The administration of President Muhammadu Buhari came into power on May 29, 2015, and in less than two months now, the administration would be one year old.Many Nigerians had renewed hope when President Buhari was elected and so far, there are diverse opinions regarding the policies the government has enacted.
It is no longer news that the dwindling oil prices coupled with the nation’s reliance on imported goods has shot up the exchange rates between the naira and the major foreign currencies; this, in turn, has made products and services, sourced from outside of the nation’s shores, more expensive.
In a bid to reduce the downward spiral of the naira, the Central Bank of Nigeria (CBN) churned out policies which included a forex ban list, excluding items from the official exchange in a bid to protect the nation’s foreign reserves. This has forced citizens to source their forex from the parallel market, also known as the black market. In turn, the currency black marketers have used the opportunity to make gains and sometimes artificially up the values of these foreign currencies.
Economic Confidential sampled opinions of Nigerians on President Buhari’s economic policies and how they have affected their lives, including suggestions on what the government can do to increase the citizens’ confidence.
Dr. Oluwatoki Jamiu, a lecturer, said: “There is more discipline in public service.
It is no longer news that the dwindling oil prices coupled with the nation’s reliance on imported goods has shot up the exchange rates between the naira and the major foreign currencies; this, in turn, has made products and services, sourced from outside of the nation’s shores, more expensive.
In a bid to reduce the downward spiral of the naira, the Central Bank of Nigeria (CBN) churned out policies which included a forex ban list, excluding items from the official exchange in a bid to protect the nation’s foreign reserves. This has forced citizens to source their forex from the parallel market, also known as the black market. In turn, the currency black marketers have used the opportunity to make gains and sometimes artificially up the values of these foreign currencies.
Economic Confidential sampled opinions of Nigerians on President Buhari’s economic policies and how they have affected their lives, including suggestions on what the government can do to increase the citizens’ confidence.
Dr. Oluwatoki Jamiu, a lecturer, said: “There is more discipline in public service.
“It is a bit early to assess, but the discipline instilled into public service is going to have effect on the economy positively. Though there are complaints that things are moreexpensive, the government’s policies are going to curb waster in public spending and forestall recklessness. The effect that is having now is the fear of the unknown that make prudence essential for the populace. Also, the mono-cultural economy, international economic indices are also part of the problem. Respite will come once we diversify and stick to financial discipline. What the president can do is that he should not assume that people know or they should understand as he should talk to the people periodically, assuring themand explaining his policies. He should be seen to be acting in charge.”
A groceries’ seller, Abdullahi Liman, has this to say: “I support Buhari, but things are very expensive. Things have become very expensive in the market as the costs of items keep going up every day. Light is erratic, fuel is not available. It is getting tiring. I believe it is part of the things the president is trying to resolve and I believe with time, he will get things right.”
“He should ask those that are in the know for help,” Olabode Jaiyesimi, a worker,” said. “I believe he is working, but I think he is taking too many steps at a time and that is not moving the economy. It will take a long process for us to get to where we want to be as a nation, but I think he should take one step at a time as the pressure is too much on the citizens with the issues of electricity, fuel scarcity, and depreciation of the economy. He should seat down and seek more advice from those in the financial sector. He should listen to those in theknow.”
A forex broker, Damilola Hamza Ahman, said: “Lack of an economic blueprint has made people jittery; this is not the change we voted for.
“We do not have a clear picture of where the country is going as there is no blueprint of his economic policies stating what to be achieved in a particular time frame, whether it will be re-distributive or precautionary or what actually is the acumen or the key points of hiseconomic policy. They have been doing trial and error since they came in and that is evident in the CBN policies on the domiciliary accounts and forex. They’re confused and don’t know what they are doing.
“They also are not financing the real sectors of the economy that could boost liquidity like the construction, estate and manufacturing sectors, the extractive industries. The common man is suffering, with labourers not having work to do, thereby having no income; this inturn affects market women as well. When you give capital projects outs, artisans and those in the constructions sector will be affected. We cannot plan on this economy. This is not the change that we voted for.”
Continuing, he said: “I do not believe the 2016 Budget not yet passed is the reason as the President has the right to make use of a supplementary budget which does not need to go through the scrutiny of a normal budget. There is no money in the economy, people are losing jobs. Though I agree with him that Nigerians need to consume less imported products, but it’s only the Federal Government that has the power to ban things and they should make use of that power. What can be produced in Nigerian should be quality made so they can be patronised.”
The support for the government is evident in the people, but likewise, there is a limit to the people’s patience. It is important that the Federal Government carries the citizens along now more than ever.
A groceries’ seller, Abdullahi Liman, has this to say: “I support Buhari, but things are very expensive. Things have become very expensive in the market as the costs of items keep going up every day. Light is erratic, fuel is not available. It is getting tiring. I believe it is part of the things the president is trying to resolve and I believe with time, he will get things right.”
“He should ask those that are in the know for help,” Olabode Jaiyesimi, a worker,” said. “I believe he is working, but I think he is taking too many steps at a time and that is not moving the economy. It will take a long process for us to get to where we want to be as a nation, but I think he should take one step at a time as the pressure is too much on the citizens with the issues of electricity, fuel scarcity, and depreciation of the economy. He should seat down and seek more advice from those in the financial sector. He should listen to those in theknow.”
A forex broker, Damilola Hamza Ahman, said: “Lack of an economic blueprint has made people jittery; this is not the change we voted for.
“We do not have a clear picture of where the country is going as there is no blueprint of his economic policies stating what to be achieved in a particular time frame, whether it will be re-distributive or precautionary or what actually is the acumen or the key points of hiseconomic policy. They have been doing trial and error since they came in and that is evident in the CBN policies on the domiciliary accounts and forex. They’re confused and don’t know what they are doing.
“They also are not financing the real sectors of the economy that could boost liquidity like the construction, estate and manufacturing sectors, the extractive industries. The common man is suffering, with labourers not having work to do, thereby having no income; this inturn affects market women as well. When you give capital projects outs, artisans and those in the constructions sector will be affected. We cannot plan on this economy. This is not the change that we voted for.”
Continuing, he said: “I do not believe the 2016 Budget not yet passed is the reason as the President has the right to make use of a supplementary budget which does not need to go through the scrutiny of a normal budget. There is no money in the economy, people are losing jobs. Though I agree with him that Nigerians need to consume less imported products, but it’s only the Federal Government that has the power to ban things and they should make use of that power. What can be produced in Nigerian should be quality made so they can be patronised.”
The support for the government is evident in the people, but likewise, there is a limit to the people’s patience. It is important that the Federal Government carries the citizens along now more than ever.
