A former Minister of Education, Oby Ezekwesili, has faulted President Buhari’s economic policies, describing them as “opaque and archaic”.
She further stated that Buhari’s current economic policies are similar to those he promulgated during the military regime he led in the 1980s.
Speaking at The Platform, a yearly public policy forum that is currently underway in Abuja, Ezekwesili said these policies were hurting the poor people they were supposed to help.
She said: “During the first coming of this our new president, a command and control economic system was adopted.
“During that era, inflation spiralled. During that era, jobs were lost. During that era, the economic growth level dipped,” Mrs. Ezekwesili said. “That era wasn’t the best of eras in economic progress.”
“What did not work in 1984 cannot possibly be a solution in a global economy that’s much more integrated.”
“In over one year, the president is still holding to the premise that command and control is the only way out. In a year we have lost the single digits inflation status we maintained in past administrations.” Oby added.
Ezekwesili also criticized Buhari’s Foreign policy, stating that companies are suddenly finding themselves unable to produce because they’re unable to access foreign exchange.
“The president comes into this economic philosophy on the premise that he does not want the poor to suffer. I can relate to that, a leader must, especially a leader who knows that most of his votes came not from the elite but from the poor.”
“The problem though is that the intention and the outcome are diverged.
“The weakest and the most vulnerable suffer the impact of inflation the most. Enormous power is being abused as a result of opaque economic policies.
“Companies are suddenly finding themselves unable to produce because they’re unable to access foreign exchange,” Mrs. Ezekwesili said.
She concluded by urging President Buhari to sit with his team and review their current policies.
“Mr. President should sit with his team and look at the economic evidence that speaks loudly. It’s time to sit back and review the well-intended idea of command and control economic principle.
“He should do what the Americans say that if it ain’t broken, don’t fix it,” Mrs. Ezekwesili said.
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