P
ProfRem
Guest
Not fewer than 60 Civil Society Organisations, CSOs, in Nigeria, has decried what they termed “steady and continuous decline of the Nigerian economy” under the watch of President Muhammadu Buhari.
The groups, at a strategy meeting they held in Abuja under the aegis of Nigeria Civil Society Situation Room, said there was urgent need for President Buhari to evolve a sustainable economic plan that will attract foreign investors into the country.
The leader of the coalition and Executive Director of Policy and Legal Advocacy Center, PLAC, Mr. Clement Nwankwo, in his opening remarks, said the “dwindling economic fortunes of Nigeria” could be a function of the inability of Buhari to swear in Ministers five months after he assumed office.
He said: “The major challenge we are currently facing is that we cannot see the urgency of this administration to improve the situation. It was unfortunate that after the six months that it took to come up with list of proposed Ministers, those we saw are those that have always been around the hood".
“Why it took so long to forward their names to the National Assembly is quite a puzzle to us."
“Why Ministers who have been cleared have not been sworn in is also a puzzle to us. We are almost in the first week of November. The laws are clear that government should have submitted its budget projections for 2016 by now."
Also, the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, in a paper entitled ‘Towards a Policy Framework For Economic Inclusion in Nigeria”, noted that President Buhari inherited so many economic problems from the past administration.
He however maintained that “this regime should do quick, wake up and address the problems”.
He said: “Using six months just to share portfolios is not how to go about it. Currently, there is fiscal disconnect. The revenue of the government has declined, relative to the Gross Domestic Product.
“Nigeria has the highest economy, yet the lowest revenue. The revenue has steadily declined. The revenue to GDP in 2014 was 11%, while 25% is what non oil producing economies like South Africa, Egypt and Morocco, have. Other countries like Angola and Algeria that have oil, have higher revenue level of 33%.
“Nigeria should have about 40% like it use to have in 2004. The reason for the decline is not that revenue are not collected, but the leak-out from government processes, e.g, crude oil theft, subsidy fraud, wide spread abuse of administration of import duty and tax waivers, abuses by autonomous income revenue collecting agencies that spend what they collect as they wish, only remitting about 80% to the Federal Government."
“Currently Nigeria has not been attracting foreign investment, we urge this administration to make the economy more attractive. Steady currency regime is required to spur growth”, he added.
The groups, at a strategy meeting they held in Abuja under the aegis of Nigeria Civil Society Situation Room, said there was urgent need for President Buhari to evolve a sustainable economic plan that will attract foreign investors into the country.
The leader of the coalition and Executive Director of Policy and Legal Advocacy Center, PLAC, Mr. Clement Nwankwo, in his opening remarks, said the “dwindling economic fortunes of Nigeria” could be a function of the inability of Buhari to swear in Ministers five months after he assumed office.
He said: “The major challenge we are currently facing is that we cannot see the urgency of this administration to improve the situation. It was unfortunate that after the six months that it took to come up with list of proposed Ministers, those we saw are those that have always been around the hood".
“Why it took so long to forward their names to the National Assembly is quite a puzzle to us."
“Why Ministers who have been cleared have not been sworn in is also a puzzle to us. We are almost in the first week of November. The laws are clear that government should have submitted its budget projections for 2016 by now."
Also, the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, in a paper entitled ‘Towards a Policy Framework For Economic Inclusion in Nigeria”, noted that President Buhari inherited so many economic problems from the past administration.
He however maintained that “this regime should do quick, wake up and address the problems”.
He said: “Using six months just to share portfolios is not how to go about it. Currently, there is fiscal disconnect. The revenue of the government has declined, relative to the Gross Domestic Product.
“Nigeria has the highest economy, yet the lowest revenue. The revenue has steadily declined. The revenue to GDP in 2014 was 11%, while 25% is what non oil producing economies like South Africa, Egypt and Morocco, have. Other countries like Angola and Algeria that have oil, have higher revenue level of 33%.
“Nigeria should have about 40% like it use to have in 2004. The reason for the decline is not that revenue are not collected, but the leak-out from government processes, e.g, crude oil theft, subsidy fraud, wide spread abuse of administration of import duty and tax waivers, abuses by autonomous income revenue collecting agencies that spend what they collect as they wish, only remitting about 80% to the Federal Government."
“Currently Nigeria has not been attracting foreign investment, we urge this administration to make the economy more attractive. Steady currency regime is required to spur growth”, he added.