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Stop politicising economy – Analysts tell FG, others

By BusinessNews Staff on January 31, 2015

Financial analysts on Thursday called on the Federal Government and other Nigerians to stop making comments that would further expose the economy to vulnerabilities,

The analysts spoke to our correspondent in reaction to recent comments by both the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and a former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, about the handling of the economy.

Soludo, who was the central bank governor between May 2004 and May 2009, had on Monday written an article in which he claimed that the Nigerian economy under President Goodluck Jonathan had performed woefully.

He had stated, “My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. Those who have decided to vote for him will not do so because he has taken Nigeria to the moon. His record on the economy is a clear ‘F’ grade.”

But Okonjo-Iweala, while reacting through a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu, said Soludo had committed what she described as “intellectual harakiri.”

She had said, “It is a sad day for Nigeria and the economics profession that someone like Soludo, a former CBN governor, should write such an article.

“If Soludo wants to regain respect, he should return to the path of professionalism. He certainly needs something to improve his image from that of someone whose sojourn into national economic management ended in disaster for the banking sector.”

But speaking on the development, the Registrar, Chartered Institute of Finance and Control, Nigeria. Mr. Godwin Eohoi, said rather than politicising the economy, suggestions should be made on how to address the challenges caused by oil price drop.

Eohoi said in a telephone interview with our correspondent, “This is an election period and you should expect different types of comments, but I think we should not be carried away by sentiments. Economic matters are serious issues that should not be muddled up in politics.

“Nigerians should stop politicising the economy. The price of oil when Soludo was CBN governor was very high, and during that time, a lot of money was saved, but we are in a different situation now when oil price is declining and there is so much pressure on the naira owing to demand for dollar to meet importation.

“So, rather than expressing comments that will ridicule the performance of the economy managers, suggestions should be put forward on how to ensure the country survives this challenge of oil drop.”

He said it was unfortunate that some politicians kicked against the setting up of the Sovereign Wealth Fund due to political reasons.

Eohoi noted that if the fund had received the needed support, the amount accruing to it would have grown above the current level of $1.55bn.

“It’s unfortunate that the price of oil is falling and that’s why we need a new framework to cushion the impact of the drop in oil prices. The Federal Government had initiated the SWF and this money would have been used during the dry days; but as we can see, some people were even against the setting of that fund in the past and that is why the fund has not been able to grow the way it should.”

The Lead Director, Centre for Social Justice, Mr. Eze Onyekpere, said rather than using abusive language, the Finance minister should have stated the facts for Nigerians to judge.

[Punch]

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