WILL the world and its economy return to normal after the coronavirus pandemic? The answer to the above question will probably be in the negative. Already, the term, “the new normal”, which has gained global currency suggests that the world, as we knew it before COVID-19, would never be the same again. Apart from thousands of deaths as a result of the pandemic and spiking rates of infections that have challenged countries with efficient healthcare systems, not to talk of developing countries’ wonky health facilities, the pandemic has brought world economies to their knees. Aviation conglomerates all over the world are posting devastating losses and have followed that up with job cuts in a magnitude that is unprecedented. Oil prices in the international market have plunged to a historic low to the point that countries are now literally paying buyers to take the goods off their hands. That’s how really bad the situation has become.
For countries like Nigeria, whose economies depend largely on delivering crude oil for revenue, the rains are already pouring. It is even more like a double whammy for Nigeria with a history of profligate management of resources. Yes, past regimes in the country – both military and civilian – had left citizens wondering what possibly could have happened with the billions of dollars that had accrued to their nation since independence, well over five decades now. For sure, there is no commensurate infrastructure development on ground that can easily be pointed to as the dividends of the oil windfalls. Agreed, corruption is a factor in the ugly scenario, which nobody can deny; but, beyond graft is the greater issue of planlessness. Most past regimes had carried on as if long-term planning and prudent management of resources were sinful acts to be wary of.
For the most part, past leaders who were fortunate to be in government when oil prices soared and “too much money” was rolling in, behaved like a sailor without compass and any sense of trajectory. That was the era of the insinuation that Nigeria’s problem was indeed not about availability of money (as there was a surfeit of it) but how to spend it; it was the era of Festival of Arts and Culture (FESTAC) shindig; it was the eon of tenure elongation christened “third term agenda”; it was the era of “transformation agenda”, which in actuality did not achieve “eye-marks” but only, somewhat, satisfy “earmarks”. Those were the eras of overt display of deep-seated business-as-usual culture. Well, the bubble has now burst and the chicken has come home to roost. First, while the oil prices hit the roof, the governments of the day at their respective intersections did not think of a rainy day. They did not see the vision of truly diversifying the economy away from monoculturalism of oil and neither did they save for the future. To worsen the situation, the philosophy of graft was more like coast-to-coast attitude for public officers and government workers.
Now that future is here with us as sources of financial inflows have continued to vanish, the government of the day is under tension and grappling to ensure that the country is not hopelessly enmeshed in the economic ravages occasioned by the COVID-19 pandemic. The truth that must be told today is that some countries and their economies will be utterly submerged by and swept off by the ferocious gale of the pandemic if their governments refuse to act promptly and adequately. The good news, however, is that the Muhammadu Buhari government understands clearly the magnitude of the problem and has decided to put forward the right foot. The administration is forward-looking and making conscionable and responsive effort to be on top of situations confronting it. Apart from the government’s responses to current economic pressure to ensure that economic recession is averted and even if it happens at all, it is V-shaped and not U-shaped, only a few days ago the Federal Government inaugurated Technical Working Groups (TWGs) for the development of the thematic areas of the two new Medium-Term National Development Plans (MTNDP 2020 – 2025 and MTNDP 2026-2030) and the long-term national development plan, christened “Nigeria Agenda 2050”.
Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, who performed the virtual inauguration in sync with government’s protocols on managing COVID-19 pandemic, said the initiatives were designed to produce successor plans to the current Nigeria Vision 20:2020 and the Economic Recovery and Growth Plan (ERGP 2017-2020), which would both come to an end in December, this year. According to Agba, “The plans are to address development challenges in all aspects of the country’s national life within the agreed time frame.” He said that the new long-term perspective plan (Agenda 2050) would be a “true National Development Plan’’ different from previous ones, since the Federal Government would only act as an enabler while the development of the plan would be driven by the organized private sector. It is very instructive that the minister advised members of the various TWGs and committees to undertake a comprehensive review and analyses of previous plans in coming up with a suitable and implementable document. He also pointed to the need to harvest the nation’s diversity as a major strength rather than weakness and in so doing, it is envisaged that the plan will be truly representative of the variegated peoples and cultures of Nigeria from the local and state levels up to the national level.
What is more? The TWGs and committees are organised to cover significant thematic areas that define our national goals and aspirations, for example, education and manpower development; health and nutrition; population and identity management; youth and sport development; power and alternative energy; oil and gas; solid minerals; mining and steel development. Even more gladdening is Prince Agba’s insistence that organised private sector would drive the planning process. The consensus is that the state-centric nature of previous plans only helped in quickening their failures. And, with patriotic and very knowledgeable citizens like entrepreneur, investment banker and economist, Atedo Peterside, in the driver’s seat of the Steering Committee with Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, as co-chair; former acting governor of the Central Bank of Nigeria (CBN) and current special adviser on finance and economy to the president, Mrs Sarah Alade, providing overall coordination to the TWGs; and, of course, the workaholic Minister of State for Budget and National Planning, Prince Agba and members drawn from various sectors of the economy, including six governors representing the geo-political zones, giving this planning process their best effort, the dawn of a new era of national development planning with its attendant fiscal discipline and countrywide prosperity beckons.
- Ojeifo writes in from Abuja via ojwonderngr@yahoo.com
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
MONDAY LINES: Ajimobi And Abuja’s One-Way Tickets
It will remain true forever that on the day of death, there is no medicine. Bolaji Tunji, Senator Abiola Ajimobi’s spokesman, said his boss took all the precautions of these malevolent times: He washed his hands, watched his steps, wore face masks and stayed safe. Then a small plane came to pick him in Ibadan for a… Read Full Story
Over One Million Nigerians Enrolled For N-Power In 48 Hours
No fewer than one million Nigerians have so far enrolled for the N-Power programme in the last 48 hours… Read Full Story
Six-Year-Old Girl Raped To Death, Abandoned Inside Kaduna Mosque
Body of a six-year-old girl, Khadijah Ya’u allegedly raped to death by her captor(s) was found in a mosque located at New Road, Kurmi Mashi by Nnamdi Azikiwe bypass in the Kaduna North local government area of Kaduna State… Read Full Story
How To Avoid Sliding From Success To Failure
When former Central Bank of Nigeria (CBN) governor, Chukwuma Soludo, directed banks to shore up their capital base to N25 billion in 2006, Intercontinental Bank was one of those that had no problem complying. The bank had built such a solid reputation for itself that when it issued its initial public offer, it enjoyed good subscription… Read Full Story
AMCON Takes Over Assets Of Unicorn Place Over N1.3bn Debt
THE Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over indebtedness of over N1.3billion… Read Full Story
APC NEC Meeting: Apologise, Stop Denying Your Wrong Deeds, PDP Tells Presidency
Opposition Peoples Democratic Party (PDP) has flayed the President Muhammadu Buhari administration for denying the use of the Federal Executive Council Chamber for partisan purposes like playing host to the All Progressives Congress (APC) National Executive Committee (NEC) meeting… Read Full Story
LAUTECH Resident Doctors Begin 5-Day Warning Strike Monday
The Association of Resident Doctors (ARD), Ladoke Akintola University Teaching Hospital chapter, has called on its members to embark on a five-day warning strike from Monday, June 29… Read Full Story
Buni’s Appointment Constitutional ― Giadom
Immediate past Acting Chairman of the All Progressives Congress (APC) Victor Giadom has dismissed views by some critics that the appointment of the Yobe State governor, Mai Mala Buni as Chairman, APC Caretaker/Extraordinary Convention Committee was in breach of the party’s constitution… Read Full Story
Revenue Collection: Court Fixes July 6 For Borehole Drillers Case Against Oyo Govt, Consultant
Justice Lateef Ganiyu of the Oyo State High Court sitting in Ibadan has fixed July 6, 2020, for hearing in a case filed by some aggrieved members of the Association of Water Well Drilling Rig Owners Practitioners (AWDROP) and Borehole Drilling Association of Nigeria (BODAN) against the Oyo State Government over the… Read Full Story
15 Things Effective Leaders Do With Extreme Consistency (II)
They understand that they are responsible for their success and that good luck is not something that magically happens. “Luck” is simply the result of hard work and identifying opportunities. They know that one must earn the right to be successful. Think and Grow Rich by Napoleon Hill states, “You are the master of your destiny… Read Full Story
EDITORIAL: The Killings In Akinyele
AKINYELE Local Government Area in Oyo State is fast becoming a slaughter slab for innocent citizens. In the last one month, five persons have been reportedly slain in cold blood in the area. Citizens Bello Barakat, Azeezat Shomuyiwa, Grace Oshiagwu, Mojeed Tirimisiyu and a yet to be identified young woman have all been… Read Full Story
Obafemi Awolowo And The Struggle Of The Middle Belt
A fortnight ago, a bill was proposed by Honourable Kpam Sokpo (PDP, Benue) for enshrining the Six Geopolitical Zones into law while renaming the North Central as “Middle Belt”. Knowing what we know, this bill is a rather tall order. But it raises issues that the educated public needs to understand. The peoples of the Middle Belt… Read Full Story
and then