Economic Intelligence Report And Our Expectations

By

Abdu Isa Kofarmata

kmatagigi@yahoo.com

 

Recently the Chairman Nigerian Economic Intelligence Committee, Professor Ibrahim Ayagi led his committee members to intimate the president about the harsh economic situation of our country. When one look at the caliber of people working with president Obasanjo, one can easily expect a miracle as most of them are Professors and Doctors of economics. Professor Ayagi, Intelligence committee, Professor Soludo, CBN, and Dr Okonja Iweala, Finance ministry etc. One still wonders whether these people are Professors and Doctors of economics deployed to salvage the economy or they are sent to destroy what remain of Nigerian people. The way they are carrying their assignment with impunity, indicated to us that they are surely sent to destroy our people.

 

All these bunch of Professors have failed to come up with policies that would stabilize the value of naira. They have also failed to use their expertise to help in curving inflation in the country. They are unable to come up with good economic policies and program to better the lives of our people. It was done before and I still believe it can be done again. Professor Aluko and Chief Anthony Ani were able to achieve that in five years. The exchange rate was stabilized for five years which allowed for better planning. Thus, inflation was controlled and kept within a tolerable margin.

 

On their recent visit to president Obasanjo, Professor Ayagi commended the president over the excess oil proceeds of $8.4 billion. However, every one of us is aware of the fact that the proceeds are arrived at courtesy of the international increase in the crude oil prices. It was not due to the president’s good economic management.

 

The learned Professor and one time opponent of structural adjustment programme (SAP) went ahead to brief our president about the escalating prices of essential commodities commonly used by the common man. The Professor subsequently told BBC correspondence that his committee specifically briefed the president about the uncontrollable increase in the prices of sugar, flour, rice, wheat and other essential commodities. All these happened in the spate of one month. The Professor however, was quick to attribute it to some heartless and unpatriotic section of Nigerian businessmen, distributors and importers. As a result of the intelligence committee briefing, the president set up a committee to investigate the causes of these problems, as if he had no prior knowledge of them (the problems).

 

I salute the courage of the Professor for telling the president the hard times the masses of Nigeria are passing through. However, my problem with the Professor was his inability to mention names of those businessmen involved in making our lives miserable. I expect the Professor to be courageous enough and call a spade by its name. I am also certain that the president is fully aware of those people; he often gives presidential protection and extends to them all favors that are beyond imagination.

 

If I may help the Professor to tell the president and the rest of Nigerians, it is no other people than the PDP and presidential library donors. Nigerians are paying higher prices on petroleum and related products for Mr. Adenuga to redeem his investment in PDP and presidential library. Similarly, Nigerians are paying higher prices on essential commodities such as sugar, rice and cement for Aliko Dangote to redeem his donation also to the PDP and the presidential library.  

 

The Professor should do us a favor to explain to the president some elementary economic principles. That there exists no free market economy with only one producer/seller or distributor of a product; that competition enhances efficiency, product quality and better prices; and that competition is ensured only when the actors are engaged on the same level ground. No one is favored among the actors through waivers and exemptions by the regulating authorities. 

 

There is no justification for common Nigerians like me to buy from the same market with other industrial users such as Coca-cola, Cadbury, 7UP etc, who have the economic capacity to buy in large quantity and effect immediate cash payments. These industrial users are buying from Aliko Dangote just the way I am buying. These big companies were initially importing sugar for their production, but economic policies aimed to favor Dangote and his likes have forced them to see importation as uneconomical and not cost effective. Consequently, resort to buying from the only importer. As profit making organizations, they can pay more than what an individual consumer will pay to ensure regular and uninterrupted supply.  

 

My plea now is to Honorable Members of our National Assembly. You are our last resort presently. You should not consider the Sugar Amendment Bill submitted by the Executive. You should use your constitutional powers to place embargo on Adenuga and Dangote. You should also order for their arrest so as to facilitate the immediate fall in the prices of our essential commodities in the interest of a common man. You should also set up a committee under “issue of national importance” to investigate waivers, exemptions and grants extended to these people over the past five years.  You should as well ban them from enjoying all government contracts. Prohibition should also be placed on further sales of public property to them. Whatever punishment is extended to these people is not too much; they have made our lives miserable. As for Obasanjo, nemesis will surely catch up with him after he vacates office in 2007.  God in his infinite mercy will visit the same hardship on him and his family as he did to us.

 

For the Honorable Members, this is the time to redeem your battered image and write your own history in gold. We are ready to forget and forgive all your past mistakes and shortcomings as long as you are ready to stand up and fight for our course.