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It is no surprise that President Muhammadu Buhari has openly owned up that Nigeria's economy is in distress: more specifically, that Nigeria is 'broke'.

It is no surprise that President Muhammadu Buhari has openly owned up that Nigeria's economy is in distress: more specifically, that Nigeria is 'broke'.


The alarm has been raised in informed circles especially in the Organized Private Sector (OPS), that the Federal Government's continued neglect of economic policy suggestions on diversifying the country's economy would continue to halt foreign direct investment into the country.
Its claim that foreign direct investment into the country dwindled from $1.3 trillion in July 2014 to $723.4 billion as at last July, 2015, should not be glossed over.
In a similar vein, analysts also claimed that President Buhari's delay in forming his cabinet which he said was as a result of vetting the candidates for their suitability to help root out corruption in the system, fuelled uncertainty from an almost 60 percent drop in oil prices since last year.
This school of thought is also of the opinion that, from the prevailing circumstances, 2016 budget would give early indication of the President's policy priorities: by law, the government has uptill end of next month, December 2015, to draft next year's budget and present it to the National Assembly, a deadline which is feared might be unrealistic.
It would be recalled the 2015 budget was submitted in December, 2014, and was not signed into law until May, 2015.
President Buhari's electioneering campaign promises like the payment of N5,000 stipends to unemployed youths which are not actualized, may be linked with the distress in the economy, coupled with that of creating three million new jobs through industrialization, public works and agricultural expansion.
What is more, the banning of foreign currency deposits in banks is another stumbling block for foreign investors who, he had earlier told bluntly, that the investment terrain could be rugged at the beginning, but that should not deter them from making inroads.
Back home, Owelle Rochas Okorocha is acting the script of the President by whittling down the size of his ministries, and is shying away from conducting local government elections after over four years as the state's helmsman.
The orchestrated CHANGE has dawned on us. According to Ambassador Babagana Kingibe, “the very notion of change in the context of the current national mantra implies the idea of dissatisfaction with what is, and the need to improve upon it or discard it.
“Irrespective of our individual constructions and expectations of the change we want to see in Nigeria at the minimum, our starting point should surely be a commitment to tame the power of the state and direct its activities towards ends regarded as legitimate by the people it serves, and to regularize the exercise of power under the rule of law”.
This has been our undoing, affecting the prevailing distress. With a $49 billion domestic debt and $10.8 billon external debt overchange, who doubts President Buhari's pronouncement that Nigeria is broke?

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