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|Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by kglamour(m): 12:34pm On Feb 16|
Presidential Candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu on Friday unfolded his comprehensive economic plan before the organised private sector under the aegis of the Nigerian Economic Summit Group (NESG).
The interaction, which was another opportunity for Tinubu to present his plans to another group of stakeholders just as he has been doing in various town hall meetings across the country, saw him itemise his administration’s path to economic recovery if elected in next month’s presidential election.
He noted that before economic recovery could be achieved the nation must be secured, stating that, “To achieve the economy we seek, we must resolve the pressing security issues. No nation can flourish with terrorists and kidnappers in their midst.”
In a statement from Tinubu Media Office made available to The Guardian by Tunde Rahman, the dialogue gave him (Tinubu) an opportunity to emphasise the importance of the private sector and his administration’s readiness to partner them.
He said, “My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the framework within which the private sector must operate. If that framework is sound, the private sector will flourish. If the framework is frail or incomplete, then the private sector will struggle.”
He added that his administration would immediately after getting to office, address monetary and trade reforms to effectively increase domestic production, thus serving to curb imported inflation, and to ensure better macro-economic stability by accelerating inclusive growth and job creation across Nigeria.
To achieve this, he listed principles that would guide their plans and policies; saying that the principles include how to tackle inflation, petrol subsidy, which he said has overstayed its shelf life and monetary policy.
He continued: “I do not hold to the mainstream view that all forms of inflation are best tackled by interest rate hikes and shrinking the economy. Supply induced inflation does not lend itself to this harsh medicine, just as one does not cure a headache by plucking out one’s eye.
“I do not embrace the conventional wisdom that fiscal deficits by the national government are inherently bad. All governments, especially in this era of fiat currency, run secular budget deficits. This is an inherent part of modern governance. The most powerful and wealthiest governments run deficits, as do the poorest nations.
“A budget deficit is not necessarily bad. Look at the Japanese example with high government borrowing and low inflation.”
The real issue is whether deficit spending is productive or not. Unproductive deficit spending is a compound negative. Especially if backed by excessive borrowing of foreign currency. This is not classroom economics but it is the lesson of the real economic history of nations.
“It is based on this idea that I believe we must remove the PMS subsidy immediately. It has outlived its shelf life as a public good. We will neither subsidise neighbouring countries’ fuel consumption nor allow a select few to reap windfall profits and hoard products.
“And the subsidy money will not be ‘saved’ because that means elimination from the economy. Instead, we will redirect the funds into public infrastructure, transportation, affordable housing, education and health, and strengthen the social safety net for the poorest of the poor, thus averting increased security challenges.
“Fiscal policy will be the main driver. Monetary policy is weaker and a less effective instrument. Bad monetary policy is, of course, destructive. But even good monetary policy cannot carry the load the fiscal arm can. Thus, we must steadily remove ourselves from the fiction of tying our budgets to dollar denominated oil revenues.
“This is effectively pegging our budget to a dollar standard. It is as outdated as the fuel subsidy itself. It is also restrictive and ties the economy to slow growth. Just as the common man must mentally sever the cord to the subsidy, the elite must sever the cord to this artificial fiscal restraint.”
He said his administration’s budgeting would be based on the projected spending levels needed to push real annual growth rate above 10 per cent, while reducing the unemployment rate, so that the economy could be doubled in seven years.
He noted that to cater for the economic needs of the over 200 million Nigerians, his administration would expand the manufacturing base to provide jobs, and also create affordable goods and products for the population.
He said, “For our industries to thrive, they need inputs, many of which are agriculture based. The present Administration has invested heavily in agriculture, providing loans and expanding the country’s total area of cultivated land for crops, livestock and fisheries. We will also promote vibrant commodity exchanges that will guarantee minimal pricing for produce.
“We will build on this, with a focus on using technology and expertise to accelerate growth in yields. We will deliver the critical infrastructure necessary to achieve the commodity transformations and agribusinesses to plug seamlessly into higher, more lucrative, entry points in regional and global value chains.
“Building on this foundation, we will accelerate the faithful implementation of the “Infrastructure Master Plan” by adopting proven financing structures till we deliver an acceptable stock of hard infrastructure through seaports and airports; and road, rail and water transportation linkages that can support our desired economic growth.
“Fixing the perennial problem of energy supply is a top priority. There is no version of the world where Nigeria’s ambitions for itself can be achieved without solving the problem of how to provide energy to homes and businesses across the country.
“What we need to do, going forward, is to improve the enabling environment, further decentralise transmission, and deliver cost reflective tariffs to attract more private investments in the sector.”
The former Lagos State governor said restrictions were placed on import and foreign exchange to promote industrialisation, it has instead smuggling, reduced revenues, impoverished consumers, and raised production costs for firms.
To solve this, he said his administration would improve transparency, moving toward a unified exchange rate. According to him, by relaxing stifling trade and capital control policies, domestic and foreign investors will be encouraged to invest more in the economy.
“Thus, unification of the Naira exchange, and the transparency it creates, will be a top priority of this Administration when elected,” Tinubu added.
On the major issue of unemployment in the country, Tinubu promised to focus on the creative sector, which has an opportunity to provide millions of jobs annually.
He said, “Taking the creative sector as one example of a sector that already engages millions of our youth, the sector has significant untapped potential for generating quality jobs and foreign exchange earnings for our country.
“From music to movies to fashion, when elected, our Administration will create a legal environment that can attract much-needed private investment into the sector, eliminate widespread piracy and copyrights issues, as well as support the development of quality hard infrastructure needs.”
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by onidal: 12:35pm On Feb 16|
Working hard for his ambition
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by yarimo(m): 12:40pm On Feb 16|
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by samuel900(m): 12:48pm On Feb 16|
They won't make this front page.....enemy of progress
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by jahsharon: 1:00pm On Feb 16|
Brain and Experience
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by Mintyguy(m): 1:02pm On Feb 16|
Leader of all leaders
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by kelechi50: 1:07pm On Feb 16|
"The contempt which APC has for Nigerians has never been hidden. For the past one year of campaigning, Bola Ahmed Tinubu (who is also known to Nigerians by several less palatable nicknames and soubriquets) has essentially been bragging to Nigerians that his party’s 8 years of monumental failure has no political consequences:
You Nigerians owe me a debt of gratitude for imposing a visionless and clueless failure on you back in 2015. You must elect me as President as a way of thanking me for giving you 8 years of banditry, herdsmen killings/rapes/kidnaps, record breaking inflation, record breaking depreciation of naira value, the longest strike in ASUU history, the worst fuel scarcity/scarcities in history, the worst naira scarcity in history, the inability to travel on highways for fear of kidnapping etc etc etc
It has become clear to anyone with even a half dead brain that APC does not care about Nigerians.Indeed, even if your brain is slow (and I am referring to APC’s diehard supporters here), 8 years of being exposed to APC’s never ending failures ought to have been more than enough time to wake you up.
The APC only cares about its chances of winning elections so that its members can continue to enrich themselves by plundering the nation’s commonwealth at the expense of the ordinary hardworking Nigerian.
But the rank and file of APC knows that based on their party’s abysmal track record of 8 years of enduring failure, incompetence, greed and compound corruption, their party can NEVER win any free and fair election in Nigeria......"
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by kglamour(m): 1:07pm On Feb 16|
That video on Tinubu was posted on Facebook by a comedy skit maker, to make jest of him. But here are the screenshots of the comments.
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by kglamour(m): 1:07pm On Feb 16|
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by aylive02(m): 1:11pm On Feb 16|
They should keep close watch on him
He will soon sleep and when he wakes, he will start his usual gaffes
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by kglamour(m): 1:13pm On Feb 16|
aylive02:Mumu on free mode.
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by kglamour(m): 1:17pm On Feb 16|
|Re: Bola Ahmed Tinubu At The NESG Presidential Dialogue (video) by Tochi3(m): 1:18pm On Feb 16|
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