noted that "VAT revenue could increase from
$5.1 billion to $18 billion or one per cent of GDP to 3.5 per cent.
He also called on the government to initiate a $40 oil price benchmark and
zero-based budgeting for next year.
Dr. Oshikoya noted that it will cost the country over $300 billion or
N60 trillion
to execute equity and efficiency programmes and warned that "there is no
free lunch."
Oshikoya gave a breakdown of what it will cost to implement these two
programmes to include: equity programme, social inclusion programmes of
social welfare (N1,250 trillion), unemployment allowance (N65 billion), one
meal per day (N435 billion), National Identity Card Scheme (N100 billion) and
Regional Growth Fund (N300 billion) – all totalling N2.150 trillion
He listed other programmes as education and health for six universities (N120
billion); new vocational schools (N36 billion); special education (N6 billion);
world-class hospital (N500 billion) and for national health expenses per year
(N8. 800) –all totalling N9.462 trillion.
To execute a nationwide efficiency Programme Oshikoya stated that
infrastructure projects like will cost N18.000 trillion, electricity
(N5.400 trillion)
; petroleum refinery (N100 billion) and the environment (N20 billion)- all
totaling N23.520 trillion, aside from the national mortgage scheme, expected to
cost N16.000 trillion; Small-Medium Enterprises (SMEs) Loan Guarantee
(N10.000 trillion) and Agric Commodity Trade Board (N250 billion)
He put the yearly production at N61.3 trillion.
