Sanusi and Nigeria’s economy

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I couldn’t believe the story credited to the Central Bank governor- Mallam Lamido   Sanusi in our print media until I listened to his comments as reported by the channels news on Wednesday, September 12, 2012 between 4 and 5pm.I could hear him saying that President Olusegun Obasanjo was a very bad economist even though the retired general could be a good farmer.

While one is not trying to hold brief for the former  president, the CBN governor should be reminded that it was this same “ very bad economist “ that assembled a good economist management team that bailed out the nation from the Paris club and settled the accumulated debts.

The leadership of this same “ very bad economist “ went on to facilitate Millennium Development Goals [MDGs] and other development programmes that are still being supported by international donor agencies. Interestingly, included in the economic management team of this “ very bad economist” are renowned economists and world bankers like Prof. Charles Soludo, Dr. (Mrs) Oby Ezekwezeli and Dr. Ngozi Okonjo- Iweala- the current Coordinating Minister of the Economy(CME) and the Minister of Finance who served in the same capacity under President Olusegun Obasanjo –the very bad economist in Sanusi’s own views  Instead of resulting to name-calling which is very unethical and alien to African culture, the CBN governor should convince the public on the propriety of the proposed new naira note with his own facts and figures.

Why should Sanusi always be in a mood to force down his monetary policies on the public instead of sensitizing/convincing us on the desirability of his new policies? Unknown to him, his combatitive attitudes is giving bad image to the administration of his principal- President Goodluck Jonathan.

The same fifth columnists who advised Jonathan to change the name of UNILAG to MAULAG are at work again using the CBN governor as their arrow-head. They want the President to operate like a military dictator in a democratic setting which is making him to loose touch with the realities on ground which the likes of Doyin Okupe and Sanusi Lamido are trying to keep away from him.

President Goodluck Jonathan is therefore advised to read the handwriting on the wall and beware of controversial public figures around him who are specialists in making him to have  head-on-collisions with either the National Assembly or the electorates .Meanwhile, one hopes somebody who really loves Mr. President should please call the CBN governor to order and advise him on the code of conduct that guides the running of his office as the CBN governor while he allows Drs Doyin Okupe and Reuben Abati to do their work with some level of decorum.

I hope Mallam Sanusi Lamido will not be like the case of ‘omode to lenu agba nrun’ (i.e. a youngster who accuses an elder of having a mouth odour). A word they say is enough for the wise .Sanusi should have tried to puncture the economic gains of President Olusegun Obasanjo’s 8 years in office. The former president claimed that he left about $40b (forty billion dollars) in our foreign reserves and some deposits in our excess crude accounts for the raining day when he was leaving the office.

But he (President Obasanjo) lamented that those accounts have been depleted now by the successive administrations who claim that the raining day is already here .The CBN governor should have faulted Obasanjo’s administration score-cards instead of resulting to name-calling and mudslinging. Not even Dr. Doyin Okupe who was hired to do the hack man’s job for this administration has the temerity and audacity to call President Obasanjo names. Sanusi should please try and recognise the boundary between mudslinging and the defence of government policies.

We were about to go the press when learnt of the federal government decision to put on-hold and possibly lay to rest the controversies surrounding the restructuring of naira and especially the printing of the ₦5000 naira note. It is a very welcomed and timely decision .Meanwhile, it may be expedient for President Goodluck Jonathan to advise the CBN governor to turn in his letter of resignation so that he (Sanusi) can have enough time to prepare himself ahead of 2015 general elections.

Otherwise, he may continue to play the role of an underdog for his (Jonathan’s) administration and thus consciously or unconsciously undermine the success of this government in the name of ‘marketing’ controversial policies to the Public.

What the nation needs now is government’s seriousness in tackling the prevailing security challenges. The recent gruesome murder of about 46 undergraduates on the nation’s 52nd Independence Anniversary is uncalled for and very barbaric.  Government should mop up arms and ammunitions that are in circulation illegally and also ensure that the illegal importation of these fire-arms through our porous borders is reduced to the barest minimum. Government should also rise to tackle the environmental challenges that are confronting the nation now. The nation also needs good economic policies that can stimulate agricultural development which can guarantee food security and ensure the revival of our ailing manufacturing sector.

Oluwagbemiga Olakunle, JP
General  Secretary
National Prayer Movement
gbemigaolakunle@yahoo.co.uk

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