Dayo Oketola, Success Nwogu, Gbenro Adeoye and Jesusegun Alagbe

Due to the lingering economic recession, job losses, high unemployment rate and hunger among others, several socio-economic groups and the Nigeria Labour Congress have said President Muhammadu Buhari’s economic policies are not working and advised him to come up with “workable” alternatives.

They said if the President’s economic policies were effective, unemployment rate and hunger would have reduced among Nigerians, and companies wouldn’t have had it so bad to survive.

According to a recent report by the National Bureau of Statistics, unemployment rate grew from 12.1 per cent in the first quarter of 2016 to 13.3 per cent in the second quarter, while about 1.5 million Nigerians have lost their jobs in the past one year.



“Accordingly, out of a total youth labour force of 38.2 million (representing 48.7 per cent of total labour force of 78.48 million), a total of 15.2 million of them were either unemployed or underemployed in Q1 2016, representing a youth unemployment rate of 42.2 per cent,” the report added.

Lamenting to Saturday PUNCH, the Director-General of the Manufacturers Association of Nigeria, Dr. Frank Jacobs, said the economy had not been favourable to the manufacturers.

“We are not doing well. Things are very slow. There are no investments in the manufacturing sector,” he said.

Jacobs, who said there had been a face-off between the association and the Central Bank of Nigeria over forex scarcity, disclosed that MAN would be meeting with the apex bank this weekend.

According to the Nigeria Labour Congress, the difficulties being faced by Nigerians clearly shows that the economic policies of the government have not been effective so far.

NLC General Secretary, Peter Ozo-Eson, who called for a review of government’s economic policies, said, “Government needs to rethink and review its policies in order to ensure that the various difficulties are overcome.”

The Kwara State Chairman of the Trade Union Congress, Mr. Olumoh Kolawole, also said the economic policies of the Federal Government were not working, citing high inflation, mass retrenchment of workers by companies, high cost of living and high unemployment rate as reasons.

He said, “The situation is pathetic. In fact, the economic policies are not working. It is high time the Federal Government brought in professionals to help revive the economy.

“Some of those currently on-board are not competent. We need professionals and not bureaucrats.”

But the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Chief Bassey Edem, opined that President Buhari’s administration did not even have any economic policies in the first place.

Citing the delay in the passing of the 2016 budget, among other factors, Edem said the economy had been bad because the President had no interest in making it work.

He said, “Before we talk about economic policies not working, are there even policies in the first place? What are this administration’s economic policies? There is none. This is a government that just passed the budget into law. This is October already; they ought to have gone to the National Assembly to start working on next year’s budget.

“The President has said it many times that as far as he is concerned, he only wants to fight corruption and insecurity, and he is doing fine there. He has no plans for the economy

But I think they have seen the consequences now and are now trying to invite some private sector players.

“The Central Bank of Nigeria has only succeeded in pushing the exchange rate to N420 per dollar, while the Minister of Finance (Mrs. Kemi Adeosun) said recently that they were going to inject N350bn into the economy for capital projects. These are not policies. A policy gives a guideline and sets an organisation in a particular direction. That’s not the scenario here.”

A source in another chamber of commerce and industry in the country, who spoke on condition of anonymity, said the country’s economic policies had been ineffective and should be reviewed by the Federal Government.

“The trade policy is not exactly what it should be because rather than concentrate on building competitiveness in the economy, there is a lot of emphasis on import restriction and exclusion from foreign exchange market on goods, but it has not been effective,” the source said.

“So, there is a need to review the trade policy, particularly the import duty regime. Then government also needs to relax some of the import restrictions. It is good to put emphasis on locally made goods, but it should be a gradual move, otherwise the shock will be too much on the citizens in terms of the scarcity and costs of products.

Some other economic analysts who spoke to Saturday PUNCH said it was obvious that the economic policies of President Buhari’s administration were not working properly.

“Don’t forget what former President Olusegun Obasanjo said about Buhari not having what it takes to run the economy very well,” a Lagos-based economist, Dr. Babatunde Abrahams, said.

On May 13, 2016, former President Obasanjo had said President Buhari might not do well in economy and foreign affairs, except in military matters.

However, Abrahams said it was high time President Buhari started taking the economy seriously, as he continued to fight corruption and insecurity.

Meanwhile, the economic recession has led to the closure of around 40 per cent of small businesses in the country, according to the President of the Association of Small Business Owners of Nigeria, Dr. Femi Egbesola, who described the Federal Government’s economic policies as in need of “a total overhaul.”

Egbesola said even though recently overtook South Africa’s for the second time as Africa’s largest; the policies of the government had yet to impact positively on Nigerians.

He said, “The best way to judge if a policy is working or not is from the pulse of the people on the streets and not from the papers. People can describe your policies as the best in the world on paper, but when it comes to the reality on the ground, are they really making an impact?

“We don’t need a soothsayer to tell us that things are going from bad to worse economically and that is why many businesses are closing up shop. Already, 35 – 40 per cent of companies have closed shop, some of them because they cannot get raw materials to work with.

“The rate at which the government is borrowing from the domestic market is too high and the banks are not encouraged to loan money to business owners when they can invest in treasury bills.

“As of today, there is no blueprint or economic direction of the government. If there is no economic direction, then how do you expect others to key in to achieve your goals?”

Meanwhile, Nigeria Employers’ Consultative Association, an umbrella body for all employers in the private sector of the country, has said more job losses are imminent in the country.

The Director General of the association, Mr. Segun Oshinowo, said since the economy had yet to rebound, it was expected for more people to lose their jobs.

He said, “It should be expected that more job losses will come. For example, we just received a letter from one of the multinational companies in the country, which is a member of NECA. The company’s management said its production capacity had gone down, and as a result of that, it is sacking many of its workers.

“I was also talking to the managing director of one of the biggest pharmaceutical companies in the country recently. The man lamented that it had been difficult to get foreign exchange to run the company. He said more workers would soon be sacked.

“Many more companies will follow suit because the economic condition is still bad. They will find ways of cutting cost, and one of the ways is to sack workers, so more job losses are expected.”

However, in order to boost the economy, Oshinowo advised the Federal Government to come up with policies that would create an enabling environment for the private sector to thrive. He also urged state governments to pay their workers’ salaries. He said the payment of salaries would increase consumer expenditure, which in turn would boost the economic growth rate.

Some civil society groups have also asked the Federal Government to come up with “strong” policies that would reduce the suffering of the people.

The Spokesperson for the International Centre for Peace Charities and Human Development, Mr. Clement Iornongu, said, “Right from the beginning of this administration, it was clear that it had no economic directions.

Also, the founder and Executive Director of Spaces for Change, Victoria Ibezim-Ohaeri, faulted the government’s lack of transparency in the energy sector, her organisation’s  area of focus.

She said, “This government introduced price modulation policy in the energy sector that is helping it manage subsidies. It has not been paying subsidies like past administrations did, which is good, but there is no information on the amount of money that has been saved so far, to know if we have been making or losing money. That way, we can know how much is available for spending on things like infrastructure, education and so on.”

http://punchng.com/buharis-economic-policies-not-working-man-nlc-tuc-others/

what have we done to deserve this?

Bigger worry is: President Buhari may not even understand that his administration's economic policies are not working.

this is what happens when you vote in a man who never bothered to improve himself in anyway for over 30 years but aspired to 'rule' over 'subjects'.

you can't give what you do not have.

I only pray that come 2019, Nigerians options will not be limited to two evils...

This is not even a country anymore..It is an institution..

Make dem pack everybody out of this country, sell the land let's start afresh...

Buhari ruled nigeria twice and failed twice.

ivandragon:
this is what happens when you vote in a man who never bothered to improve himself in anyway for over 30 years but aspired to 'rule' over 'subjects'.

you can't give what you do not have.

I only pray that come 2019, Nigerians options will not be limited to two evils...

2019 lol

Until we the majority that votes him decides

As it is now no shaking baba is still on course .

juman:
Buhari ruled nigeria twice and failed twice.

Many are quick to point fingers

Some had uncountable failed relationship

And will come out to rain insult on our GCFR

sarrki:


2019 lol

Until we the majority that votes him decides

As it is now no shaking baba is still on course .

It is sycophants like you that will make any leader not to succeed. You are still shouting sai Buhari when it is obvious that he has failed. The real problem of this country are the youths. I am very sure u have not eaten and typing from one China phone, free megabyte courtesy of MTN, GLO, AIRTEL and ETISALAT. I strongly believe that it is the same person that brainwashed shekau that has brainwashed u. Zombiesm is really the world deadliest disease. So pathetic.

“As of today, there is no blueprint or economic direction of the government. If there is no economic direction, then how do you expect others to key in to achieve your goals?”

No economic blueprint, companies laying off staff, companies folding up, inflation rate is on a rise, unemployment is on the rise, no job creation and to cap it all our dear President doesn't seem to be bothered about all this...


I guess directionlessness is an hallmark of this administration...SMH

fitzmayowa:


No economic blueprint, companies laying off staff, companies folding up, inflation rate is on a rise, unemployment is on the rise, no job recreation and to cap it all our dear President doesn't seem to be bothered about all this...


I guess directionlessness is an hallmark of this administration...SMH

The only thing that bothers him is how to meet Aisha in "Za oza room"

The impacst of the poor economy are very glaring.

Feeding these days has become so hard that some people are beginning to take to cannibalism while suicide has become a norm.

A cup of rice sells for as high as #200 and the price of every other commodity has skyrocketed.
Nigeria is in dire need of help!

If urgent measures are not taken to rebound the economy, then I am afraid major crisis is imminent.

sarrki:



Many are quick to point fingers

Some had uncountable failed relationship

And will come out to rain insult on our GCFR

[color=#006600][/color]

When you see the truth say it. You are not helping Buhari by not telling him the true situation of things on ground. Don't let your religious teaching limit you not to give constructive criticism to your leaders. Electioneering process is over

Amah70:
Bigger worry is: President Buhari may not even understand that his administration's economic policies are not working.

His campaign was majorly centered on vague promises like giving unemployed youth 5000 naira, feeding of school children etc...

He never really campaigned about implementing great economic policies or neither did he campaign about a workable blueprint on how to solve nigeria's challenges...

You can't give what you don't have...SMH

chinjo:


It is sycophants like you that will make any leader not to succeed. You are still shouting sai Buhari when it is obvious that he has failed. The real problem of this country are the youths. I am very sure u have not eaten and typing from one China phone, free megabyte courtesy of MTN, GLO, AIRTEL and ETISALAT. I strongly believe that it is the same person that brainwashed shekau that has brainwashed u. Zombiesm is really the world deadliest disease. So pathetic.

Forget it

Did Jonathan performed to have your support back then?

Don't come and preach story for me

If not for anything I scored him 75%

For exposing how corrupt our system is

fitzmayowa:


His campaign was majorly centered on vague promises like giving unemployed youth 5000 naira, feeding of school children etc...

He never really campaigned about implementing a great economic policies or neither did he campaign about a workable blueprint on how to solve nigeria's challenges...

You can't give what you don't have...SMH

Chill guy

Did you vote him in 2015?

Samething will happen if he decides to contest

You guys are missing it

It is visible to the blind and audible to the deaf that

Pmb is only hated in a section of the country

So for that sentiments alone he will win

Don't come and preach verbal reasoning and

Political understanding here

Buhari is Incompetent Period

Like Buhari, Like Rochas


Well in 2019 we'll correct this erroneous mistake.



Senator Samuel Anyanwu 2019

9japride:
[color=#006600][/color]

When you see the truth say it. You are not helping Buhari by not telling him the true situation of things on ground. Don't let your religious teaching limit you not to give constructive criticism to your leaders. Electioneering process is over

How sure are you that we practice same religion

I don't care any religion a good man practices

All I want is sincere and purposeful leadership

Which i see in my Commander in chief

I am and will not use religion as a yard stick to select

My leader.

As it stands today Nigeria is a secular state

SamuelAnyawu:
Buhari is Incompetent Period

Like Buhari, Like Rochas


Well in 2019 we'll correct this erroneous mistake.



Senator Samuel Anyanwu 2019

Morning bro

Pmb is cleaning the mess of the failed govt of Gej

Which Jonathan himself agree to

sarrki:


Many are quick to point fingers

Some had uncountable failed relationship

And will come out to rain insult on our GCFR

Be deceiving yourself.
Many people see this government failure as their personal failure.
The government is not doing well.

juman:


Be deceiving yourself.
Many people see this government failure as our personal failure.
The government is not doing well.

Check all the comments above is just from a particular

Section of the country

Why the hatred for pmb ?

So they want everyone to hate him ?

NO

sarrki:


2019 lol

Until we the majority that votes him decides

As it is now no shaking baba is still on course .

Don't mind TUC, NLC, MAN and other nigerians (including Aisha Buhari that campaigned and voted for him) complaining they are ipod yoot, that do not see anything good in this administration...

Until we the majolity (like my anambra brothers) that votes decides he has failed (since we've allowed our sycophancy to blind us see the reality of his failure).

Sarrki, no shaking as PMB is still on course in terms of failure...SMH

sarrki:


How sure are you that we practice same religion

I don't care any religion a good man practices

All I want is sincere and purposeful leadership

Which i see in my Commander in chief

I am and will not use religio[/color]n as a yard stick to select

My leader.

As it stands today Nigeria is a secular state

[color=#006600]

That's good, but you can help we Nigerians by telling Buhari the true situation of things. Most of his advisers benefits from government in areas such as fueling their vehicles, house rent/domestic allowances , medical bills and so on. So they dont feel the poor economic situation. It's only in this part of the world we just blindly say I stand with a particular leader because of sentiments and I am very sure you are benefiting from this present government to the detriment of the average Nigerians. Sycophancy won't take us anywhere my guy

9japride:
[color=#006600][/color]

That's good, but you can help we Nigerians by telling Buhari the true situation of things. Most of his advisers benefits from government in areas such as fueling their vehicles, house rent/domestic allowances , medical bills and so on. So they dont feel the poor economic situation. It's only in this part of the world we just blindly say I stand with a particular leader because of sentiments and I am very sure you are benefiting from this present government to the detriment of the average Nigerians. Sycophancy won't take us anywhere my guy

You started well, your points well articulated

You missed it at the tail end

Having said that did you benefit from Gej ?

For the massive support you guys gave him in 2015?

The system as been battered by Gej govt

Pmb is cleaning the whole system

So get that bro

Next person

sarrki:


Chill guy

Did you vote him in 2015?

Samething will happen if he decides to contest

You guys are missing it

It is visible to the blind and audible to the deaf that

Pmb is only hated in a section of the country

So for that sentiments alone he will win

Don't come and preach verbal reasoning and

Political understanding here

I guess you voted for PMB more than once during the 2015 election right I guess the economic hardship only affects that section of the country that hated him right I guess TUC, NLC and MAN are dominated by that section of the country that hated him right I guess those complaining about his failures did not vote for him right I guess those that lost their jobs are only from the section of the country that hated him right I guess companies that have folded up due to the state of economy are all owned by the section of the country that hated him right I guess Aisha Buhari is also from the section of the country that hated him right


Oga use that your reasoning well now, and don't let sycophancy blind you to the reality on ground...SMH

sarrki:


Chill guy

Did you vote him in 2015?

Samething will happen if he decides to contest

You guys are missing it

It is visible to the blind and audible to the deaf that

Pmb is only hated in a section of the country

So for that sentiments alone he will win

Don't come and preach verbal reasoning and

Political understanding here

****

FYI, the common man on the street feels heat of this bad government. Where do you live sef In mass? Or this same Nigeria?

Do you know that many families can no longer afford to feed? Or you just stay in your comfort zone and type rubbish (that is if you are even comfortable). Go to the streets and feel the pulse
of ordinary Nigerians before you come to appoint yourself their spokesman.

fitzmayowa:



I guess you voted for PMB more than once during the 2015 election right I guess the economic hardship only affects that section of the country that hated him right I guess TUC, NLC and MAN are dominated by that section of the country that hated him right I guess those complaining about his failures did not vote for him right I guess those that lost their jobs are only from the s


Oga use that your reasoning well now, and don't let sycophancy blind you to the reality on ground...SMH

Less you forget the people that voted Jonathan in 2015

Without anything to show for it apart from few

Individuals that were enriched through corrupt way

No basic infrastructure, East west road, 2nd niger

bridge .

N still go ahead to vote Jonathan are the one that did

Not reason well .

My support for Buhari in 2015 is paying off we trade in

Infrastructure development, we don't support blindly

Lagos Ibadan expressway, benin lagos expressway

Ilorin Ibadan expressway.

Uniben4sure:
You sound very stup1d for saying that buhari is only "hated" in a section of the country.

FYI, the common man on the street feels heat of this bad government. Where do you live sef In mass? Or this same Nigeria?

Do you know that many families can no longer afford to feed? Or you just stay in your comfort zone and type rubbish (that is if you are even comfortable). Go to the streets and feel the pulse
of ordinary Nigerians before you come to appoint yourself their spokesman.

I won't engage you in the gutter language you use

Pls retype it properly and talk here is not a motor park

If mynd44 see what you typed he won't be happy so

Do it right now then I will listen to you

What did he claimed to have gotten in Economics in WASSEC pls?

LMFashions:
What did he claimed to have gotten in Economics in WASSEC pls?

Make your point clear

Let's agree in is wassce he failed woefully as claimed by

Wailers and their leaders

He's your president and so shall it remains till we

Are cool with him

Call it sentiment I agree

It started far back but more glaring in 2015

sarrki:


You started well, your points well articulated

You missed it at the tail end

Having said that did you benefit from Gej ?

For the massive support you guys gave him in 2015?

The system as been battered by Gej govt

Pmb is cleaning the whole system

So get that bro

Next person

[color=#006600][/color]

GEJ didn't perform well due to distraction from you guys and as par saint Bubu making amends i'll say cleaning the system my a$$. Rather he is making things worst. For your information I didn't vote during the last election as a result of radicals handling the voters registration process up north. If your name sounds like someone from the south, next thing they will tell you is that your card is not ready. As a result many were disenfranchised. As for your own case there is nothing to say because u are on government media payroll posted here to write rubbish rather than speak the truth. Your types are always found in all regimes. Asslicker