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What We Would Have Done Differently by Atiku Abubakar

Published

2 months ago

November 3, 2024

Eric

I’ve been inundated with inquiries of what I would have done differently if I were at the helm of affairs of our country. I am not the president, Tinubu is. The focus should be on him and not on me or any other. I believe that such inquiries distract from the critical questions of what President Bola Tinubu needs to do to save Nigerians from the excruciating pains arising from his trial-and-error economic policies. However, I understand and appreciate the challenges faced by citizens in seeking alternatives to what is not working for them. I hope Tinubu and members of his administration are humble enough to borrow one or two things from our ideas in the interest of the Nigerian people. I would now go ahead and articulate some of our ideas that would have had the potential to transform our beloved country.

IN GENERAL

We would have planned better and more robustly: My journey of reforms would have benefited from more adequate preparations; more sufficient diagnostic assessment of the country’s conditions; more consultations with key stakeholders; and better ideas for the final destination.
We would have been guided by my robust reform agenda as encapsulated in ‘My Covenant With Nigerians’, my policy document that sought to, among others, protect our fragile economy against much deeper crisis by preventing business collapse; our document had spelt out policies that were consistent and coherent.

We would have sequenced my reforms to achieve fiscal and monetary congruence. Unleashing reforms to determine an appropriate exchange rate, cost-reflective electricity tariff, and PMS price at one and the same time is certainly an overkill. Add CBN’s bullish money tightening spree. As importer of PMS and other petroleum products, removing subsidy on these products without a stable exchange rate would be counterproductive.

We would have been more strategic in our response to reform fallout. We would not over-estimate the efficacy of the reform measures or underestimate the potential costs of reforms. I would recognise that reforms could sometimes fail. I would not underestimate the numerous delivery challenges, including the weaknesses of our institutions, and would work assiduously to correct the same. I would, as a responsible leader, pause, reflect, and where necessary, review implementation.

I would have led by example. Any fiscal reform to improve liquidity and the management of our fiscal resources must first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process. I (and members of my team) would not have lived in luxury while the citizens wallow in misery.

We would have communicated more effectively with the people, with civility, tact, and diplomacy.
Transparent communication with the public is essential to build public trust, which in turn is important to ensure that the public understands what the government is doing.
We would have consulted more with all stakeholders to learn, negotiate, adapt, and modify, among other policy goals.

We would have demonstrated more empathy. My Reforms would wear a human face.
We would have been more strategic in the design and implementation of reform fallout mitigating measures. I would not run a ‘palliative economy’ yet, we would have a robust social protection programme that will offer genuine support to the poor and vulnerable and provide immediate comfort and security to enable them to navigate the stormy seas.

SPECIFIC MEASURES

We would have undertaken extensive reforms of the public sector institutions to maximize reform impact.
We would have placed special focus on security viz
• Commenced on day one, the reform of security institutions with improved funding, and enhanced welfare. My Policy Document had spelt out a Special Presidential Welfare Initiative for security personnel that we would implement
• Adopted alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighbourliness.

We would have launched an Economic Stimulus Fund (ESF), with an initial investment capacity of approximately US$10 billion to support MSMEs across all economic sectors.

How would this have been funded?
Details are in my Policy Document.

Alongside the ESF, we would have launched a uniquely designed skills-to-job programme that targets all categories of youth, including graduates, early school leavers as well as the massive numbers of uneducated youth who are currently not in education, employment, or training.

To underscore our commitment to the development of infrastructure, an Infrastructure Development Unit (IDU) directly under the President’s watch would have come into operation. The IDU will have a coordinating function and a specific mandate of working with the MDAs to fast track the implementation of the infrastructure reform agenda within the framework provided herein. The IDU will hit the ground running in putting the building blocks for our private sector driven Infrastructure Development Fund (IDF) of approximately US$25 billion.

To engender fiscal efficiency and promote accountability and transparency in public financial management, we would have committed to a review of the current fiscal support to ailing State-Owned enterprises. We would’ve also begun a process review of government procurement processes to ensure value-for-money and eliminate all leakages.

We would have initiated a review of the current utilization of all borrowed funds and ensured that they were deployed more judiciously.

SUBSIDY REMOVAL

Yes, I have always advocated for the removal of subsidy on PMS because its administration has been mildly put, opaque with so much scope for arbitrariness and corruption. Mind boggling rent profit from oil subsidy accrued to the cabals in public institutions and the private sector.
I would have prioritized the following:
First, tackling corruption. Fighting corruption should have commenced with the repositioning of the NNPCL, which is a huge beneficiary of the status quo. Its commitment to reform and capacity to implement and enforce reforms is suspect. The subsidy regime has provided an avenue for rent seeking, and the NNPCL and its guardians will be threatened by reforms.

Second, paying particular attention to Nigeria’s poor refining infrastructure. We are by far the most inefficient OPEC member country in terms of both the percentage of installed refining capacity that works and the percentage of crude refined. We would’ve commenced the privatization of all state-owned refineries and ensure that Nigeria starts to refine at least 50% of its current crude oil output. Nigeria should aspire to export 50% of that capacity to ECOWAS member states.

Third, adopt a gradualist approach in the implementation of the subsidy reforms. Subsidies would not have been removed suddenly and completely. It is instructive that when I was Vice President, we adopted a gradualist approach and had completed phases 1 and 2 of the reform before our tenure ended. The incoming administration in 2007 abandoned the reforms, unfortunately. The majority of the countries that review or rationalize subsidy payments adopt a gradualist approach by phasing price increases or shifting from universal to targeted approach (Malaysia, 2022 and Indonesia, 2022 -2023). In many EU economies, complete withdrawal often takes 5 years to effect. The gradualist approach allows for adjustments, adaptation and minimizes disruptions and vulnerability.

Fourth, implement a robust social protection programme that will support the poor in navigating the cost-of-living challenges arising largely from reform implementation. We would’ve invested the savings from subsidy withdrawal to strengthen the productive base of the economy through infrastructure maintenance and development; to improve outcomes in education and healthcare delivery; to improve rural infrastructure and support livelihood expansion in agriculture; and develop the skills and entrepreneurial capacity of our youth in order to enhance their access to better economic opportunities.

ON FOREIGN EXCHANGE REFORMS

I also made a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.
What would I have done?

A fixed exchange rate system was out of the question because it would not be in line with our philosophy of running an open, private sector friendly economy. On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged our Central Bank to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option.

Atiku Abubakar
Vice President of Nigeria (1999-2007) and Presidential Candidate of the Peoples Democratic Party (2023)
Abuja
3rd November 2024.

Featured

Ahead Christmas, It’s Glo’s Feliz Navidad All the Way on TVCs

Published

9 hours ago

December 22, 2024

Eric

Celebratory seasons, such as Christmas and New Year, are times when corporate organisations churn out new television commercials (TVCs) to connect with their customers and share the fun, euphoria and uncommon conviviality of such seasons.

One such organization which has over the years used this strategy to great effect is Nigeria’s top telecommunications brand, Globacom.

The exciting commercials that the technology company keeps rolling out fan the delight and elation of the season of goodwill. The brand employs the occasion not only to promote brand awareness but to felicitate its customers and the nation at large.

It is a tradition Glo has established. Since it started operations in 2003, it has always used television commercials as veritable tools of ensuring brand presence, marketing products and services and spreading joy among its various targets.

The 2024 Yuletide adverts it rolled out recently are not different. The two unique yet powerful commercials serve dual purposes. They felicitate the Nigerian people and spread mirth, which the season typifies, around existing and prospective customers.

Expectedly, the two new commercials have dominated the airwaves, and kept viewers talking and relishing the joy that Christmas brings.

The first commercial features juju music maestro, King Sunday Adegeye, popularly called King Sunny Ade, who parades a full ensemble of dancers and a rich, talented band in the TVC tagged “Merry Christmas”. The percussions, rhythm and dance merge to foster affability and enchanting memories of the season of glad tidings.

Before the party celebration where King Sunny and his band entertain guests, the TVC takes viewers back to the 1970s and 1980s when Christmas was celebrated with so much fanfare. It paints a vivid picture of rural Nigeria during Christmas where the warmth of tradition and community fills the air. The village with lush green vegetation is buzzing with excitement, with children playing, women cooking delicious meals in open-air kitchens, the aroma of local dishes (you can literally perceive it) mixing with the sounds of Afro Juju music. Families and friends gather around, dancing joyfully to the rhythmic beats, their faces beaming with happiness as they celebrate the festive season. A woman bearing the Aso ebi for the party is shown coming down from a Peugeot 504 car which also reinforces the advert as being set in the 1980s.

The television commercial by the telecom company captures the essence of togetherness, blending the cultural richness of rural life with the spirit of Christmas, all while subtly underscoring the telecom brand’s role in connecting loved ones, no matter how far apart they may be. It ends with “Better don come. Merry Christmas, Nigeria” further underscoring the reason for the commercial.

The second commercial tagged “Feliz Navidad” uses a galaxy of known artistes including Nollywood star, Timini Egbuson, as well as Uche Nwaefuna (Uchemontana), Chigozie Stephanie Alichi (Chizzy Alichi), Tomi Ojo, Eronini Osinachim, Kiki Bakare and Tope Adenibuyan (Teddy A) to pass across the message of Christmas.

At the heart of the Christmas party, the energy is electric as tap dancers take center stage, their feet tapping out intricate rhythms that blend seamlessly with the upbeat melody of Feliz Navidad. The sound of their shoes striking the floor creates a lively pulse, complementing the lively tunes of the music band performers who bring the festive song to life with vibrant instruments and harmonious vocals. Laughter and cheer fill the air as all come together to toast the season, sharing in the joy of music, movement, and the warmth of the Christmas spirit. The scene is a vibrant celebration of culture, unity, and festive joy, all set to the timeless sounds of Feliz Navidad.

These commercials have further endeared the Glo brand to its subscribers and the general Nigerian public as they enjoy the geniality of the season of love, hope, gifts and celebrations.

Talking about the Yuletide commercials, Ademide Gafar, an industry watcher opined that churning out great TVCs is one of the selling points of the Glo brand while John Michael, a marketing communications expert, noted that Globacom is not just a leader in the telecommunications sector but a prominent creator of unforgettable commercials. From the nation’s pride in telecommunications, it’s Feliz Navidad-Merry Christmas!

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Court Sends Woman to Prison for Abusing Tinubu’s Son, IGP on Social Media

Published

1 day ago

December 21, 2024

Eric

Olamide Thomas, who reportedly threatened Seyi Tinubu on social media, was on Friday, arraigned before a Federal High Court in Abuja.

Olamide was arraigned by the office of the Inspector-General of Police (IGP), Kayode Egbetokun, before Justice Emeka Nwite on a three-count charge.

Olamide was alleged to have, sometime in 2024, knowingly and intentionally transmitted communication in the form of video recording through a computer system or network on her social media platforms wherein she made remarks in Yoruba language.

In the video, she was alleged to have stated: “Mr. Seyi Tinubu would die this year, and misfortune and calamity had befallen the Tinubu family, with intent to bully, threaten, harass the person of Mr Seyi Tinubu.”

The communication was said to have placed Seyi in fear of death, violence or bodily harm.

The offence is contrary to and punishable under Section 24 (2) (a) of Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.

In count two, the defendant was alleged to have intentionally transmitted communication in the form of video recording wherein she made remarks in Yoruba Language to bully, threaten, and harass the person of Egbetokun.

The communication was said to have placed Egbetokun in fear of death, violence or bodily harm.

The offence is contrary to and punishable under Section 24 (2) (a) of Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.

She, however, pleaded not guilty to the charge.

Olamide was arrested on allegations bordering on harassing and threatening Seyi Tinubu, Egbetokun, and the Police Public Relations Officer, Muyiwa Adejobi, in a viral social media post.

In the charge marked: FHC/ABJ/CR/636/2024 dated and filed on December 18 by the police team of lawyers led by A.A. Egwu, Olamide was sued as sole defendant.

Upon resumed hearing, Victor Okoye, who appeared for the police, informed the court that the matter was slated for arraignment and that he was ready to proceed.

After the counts were read to the defendant, she pleaded not guilty to the charge.

The defence lawyer, T J. Aondo (SAN), sought to move an oral application on his client’s behalf but the request was turned down.

Justice Nwite directed Aondo to file a formal bail application and adjourned the matter until December 30 for the commencement of trial.

The judge, however, assured the defence counsel that as soon as a bail application is filed in form of a motion on notice, the court would not hesitate to hear it.

Justice Nwite, thereafter, ordered Olamide to be remanded in Suleja Correctional Centre pending the hearing of her bail application.

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Buhari Denies Ownership of Abuja Land Revoked by Wike

Published

3 days ago

December 20, 2024

Eric

Former President Muhammadu Buhari, on Thursday, denied ownership of a piece of land purportedly allocated to him by the Federal Capital Territory Administration (FCDA) in Abuja.

Media reports indicate that Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revoked the ownership of 762 plots of land in the Maitama 1 District of Abuja, citing non-payment of statutory fees.

According to the trending reports, high-profile figures, including former President Muhammadu Buhari and former Chief Justice Walter Onnoghen, are among those affected.

The FCTA had also issued a two-week ultimatum to 614 other individuals and organisations, demanding they settle outstanding Rights of Occupancy (R-of-O) fees or risk losing their plots.
However, debunking the reports, the former President stated he is “not the owner of the said plot of land which is allocated in the name of a ‘Muhammadu Buhari Foundation.’”

In a statement issued by his media aide, Garba Shehu, in Abuja, the former President explained that he turned down the offer by the administration when it was presented to him.

The media aide further clarified: “When he and his cabinet members were invited to fill the forms and obtain land during his tenure in office, he returned the form without filling it, saying that he already had a plot of land in the FCT and that those who did not have should be given. He, therefore, turned down the offer.

“All those jumping up and down in the digital space talking about the rightfulness or the lack of it on the reported seizure of Buhari’s land in Abuja to get their facts right and stop dragging down the name of the former president.

“As with anything Buhari—and there is no surprise in this at all—there is a lot of buzz in the media on the reported seizure of a piece of land by the authorities of the Federal Capital Territory, Abuja, FCTA, allegedly belonging to the former President Muhammadu Buhari.

“Former President Buhari is personally not the owner of the said plot of land, which is allocated in the name of a ‘Muhammadu Buhari Foundation.

“The Foundation was itself floated by some utilitarian individuals around him who, it must be said, went about it in a lawful manner with the support of a number of well-meaning persons.

“But they ran into a roadblock in the land department of the FCDA, which handed them an outrageous bill for the issuance of the certificate of occupancy, very high in cost that did not at all compare with the bills given to similar organisations.

“It may have been that this was not erroneous, but a deliberate mistake, making the revocation of the land no surprise to anyone.

“As a person, the former President has a plot of land to his name in Abuja,” he added