Backlash: Killing The Economy To Kill Corruption
Abraham Ogbodo
THE battle against corruption has become the sole purpose of the Buhari Presidency. It is being prosecuted as if all other things that define good governance shall follow automatically, as soon as victory is proclaimed. Since it is so, the appointment of ministers in this month of September, which has only 10 days to finish, is no longer necessary. The entire business of government has been consolidated into a single effort – war against corruption.
One man or at most one ministry to be called Ministry of War Against Corruption can do the whole job. News that Buhari has branded ministers as noise makers is very encouraging too. No serious war anywhere in the world is fought and won with noise makers. In the spirit of the new revelation, a proposal for amendment of the operating constitution to make the appointment of ministers by a sitting president discretionary can be forwarded to the National Assembly for consideration.
I am not even too sure if the NASS itself will fit properly into the new order. The members are even noisier than the ministers. They are rascally and violent too; often using fists like junior school pupils instead of debates to settle simple issues. They are also very lazy. They work for one week and go on recess for four weeks.
This war against corruption is neither for noise makers, rascals nor lay-abouts. All of this considered, we can push for another amendment of the constitution to operate this democracy without the NASS. It sounds alarming, but since kings can legitimately kill to survive in a Machiavellian setting, we cannot go wrong if we allow the robust end of achieving a permanently corruption-free Nigeria to push us to disband the useless National Assembly for good.
With PMB, we have one in a millennium chance to catch all the thieves in Nigeria and change our circumstances. And so, if he asks to shut down the banking system, as he has done, to catch thieves who hide their stolen dollars in domiciliary accounts, he should be obliged. He is working to preserve the life of Nigeria. On that note alone, the threat by one self-appointed global regulator called JP Morgan to punish Nigeria on account of Buhari’s approach should be completely ignored.
JP Morgan or whatever it is called is not a very reliable teacher. It teaches nonsense and this has serially got it into trouble with the authorities in Washington DCand for which it has paid billions of dollars as fines. Besides, what does JP Morgan know that our own dear JP Clark or any other JP in Nigeria does not know better? And by the way, who made JP Morgan judge over Nigeria that is presided over by PMB?
The Central Bank as directed by PMB (since there is no finance minister, till perhaps September 30), is doing a fantastic job. The point is that when there is too much money in the system and the citizens are behaving like lunatic astronauts, going to the moon to build houses, the thing to do is a serious mop up to precipitate a liquidity squeeze that will instill some sanity. This is what Buhari has done.
It is a fundamental micro-economic principle and one does not need a certification by Harvard Business School to understand it. I don’t understand why JP Morgan, which should know better, is nagging over this like a bad house wife.
People are talking of absence of an economic blue print in the Buhari’s approach. It sounds too much like a cliché. Na blue print we go chop? We have had too many blue prints that led nowhere and if Buhari, in his original Fulani wisdom, is coming with a black or blank print to run, all by himself, Africa’s biggest economy, he should be offered a chance to prove how and why blank or black is better than blue. More than this, results do not change if the processes remain constant. It is like hoping to land in Japan when the air plane in which you are moving is headed west of longitude 0.
Put differently, Buhari is saying there is just one effective wayof tackling the challenges facing Nigeria. That is, if Nigerians have become monkeys because there are peanuts to eat in the garden, they will return to humans if the nuts get mopped up. The scenario can be re-adjusted for the same effect.
If what is available at current consumption is too little to last because of greed, a way out is conservation or more specifically, starvation to gain sustainability. I add however, that neither of the approaches shows creativity. Both are sanctimonious posturing meant to morally rearm Buhari as a leader for the moment.
In the first instance, it could very well be that Nigerians have become primates because there is no human meal available in the garden, while conservation in the second instance does not approximate wealth creation or material progression. A man does not starve to death his own children to make a point about prudence and disciplined consumption. Rather, he should double efforts to increase his resource base to meet current consumption level while he isolates and deals with the bad children.
Locking down the entire economy in search of thieves or in the name of instilling fiscal discipline is myopic, to put it mildly. Corruption is not an economic activity. It is a crime against mainly the economy and killing the economy because of it amounts to double jeopardy.The best approach is to isolate corruption for extermination, while the economy is allowed to breathe.
Buhari may not know this, which is quite unfortunate. But even more disturbing is the fact that those who should whisper to him quietly, preferably in the Daura dialect of Fulfulde, for easy understanding and assimilation, have allowed themselves to be mobilized into acrowd of frenzy supporters, who promote every miss step of the president as a new and effective style of catching thieves.
Buhari’s interpretation of his role as a change agent even at 72 is not helping matters. He thinks change should be measured by the degree of the unconventionality of his action and so the more bizarre the act, the bigger the change content.
As it is, a lot of quarters need a re-orientation to fit into the prevailing mode of doing things. It is the reason the lamentation of the Manufacturing Association of Nigeria (MAN) is not invoking any sympathy and empathy in high places. The association is lamenting a drastic loss of industrial capacity in the last three months, due mainly to the CBN’s monetary policy to stem the slide of the naira and which has made access to forex to fund the importation of industrial spares and consumables most herculean.
The new rule is that everything can wait for corruption to be killed first. The Treasury Single Account (TSA) is also part of the efforts to kill corruption. The banks have been totally drained of public sector funds, which have been migrated to the Central Bank for safekeeping. Buhari is making it look as if the value of money is in its physicalworth and not in the value money can create.
What is the logic in saving money in the Central Bank when retail banks are looking for money to fund the economy? This is besides the effects of the TSA policy on agencies like the NNPC, FAAN, NIMASSA and others,which in operation and structure, are not any different from the organised private sector and cannot in all sincerity, be made to wait for budget approvals by the National Assembly before they work.
Today, the statistics across board are frightening. There is growing unemployment, declining industrial capacity utilization, disinvestment, sliding value of the domestic currency and the stock market, among other gloomy indices. But we have been conditioned to give Buhari space and free hand to effect a change and to also hack down anything, person or idea that constitutes or that may constitute a hindrance in the task to kill corruption in Nigeria. And this includes the economy, which must be killed if it constitutes itself into a hindrance in the path of change.
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88 Comments
Story story from east of Nigeria. Where were you in the past wasteful years of your Jonathan?
So, is the east of Nigeria no longer Nigeria? Jonathan’s name is not even mentioned in the article, why do u bring it up? Why can’t Buhari’s supporters face the reality and realise that the president will be pressured to produce results? You may have won the campaign but governance is another business altogether. It needs ideas, creativity, inspiration, facing reality, dealing with criticism. U can’t govern with insults and lies and divisiveness.
l have said it time and again,prosecute the evil doers but get on with the business of governance.
This is why Nigerians elected a govt.in the 1st instance.
In America,Obama was busy clearing George Bush’s messed up economy while bringing back the troops from Afganistan and Bagdad.and at the same time,righting the ills of the economy.Let’s follow this example.
America’s problem was a bad economy orchestrated by expensive wars, Obama had to respond appropriately. In Nigeria today, our greatest problem is corruption, if we don’t solve that problem, forget about meaningful economic management.
your perspective is disappointing. even if jonathan wrote a critique of the president today you find true, take the message and leave the messenger.
The problem with most APC and PMB supporters is that they attack the person and fail to engage with the ideas. Another thing they do is to attack Jonathan whether the matter concerns him or not. They give the impression that they either cannot understand the issues or that they are so biased they they are not ready to deal with ideas. I don’t understand them: since when did Buhari become God who we must follow-follow whatever he does or says? Is this their idea of democracy? What is Nigeria becoming?
Abraham Ogbodo, is Jonathan man.Even an idiot knows that.
Pls engage with the ideas he has shared. No need to attack the man. Even if he is Jonathan man, the question is: is there no truth in what he has said? If so, then u must prove him wrong. That is how we can move this country forward. It must come from the production of good ideas.
I am sorry AA, we all know that Abraham Ogbodo is one of those who got millions through Abati to launder Jonathan’s image and discredit Buhari in the last election. It is on record. Why you may not know, many Nigerians know. He is not a credible editor. Ogbodo has sold his soul to the devil for a pot of porridge. Nothing credible in this write up and Nigerians dont take it seriously.. That is why he is not that succssful as a journo
There u go attacking the man again instead of engaging with the ideas. Why don’t u try to prove him wrong. Lemme ask u a few questions:
1. Did JP Morgan de-list Nigeria’s bonds or did the writer make that up?
2. Did the Manufacturers Association of Nigeria complain that Buhari’s policies will harm SMEs or did Ogbodo make that up too?
3. Did the govt order changes in forex access or did Ogbodo make that up?
4. Did PMB not say that ministers are noise-makers? Has he appointed ministers? Or did the writer make those facts up too?
Yes, Ogbodo may have supported Jonathan. And I wonder since when it has become a crime to support a candidate of one’s choice. Pls let me know if there is now a new decree to that effect. But this is not about GEJ, it is about the man in charge.Or are u now saying that those who did not support PMB can no longer comment on national issues?
The next point is: U say the writer sold his soul to the devil because he supported GEJ. You, who are clearly a supporter of PMB, have u also sold urself to the devil?
And then u say Nigerians don’t take the write up seriously. You are making a mistake my friend. I am a Nigerian and I take it very seriously. As u see on this forum, there are others who take him seriously too. You supporters of PMB and APC need to wake up to a proper understanding of what democracy means.
I will appreciate it if u respond to the questions about the economy. Again, this is not about GEJ, it is about PMB and the direction that he is taking the country. And pls, stop trying to present Buhari as if he is Jesus or Mohammed – we know better. I’m waiting for ur response. Tnx.
The point will always remain, where was Ogbodo and his band of bribe collecting editors when Jonathan ran the country aground in 6 years and PDP in sixteen years? Nigerians think otherwise. As Ogbodo was silent to PDP/Jonathan atrocities against our country and now find it convenient to use his editorial position to spew lies and propaganda against Buhari. Time will tell. He should learn from Abati. The money will soon finish and he will change position again. We know his type.
Thank u for responding at all. It is now crystal clear that u don’t have answers to the points raised. You see why the APC and PMB may fool a lot of people yet they can’t fool some of us? Pls help us tell Buhari that It takes ideas to run a country, not lies, threats, and propaganda.
No matter what some people say against our new president, thank God that Nigerians knows the truth,
Honest assessment by Abraham Ogbodo! Buhari will clearly destroy Nigeria and all those who did not appreciate the growth that Nigeria had achieved under Jonathan will lick their tears.
Which growth? By re-basing the economy and inflating the figures of GDP? Is that what you called growth? Please wake up. The private sector shrank under GEJ, many businesses relocated to other African countries because the environment could not support productive activities. Thank God, GEJ’s administration was truncated, otherwise, by now we may have been queuing for fuel at N200/Litter, electricity tariff may have probably gone to N50 per unit even with absence of electricity.
1. Can u provide any fact that the private sector shrank under GEJ? Just ONE, SINGLE, independently verifiable statistic? Pls.
2. Do u know that GEJ’s regime actually reduced electricity tariffs earlier this year?
I think you have access to biased information. There was a news just before the election that electricity tariff has been slashed, but after the election, the regulatory authorities began to sing another song. Moreso, the electricity companies have been playing around with tariffs ever since they’ve taken ownership of the companies, there has not been light anywhere. it is in the past few months that I have started hearing people testifying of improved electricity supply. Another thing you should know about the economy is to look at the size of the unemployment, you know how many graduates turned up for the immigration test alone and how many of them lost their lives, that is a sign of a declining economy. What do you want to produce when there is no electricity? I honestly feel you are not living in Nigeria.
Pls give me ONE fact that the economy shrank under GEJ. Just give me ONE SINGLE independently verifiable statistic. Not essay.
You want one statistic? Here are 5 statistics for you GEJ apologists.
Well how many jobs did GEJ created?
What is the employment rate when GEJ came and when he left?
What is the rate of inflation when GEJ came and when he left?
What was the exchange rate when GEJ came and what was it when he left?
What is the real GDP when he came and when he left?
LOLoudest! Stop giving me essays, I asked for STATS! Figures! Facts!! It was ur co-Buhari supporter, Goodluck, who claimed that the economy shrank under GEJ so I asked him to prove it by giving me stats. Just follow the conversation. And now u have come to his defence, u still have NO FACT, instead u are asking questions! Shuo! When u make a claim, it is YOUR RESPONSIBILITY to substantiate it. Otherwise what u are saying will be taken as wild and baseless. So, the ball remains in ur court, Oga Dave. If u say, with Goodluck, that the economy shrank under GEJ, just PROVE IT.
Let me advise a little, no intention to be disrespectful: u can’t prove it. That is why ur co-PMB supporter dissappeared from that conversation. That is why u yourself are asking questions when u shd be providing answers. And do u know why u can’t prove it? Because it is not true. It is another one of the many lies and propaganda statements that have become the hallmark of the APC and PMB. Wise up, my guy. Shine ur eyes – these guys have been playing smart politics on many of you.
This is the stupidest answer of all time. The most illiterate ever.
Where on earth is statistics question answered with questions, and no numbers. You just saw discourses and hopped on it with empty belly. We need people with ‘verifiable’ WASCE to talk here, not Buhari kind.
You don’t have a clue of what economic statistics means. Thats why you are just blabbing. Go and check your modern school archives and find out the meaning of statistics.
Here we go again, ‘modern school archives’ – where’s that? Stay away from fire if you don’t like heat.
You just showed how empty your head is! Onuku!
Dave you’ve clearly showcased your highest level of ignorance! Where did you copy those words from?
Please Goodluck or whatever you call yourself can you for once use your brain than this shameless display of raw ignorance. The above write up isn’t about politics alone or propaganda, it’s also a word of caution for PMB to critically review the state of the Nation’s economy. Cause in as much as PMB is bent on corruption, which am fully in support of, consideration and emphasis should be on the betterment of the Economy (State) which is paramount to our survival.
goodluck please shut up! Since you prefer to use a pseudonym instead of your actual name. It appears you have been paid to defend the indefensible. Fighting corruption is not an economic policy so stop arguing like someone with absolutely no brains. You can fight corruption and at the same time have robust economic policies that drive our nation’s economy. That isn’t being done. As a result, the international community and comity of investors both local and foreign have written this president off. The economy shrank by 45% (Year on Year) in three months alone. Isn’t that alarming enough? Worse still, Buhari made a disastrous foray in France by labeling Ministers as noise makers. He exposed himself to maximum ridicule and has shown the international community from USA to China that he doesn’t understand governance. How can a sitting president not understand what ministers are for? My goodness! Civil servants are actually the most corrupt bunch of people and his desire to work with them clearly belies a misunderstanding of the problem. We are indeed in for interesting times. We may have a man on the saddle who has good intentions but clearly is out of his depth in managing a modern economy. May God help us!
Thank u my friend. But who says Buhari has good intentions? Except u mean that the desire to run the country like a personal fiefdom is a good intention. If u read today’s papers, he is already pontificating about monetary policy – an area that he is clearly clueless about. It takes an intelligent man to know his limits. The one who doesn’t know, and doesn’t know that he doesn’t know – what do they call him?
@AA Lolz! You are spot on. All the pointers were there, even before the palace coup, called election, to the fact that Buhari did nothing to improve himself over the years, by way of learning.
He still lives in the 19th century, but wants to run a country in the 21stcentury. An absolute impossibility!
Buhari needs to be impeached.. we gotta do this ourselves, what God are U calling to help us?
You’re absolutely correct. The man knows little to nothing about governance, much more the intricacies of modern economy. Interesting times, indeed!
You dont have facts, just fabricated lies. The recession is here and am sure it will either touch you or your relatives. Lets have a good ride.
You managed to buttress your half truths with blatant lies. First, the economy needed to be rebased to factor in issues that had evolved since the last benchmarks. I don’t know why this upsets you either as we came out tops after the exercise. I would have been able to relate to your tripe if we came off worse.
Second. The private sector did not shrink under gej. It flourished. With programmes like You WIN and multiple grants to private sector you have nothing to hold on to. Which businesses relocated please? Liar. Of anything, car assembly plants of international repute checked in. That did so in a manner unprecedented. By the way, they created jobs. There is NO WAY you would have been button fuel for N200 peer litre because he had since last year, put a lot of things in place to allow us get back into petrol refining. The same things the current government are claiming as their work now. The same with electricity… Except you are one of the simpletons that think it’s body language that fixes turbines and does Turn Around Maintenance.
So is the writer telling us that all the bad things afflicting Nigeria at the moment is down to the President? In that case then any good thing happening now like better improvement in the supply of electricity, resuscitation of our moribund refineries etc, must all be attributed to the President. I will let the writer know that a rising tide lifts all boats. Corruption is the bane of our society. It is fantastic that the President has focussed on it like a laser beam. Once we sort that out, the effects of that success will filter in to all aspects of our life. Period.
Pls try to reason with the article. He did not say ALL BAD THINGS affecting Nigeria. He is specific about the economy and about the specific actions that are negatively affecting the economy. Why don’t u respond to that? Or do u have anything to benefit if the economy collapses? Let us try to reason things sometimes. Democracy means we must check our government and push them in the right direction. It is not all about ‘concurring’ even when that ‘concurring’ will lead us into a well.
We all agree that corruption is the bane of the society. All Nigerians want firm actions to be taken against whoever is found culpable. However, that must not be at the expense of the management of the economy. All Buhari’s effort so far has been in the area of corruption. He really talks about job creation or the economy. There is no economic management team in place and no enunciated economic agenda. It’s all thieves and thieves. He may unwittingly be breeding more thieves as he religates the economy to the background.
He has not even made any real ‘effort’, it is just talk, talk, threat, threat! Has he procured any new crime fighting equipment – CCTV or forensics, etc? Have they installed any new computer or payroll systems to check leakages in the system? Have they stopped the tribalism and nepotism that hurts governance so badly? Has he recruited more police officers? Did he not appoint a man with a fake PhD as head of the Federal Internal Revenue Service? Have they even arrainged ONE person for corruption?
You guys seems to be in coma, or better still you may not be living in Nigeria. Electricity has improved within the last three months, fuel queues have disappeared, and for some time now, my own productivity has increased because i can now work for longer hours without having to put on the generator. Corruption and economic growth are mutually exclusive. You can not be planning growth where the disposition of all the people around you is stealing. In fact, if corruption is the only policy objective Buhari is able to achieve in his 4 years in office, he must have succeeded in preparing the country for sustainable growth and development. Economic management is not about sharing money or rent seeking activities as carried on before now. it is about providing environment for improved productivity. Those who have work to do in Nigeria today have gone back to work, but those who still want to continue with their rent seeking activities are abusing the president because those leakages have been blocked.
You are just going about insulting those who have a different opinion. This is your intellectual depth. Ha ha ha.
Emeka, there is no doubt you are well schooled and highly knowledgeable. I dont know the school all these other people who have commented on this platform attended, but honestly I am so shocked about the level of ignorance in our country. Kudos Emeka.
Bull, Mr Goodluck, Emeka is mere rhetorical, a bounce back talk of quack logic. And you see a man that said nothing as so well schooled? The biggest intangible economic mayhem Buhari excreted on Nigeria even with good intentions, is FEAR. Fear throws cold on economic activity. Making corruption the mainstay and only topic of this government will drive or has driven local cooks that bread our meals into understandable hibernation because, believe it or don’t, money corruption is woven in every nooks and crevices of Nigerian Economy and most everyone is corrupt in that wise. You are a less or no educated Nigerian if you don’t know this, or stay a liar Mohammed talking good Engligbo.
That is so pedestrian, you should be named after a pavement or sidewalk…
LOL! You shd be writing literature, JayGeeX! Too bloody good!!
Abraham Ogbodo just spoke the mind of the silent majority who are watching PMB destroy Nigeria.. it has all been corruption, corruption and corruption. Who as a foreign investor will want to invest in a country where the leaders gleefully talk and wash their dirty linens in public. The economy has been relegated to the background while Buhari, the new sheriff in town is busy catching thieves as the sole administrator of the Republic. Ministers, whenever they are appointed will be irrelevant and would have no say in the executive council. He has labelled them as noise makers, therefore Nigerians should not expect robust deliberations at the executive council meetings. The dictator would always have his way, after all he has fulfilled all righteousness in making them ministers. There is no clear economic agenda, and whoever critisizes the new new Sheriff is seen as a PDP supporter who is still bitter with the loss of power. Abraham Ogbodo beautiful unbiased writeup is being seen by some APC fanatics as the ranting of a Goodluck man. Sad. With TSA, the banks are working on their retrenchment list and other businesses are doing the same. All hail the new Sheriff in Town.
Foreign investors cannot bring their funds to environment with poor corporate governance. Environments with weak institutions are usually victims of poor corporate governance. For you to convince foreign investors to come to your country, they must be convinced that the country has zero tolerance towards corruption. So the first thing in preparing our country for foreign investments is to rid the country of corruption. Why did Branson, the Virgin airline guy left Nigeria, he complained bitterly of corruption. Let’s be wise.
Corruption is not an economic activity and corruption can never be eradicated completely.There’s no zero corruption anywhere even in the developed economies. PMB should not kill or stagnate the Nigerian economy because he wants to fight a handful of corrupt politicians. He can as well close down all the banks in Nigeria. There’s no point appointing Ministers since they will be noisemakers in his administration. An Archaic man as President. I regret supporting his election.
I am really glad to see that there are people who really know what we are talking about. The best way to kill ignorance is to overwhelm it with knowledge. I am beginning to reach the conclusion that Nigeria’s biggest problem is ignorance.
Goodluck are you sure you know what brings foreign investors? And what area of corruption are you interested, or talking about? Financial mismanagement, is it what you mean as it is what almost everyone, you not excluding, only knows. Sorry dude, a foreigner Multinationalist cares not how and where you stole your piggy bank dry, they care about the security of their investment and their ROI. As a matter of fact if their wares are moved by your stollen money and it’s safe, liquid and mobile, Oh Lord, Allah, the better for the foreign investor. What I consider most corrupt is what you are doing now – academic corruption whereby you are paid superflac to dramatize issues so both the informed and less informed get fooled in sophisticated syndicated journalism. Buhari is most good for you as you both without WASC only believe that the most corruption is money stealing. I swear, with you and Buhari and the level you understand corruption, Nigeria ain’t going nowhere.
Thank u.
Lolz! Teach him, Bro.
On my part, I am only having fun. I didn’t like GEJ, but it was very clear to me that he was a Zillion years ahead of the Dullard from Daura, called Buhari.
This is too good! Nobel Prize material. It is so heart-warming that there are still many people who think well and are not afraid to share their thoughts. Thanks Abraham. Those who have ears, let them hear!
I am sorry, the write-ups is good enough for those who are ignorant about how the economy works. The writer lacks intellectual depth.
You are not even responding to ANY single ONE of the points raised. Where is ur own intellectual depth? Pls educate us.
There is a difference between journalistic writing and development writing. Most journalist write with emotions without understanding the basis of the workings of the economy, except those of them who have sound economic background. This is why, a write-up like that of Abraham Ogbodo will captivate ignorant minds.
Facts well articulated and presented
The writer has made an insightful piece. In managing people, systems, businesses or government, success comes from knowing the balance between control and the other four functions of management ..planning, organizing, staffing and leading. The presidency today is fixated on controlling. The staffing or supervisory function is being ridiculed by lopsided appointments and the recent noise maker ministers comment. Not knowing that free people have a desire for a better life and a better country which he can use to channel their efforts into a national vision while strengthening watchdogs to create deterrents has always being the president’s Achilles heel…in 1985 as in 2015. The alternative is to attempt unitary control and kill their initiatives, effort ,enterprise and create unemployment and poverty which government alone cannot alleviate. Soon the government will attempt to super tax the same groaning businesses to raise money to take care of the poor. Then businesses will close creating a vicious cycle. He needs competent ministers and advisers but most importantly, he needs to listen and learn, even at 72. For all our sake.
So you think managing for profit in the private sector is the same thing in the public sector? What I want you to realize is that, no meaningful economic gain can be made in a lawless environment. A strong government is needed to get the people to sit up and do their job rightly. We can not continue to embrace small small stealing and corruption, and yet expect economic development. Let us join hands together to kill corruption first, then we can start the enduring task of sustainable development.
1. “Before growth and development can proceed in Nigeria, the institutions of the state need to be resurrected and strengthen”. Really? What you are suggesting is that the economy has to STOP until this so-called war on corruption is won? Do u really believe that is practical? Do u really think a day will come when corruption will end fully anywhere in the world?
2. You say Ogbodo is exhibiting ignorance but u do not respond to the points he has made about what the economy is suffering. So, u think the war will be easier to fight when the economy grinds to a halt, abi? You think a dead economy will assist the fight against corruption?
3. Ogbodo referred to other things like the appointment of ministers and the issue of money sitting in the vault of the CBN rather than working in the economy. How is the failure to appoint ministers war against corruption? You heard the president say ministers make noise – what does say about his clear unwillingness to appoint a proper government which is contrary to the principles of democracy?
All these your questions still bothers on ignorance. In the modern economy, productivity is driven by knowledge, innovation and competitiveness. Corruption is an enemy of innovation because with corruption, property rights are eroded, entrepreneurship is discouraged and without these, forget about any economy. This issue of griding the economy to a halt in the name of fighting corruption is a pedestrian argument. What the government is saying is that, for products that can be produced in Nigeria effectively, we do not need to waste our foreign exchange in importing them. This makes sense because, as production resumes internally, job creation improves and hence reduction in poverty. We would have gone far from where we are now if the momentum of Ribadu in fighting corruption was allowed to continue under Yaradua/Goodluck, unfortunately they killed the momentum. If we must grow as a country, first, we need to defeat corruption, second, we need to invest in our infrastructure and third, we need to formulate industrial policies that will attract foreign investments. It is one step after the other.
Nothing happens until you sell something!
This is a truism that an economy only grows when you spend and it shrinks when you hoard!
Has the UAE or any European country ever rejected our “Ruler’s” loot on its way into their economy?
How many of these countries have been expeditious in repatriating these loots back to our country even when there is a valid court order to that effect?
Are we really fighting corruption or merely grandstanding while thinking of what best to do?
goodluck please shut up! Since you prefer to use a pseudonym instead of your actual name. It appears you have been paid to defend the indefensible. Fighting corruption is not an economic policy so stop arguing like someone with absolutely no brains. You can fight corruption and at the same time have robust economic policies that drive our nation’s economy. That isn’t being done. As a result, the international community and comity of investors both local and foreign have written this president off. The economy shrank by 45% in three months alone. Isn’t that alarming enough? Worse still, Buhari made a disastrous foray in France by labeling Ministers as noise makers. He exposed himself to maximum ridicule and has shown the international community from USA to China that he doesn’t understand governance. How can a sitting president not understand what ministers are for? My goodness! Civil servants are actually the most corrupt bunch of people and his desire to work with them clearly belies a misunderstanding of the problem. We are indeed in for interesting times.
Abraham Ogbodo is clearly exhibiting his ignorance to the world wide web. People should realize that there is no enduring or sustainable economic progress that can be made in a corrupt-ridden environment. Before growth and development can proceed in Nigeria, the institutions of the state needs to be resurrected and strengthened, and that is the institutional approach to development. I am so surprised how knowledgeable and enlightened people have become so comfortable in living with corruption in Nigeria. Indeed the times are hard, oil price is nose-diving, where would the money for development come from if we do not fight and reduce corruption. For those who Abraham Ogbodo have successfully misled by his write up, let it be known that for our economy to come up again, a very strong signal needs to be sent to everyone that the consequences against corruption are very high. I wish to implore my fellow country men to put our voice together against corruption in Nigeria. If we dont, God forbid what is happening in Lybia, Syria, and other north African countries where they are emigrating in millions to Europe should happen here. God bless you all.
Abraham Ogbodo has really exhibited his ignorance on developmental issues to the whole world. hear him ” …It (corruption) is being prosecuted as if all other things that define good governance shall follow automatically, as soon as victory is proclaimed”. If Ogbodo is learned about growth and developmental issues, he would have realized that corruption is an enemy of economic progress. in some countries, death sentence is prescribed for corruption, this is because those nations realize that no meaningful economic gains can be achieved where there is corruption. Corruption is the major course of the economic problems we have in Nigeria today. About $16 billion was reported to have been spent on electricity in the past 16 years, but there is nothing to show for it. Shall we continue this way and expect economic development, no way. In fighting corruption, you are implicitly pursuing economic growth and development. Abraham Ogbodo should stop misinforming people because his knowledge about how the economy works is very shallow as enunciated from his write up.
No, YOU are the one whose arguments are without depth. You have not even made ONE single point about the economy. There is no where in the world or in history where the economy of a society is brought to a standstill in the so-called attempt to fight corruption.
Moreover, this government IS NOT fighting corruption. It is all talk, talk, talk; no one is charged, no changes to the system, no infrastructure has been bought, nepotism and tribalism has been revived and there is divisiveness in the land.
You have to try harder, my brother. God bless you too.
You must be snoring. Please wake up.
Insults, that is your intellectual insight! lol! That is your answer to the specific economic issues being discussed. I doubt if Nigeria will ever see the kind of hypocrisy and self-deception advertised by the APC, PMB, and many of their bandwagon supporters again. lol!!
I am sorry if I have insulted you, but please read my reply to your comment above where I addressed some of the economic issues. Bless you.
Bless u too, my brother. 9ja go better even if we disagree.
O yess. Sometimes we disagree to agree
I have my concerns over Buhari intentions long-term in relation to the Boko Haram issue (which is only 2nd in priority to reduction & hopefully removal of financial & political corruption within Nigeria) however making the removal of corruption as the top priority is critical to Nigeria. Not only will it help to balance the books but it gives Nigeria a fighting chance to reinvest in the commercial; utilities & communal infrastructure throughout Nigeria. The terrorism instigated in Borno was criminally neglected and because of that there is a serious & ongoing threat to Nigeria’s stability. The only way to remove this is prosperity under a caveat of one common law for all Nigerians and no state within a state. For the rest shared prosperity for the masses and the ultimate reduction of a 0% of Nigerians existing in poverty or worse. In addition the development of alternative sources of income (other than oil) & ensuring that the people of Nigeria can be fed in an environment of a growing World population, climate change & internal growth. In addition an efficient fight against crime & corruption will encourage both foreign investment & aid. It will, as already pointed out, lead to greater productivity, both directly & indirectly. The removal of the immediate threat of Boko Haram must be a priority with the benefits of a serious & effective fight against corruption that should remove or at least reduce the long-term threat.
Manxmann, I can see you are intellectually deep unlike the comments I have read so far on this platform. But if you must agree with me, a lot of successes are been recorded against the Boko haram. However, we should look beyond the military solution and seek for an egalitarian society where the citizens have equal opportunities to basic things of life. The level of inequality in Nigeria is a sure source of insecurity. I hope as this current war is won, the government will begin to focus on issues and laws that will bring about economic prosperity that is capable of putting all our factories back to work and building new ones with a view to reducing unemployment and poverty. Kudos.
A good piece. Initially I thought he was being satirical but as I read along, I got caught up in Ogbodo deep thought and infact. Helpful advise to government. The fact remains on two folds……….1. True that money kept in vaults Do not grow economy ……..2. ..but then money stolen is worse off it does not only fails to grow the economy it goes further to destroy our morale values, destroys the economy improverishing the people and create a hopelessness in the minds of the youth.
This is exactly what PMB meant when he said if Nigeria fails to kill corruption , corruption will kill Nigeria. Certainly this is like a cage fight to finish. You either win or lose, you either win and live or lose and die , no draw. Now this brings to fore what PMB wants to achieve.
Choose between the devil l and the deep blue sea. Better choose the deep blue sea as we may navigate through. Choosing the devil( corruption) you have no choice of survival. It looks as the author posit, that the Economy is dying at the expense of corruption? Let me take is in its simplicity. Kill corruption, the economy that will die while killing corruption is certainly not a good economy, sooo, let that economy die too.
Really ? …oh yessssss. The economy that will die alongside the death of corruption is that useless economy that rewards joblessness with high premium, . Allows civil servant with salary “A” but can acquire assets that is a million time of his salary . That economy will die with corruption. Economy of short changing the society will die along with Corruption. It’s like a farmer, our. PMB has Chosen to eliminate the terrible weeds in the farmland that will kill the good crops. At the end the good crop will have a breathing space to grow and do well. So, my verdict, kill corruption , let the wicked economy die along with corruption. You will notice a blossoming economy. Corruption must die. Period.
You are a very knowledgeable person. Kudos.
Corruption has long destroyed Nigeria, economy wise, all anyone can do is try to reduce the monster to manageable level per adventure Nigeria could be salvaged.
“manageable level of corruption”???? Frank Ewan, I fear o.
“What is the logic in saving money in the Central Bank when retail banks are looking for money to fund the economy? This is besides the effects of the TSA policy on agencies like the NNPC, FAAN, NIMASSA and others,which in operation and structure, are not any different from the organised private sector and cannot in all sincerity, be made to wait for budget approvals by the National Assembly before they work.”
Ogbodo, I wish you are talking to a listening President. But you are actually talking to a deaf man, to put it mildly.
Excellent
Killing “the economy” of Nigeria in order to kill corruption? But what Nigerian “economy”? Was there any Nigerian economy, in the first place, BEFORE Buhari came aboard and launched his war against corruption and corrupt mis-rulers? Was there any “Economy,” in the first place, that Buhari is supposed to be killing?
The FACT is that, by many expert analyses, on the trajectory that the Jonathan Economy” had been headed before God rescued Nigeria with Buhari’s coming, this supposed “Nigerian economy” that you speak of would have been no more by now – were it not for Buhari’s coming! Nigeria would have been totally bankrupt and no more, only existing as a failed state, by now with Jonathan on seat. Hence, speaking about “killing” the economy by Buhari is, to put it very simply, an oxymoron! Just doesn’t add up!!
Great thesis, and also sensible suggestions in an obtuse manner. I doubt if the target of this write up will understand your logic and language. But I have one question. How is the NASS going to be encouraged to dissolve itself to make room for this new governance strategy you propound.
Buhari is bereft of ideas to develop the economy.. no vision of what a 21st century Nigeria should look like and his utterances always confirm this much!
and he was recently warned that 2 wrongs don’t make a right – U cant fight illegality by illegal practices..
First thing first,El- Rufai said corruption will kill NNPC ,same way corruption will kill Nigeria/ns,let buhari kill corruption or injure corruption and condemn it to be hospitalize with this window he has,
Free advice to you Abraham! Before Abraham Buhari was! And let me tell you too. Before Guardian Buhari was. Next time you write this kind of oversense, Decree No. 4 will catch you. Dambruba! Now in his first incarnation as Maj. Gen Buhari, he was merciful enough to send only 2 of you to Kirikiri for maximum comfort. Now if, in his reincarnation as democratic PMB, he catches you, Ngala and Gamboru, the headquarters of the (defeated) BH, will be your prison. Corruption is an elephant that must be killed! Hear Mr. Sense, or Mr. Economic Sense. Can’t you thank almighty Allah for giving us the ONLY other elephant that can fight the corrupt elephant? And did your useless degree not tell you that when 2 elephants fight, it is the GRASS, that suffer? And why should GRASS talk when the serious matter of the war between the elephants is going on? I forgive you, for this is your first time. Next time, I will report you to Sina.
Well said Mr. Ogbodo! The chicken’s finally coming back to roost. Shangiiii!
The fine treatise by Mr. Ogbodo, centred on the Economy.
But blind Buhari apologists, in an attempt to defend the indefensible, are taking the whole thing out of context, thereby talking about Electricity supply, fuel prices and refinaries.
No surprises, though. Like Leader, like followers. After all, like begats like. It was clear to the even the blind, that Buhari had no certificate. Is it not now very obvious?
By the time he leaves after 8years, we will take stock of what is left of Nigeria, if any.
Fantastic assessment of the first 100 days of Buhari. Is this worth the 2011 tears?
Abraham Ogbodo, please I need your email ad. And by the way, where do you think you are? At Havard or Oxford? This is the type of grammer that gets baba regretting dropping his kaki. For your info, we’ve taken over from PDP and that’s it…Our next agenda is to appoint our own lawyers to jail straight any accused person. After all, there must be a Pastor or bishop, an imam or alufa, a police or soldier, business man or trader supporting us, who cares about your certificate? Mr Abraham, I know there are many sound economists like you in Nigeria, but do you have a place here? No, it’s either those who overeconomise this country or worst still those who belowundereconomise it. By the time we finish catching all thieves, every other Nigerian will be babiyanla.
The way Buhari is going after corruption, it shows that he does not understands anything much about the dynamics of the phenomenon. When you come right down to it, it is basically a means of apportioning scarce resources. Its import is determined by the supply of any product or service that triggers it. If the supply of the product in question is abundant, most of the time, corruption becomes a minor factor in its distribution, and vise versa. In the case of provision of service, to some extent, similar logic may apply, even though the application is definitely limited to human nature. Improved official compensation to employees may mitigate the impact of corruption in the provision of services. But then, how much more in official compensation will be enough to discourage the urge. That is the $$$$ question. The problem in Nigeria is that it has been governed by people who have been more interested in getting the lion share of the “national cake” than in the laborious task of baking it. If only the government will in earnest promote the baking of the national cake, maybe there will be more of the cake to go round. The more cake there is, probably the less nefarious the means used to access it will be. It is difficult to see the government going in this direction. The current configuration of governance will make it difficult, to say the least. The same characters are in power again and the same script involved in the past fiascos in governance and economy are in vogue again. One cannot teach old dogs new tricks. Leopards cannot change their spots. The long-suffering average Nigerian will continue to live in perpetual damnation. Like they say, plus ca change …
Nija go better !!!
We will review and take appropriate action.