THE ECONOMY, STUPID (2)

BY

JOHN DANFULANI 

From 29th May 2015 to 29th  the value of Nigeria currency the Naira has been steadily  dovetailing. This is the worst moment in the history of the Naira, since coming into existence in the early 70s. Several local and international reports ruled; the Naira was the world worst performing currency within the period in focus. Tfocusst time a political clime in the black world saw a currency nosedived in such a supersonic speed was when some Western Powers and international financial institutions slammed racially inspired sanctions on Zimbabwe because of Gen. Robert Gabriel Mugabe's lands reclaiming policies.

Instead of blaming their monetary policies and reckless financial  bailout to some States that rapidly depleted the country's foreign reserve, they blamed their immediate predecessor for leaving a slim foreign reserve. Very little blames were linked to the fall of the global prices of the crude- the country's highest source of revenue.  Statistics show; PMB and his economic spineless team met a large quantum of cash in many special accounts created to bail Nigeria in hard times. A tally of these accounts shows; PMB inherited more than what his amateur  propagandist are bandying around.

Let us look at their notion of slimmer foreign reserve as the main factor that devalued the Naira. Chief Obasanjo met 3b USD with some smart sanctions on 29th May 1999.Why is it that the Naira didn't nosedive in his first year in office?  On 1st October 1979, Shehu Shagari took over from the junta a very slim foreign reserve. Why didn't the Naira mercilessly nosedive like the German money after the First World War? These few examples, amongst many local and international instances, have successfully put to rest their complain of a slim foreign reserve as causality of lost of value of national currencies. Even outlines of economic 101 are more convincing on reasons currencies lose their values than reasons they are parading to gullible Nigerians.

Nigerians voted for PMB  to improve on what is on ground not to put the country's economic ship on a reverse gear. That wasn't part of Nigerians social contract with PMB and his platoon of change agents. And if PMB's  so-called  technocratic pack can't weather the challenges of managing the country's economy, let them swallow the humble pie and invite Presidents Obasanjo and Jonathan teams of economic managers to work the magic. If pride wouldn't permit them do that, people like Drs Pat Utomi and Kalu Idinka Kalu are around to help. Still, If PMB feels otherwise, he can solicit for support of Nigerians in diaspora and experts from other international financial bodies to provide advices on how to pull the country out of its avoidable recession.