PRESS RELEASE

I’m compelled to say a few words on the attempt by some people to apportion blame on President Muhammadu Buhari on the state of the economy and also share my view on the call by Senator Dino Malaye on the President to sack some ministers and Central Bank Governor as the solution to the problem.

As a former Chairman of the House Committee on Finance, and until recently Appropriation, I am in a good position to contribute and proffer solutions to the problem.

Let me state very categorically that the President is not to blame on the state of our economy today. It is unfair and very wicked to push such blame on a man who just came on board barely a year ago. Not even a magician can turn around the economy within a period of one year. The biggest spending in our economy, that is the budget, hasn’t even run a full course of one year. Yet, some people want to crucify President Buhari. Haba! Let’s face reality!

[b]We all know how badly oil price has gone, a situation that adversely affected our foreign reserves and mounted pressure on the naira. No matter what approach we adopt to manage and deal with the situation, recovery will be slow. It is not President Buhari’s fault. Everyone seems to forget when the whole country was supporting more spending as against saving. But here we are today, soaked in the rainy day. President Buhari should not be used as anybody’s scape goat!

The recurrent expenditure, which has escalated and constituted a huge burden on our yearly budget rose from N950.32billion in 2006 to N1.372.20 trillion in 2008 and N2.593.62 trillion in 2015. This was not created by President Buhari.

Similarly, the total cash call (oil production cost) which rose from about N200 billion in 2006 to about N1.2 trillion in 2015 was not a creation of President Buhari. The cash call has remained another tale of burden on our yearly budget. Statutory transfers including that of the NASS are not left behind. Statutory transfers rose from just about N100 billion in 2006 to N375.62 billion in 2015. President Buhari was not the President then.

Debt servicing also rose from about N300 billion in 2006 to N953.62 billion in 2015. These expenditures have over the years constrained the budget and made it difficult to channel sufficient funds towards productive sectors that can sufficiently grow the economy. Domestic borrowing also skyrocketed during this period and created devastating consequences on the economy.

Government at that time continued to mop up money from commercial banks at a rate considered one of the highest in the world, while the real sector is left with nothing. And even when they were able to access funds, it came with an unbearable interest rate. President Buhari met this situation on ground. He did not create it, but is doing his very best to take us out of the economic quagmire. We should all support him.[/b]

On the call by Sen. Melaye on Mr. President to sack some ministers, I disagree with that proposition. Nigerians are of the habit of asking for the sack or removal of public officers, often for sentimental reasons, envy or simply for an opportunity to join the fray. In my assessment, I have not seen any member of the President’s cabinet today — from SGF, HOS to ministers — that is not good enough to hold the office. At worse, the President may wish to reshuffle a couple of or more ministers based on their strength and weaknesses for better service delivery.

A minister doesn’t have to know everything. A minister has an ample latitude to draw knowledge from the MDAs staff or within the larger society to achieve result in his ministry. I believe that most of the present cabinet ministers can source information or knowledge from these reservoir when the need arises. I have worked very closely with most of them and I am convinced that they have proved their mettle despite managing a very difficult situation that they did not create.

I am sure nobody can question the competence of Udoma Udoma. Finance Minister Kemi Adeosun is also doing her best, and having worked with her, I am convinced she has all it takes to turn around the economy. The Central Bank Governor is managing the most challenging period the apex bank has ever witnessed. I think the president has worked with this team for about a year. His cabinet team understands him better and vice-versa.

I believe if they stay focused and refuse to be distracted, we shall soon start seeing the dividends. The President must not fall for the trap of people trying to distort the progress made so far. Whoever he appoints again, the call for sack will never stop.Â

I am therefore calling on my colleague, brother and friend, Senator Dino Malaye that we should rather look inward and address our own contribution to this problem as lawmakers. We can start by addressing the budget and other monumental fraud under the watch of Speaker Yakubu Dogara, a systemic corruption that affected and continued to derail the economy of our dear country. That is the appropriate place to start. Remember, charity begins at home!Â

Hon Abdulmumin Jibrin
APC-Kano
Kiru-Bebeji Federal Constituency
Kano


http://newswirengr.com/2016/09/05/buhari-not-to-blame-on-nigerias-economic-woes-abdulmumin-jibrin-tackles-dino-melaye/?utm_source=&utm_medium=twitter#

Giving excuses as usual.

Of course he will not blame Buhari because doing so would mean admitting his regret for voting in this clueless government.

Just like some high ranking members of the Zombie kingdom on Nairaland.

Their pride won't let them admit it.

Don't blame him,when he does not know what a average nigerian is passing through....nigerians and their cluelessness

Then Who is to be Blame? Jose Mourinho?Then Who is to be Blame? Jose Mourinho?Then Who is to be Blame? Jose Mourinho?

Don't Blame Buhari?....Yea I Should Probably Blame My Pet Dog "buhari"....Mtcheew

Some rush to comment without reading the content...you can do better sha.

Is this not the same guy who came out publicly to tell us of invovlvement in budget Padding hullabaloo?

Just because we are unfortunate to have APC in the power house. I feel in a sanner clime these guy will be sharing quarters with Thomas Jefferson.

In Nigeria we don't talk about cause, we only talk about effect. The average Nigerian does not have an analytical mind. If today the price of oil experiences a sudden up surge and buhari starts to spend wantonly, he will be a hero, even if no refinery is built, we will celebrate. If he opens our boarders so that rice floods in from Thailand to the benefit of Thailand and to the detriment of local farmers, we will celebrate. Well, Nigeria needs tough times like this to wake up, we need it for local factories and manufacturing industries to be birthed and thrive. I hope we learn in the end though, because I know how impervious we can sometimes be to wise instruction.

What a classic response. While wailers and their masters ride on clannish sentiments, they will find this response too pure and direct, and therefore resort to attacking the messenger.

ADAMUdaCOWBOY:
In Nigeria we don't talk about cause, we only talk about effect. The average Nigerian does not have an analytical mind. If today the price of oil experiences a sudden up surge and buhari starts to spend wantonly, he will be a hero, even if no refinery is built, we will celebrate. If he opens our boarders so that rice floods in from Thailand to the benefit of Thailand and to the detriment of local farmers, we will celebrate. Well, Nigeria needs tough times like this to wake up, we need it for local factories and manufacturing industries to be birthed and thrive. I hope we learn in the end though, because I know how impervious we can sometimes be to wise instruction.

So true.

eleojo23:
Of course he will not blame Buhari because doing so would mean admitting his regret for voting in this clueless government.

Just like some high ranking members of the Zombie kingdom on Nairaland.

Their pride won't let them admit it.

You don't have to post when the topic is beyond your mental capacity.

kahal29:


[b]
The recurrent expenditure, which has escalated and constituted a huge burden on our yearly budget rose from N950.32billion in 2006 to N1.372.20 trillion in 2008 and N2.593.62 trillion in 2015. This was not created by President Buhari.

Similarly, the total cash call (oil production cost) which rose from about N200 billion in 2006 to about N1.2 trillion in 2015 was not a creation of President Buhari. The cash call has remained another tale of burden on our yearly budget. Statutory transfers including that of the NASS are not left behind. Statutory transfers rose from just about N100 billion in 2006 to N375.62 billion in 2015. President Buhari was not the President then.

Debt servicing also rose from about N300 billion in 2006 to N953.62 billion in 2015. These expenditures have over the years constrained the budget and made it difficult to channel sufficient funds towards productive sectors that can sufficiently grow the economy. Domestic borrowing also skyrocketed during this period and created devastating consequences on the economy.

Government at that time continued to mop up money from commercial banks at a rate considered one of the highest in the world, while the real sector is left with nothing. And even when they were able to access funds, it came with an unbearable interest rate. President Buhari met this situation on ground. He did not create it, but is doing his very best to take us out of the economic quagmire. We should all support him.[/b]

This is too deep for shallow minded folks to digest.

ADAMUdaCOWBOY:
In Nigeria we don't talk about cause, we only talk about effect. The average Nigerian does not have an analytical mind. If today the price of oil experiences a sudden up surge and buhari starts to spend wantonly, he will be a hero, even if no refinery is built, we will celebrate. If he opens our boarders so that rice floods in from Thailand to the benefit of Thailand and to the detriment of local farmers, we will celebrate. Well, Nigeria needs tough times like this to wake up, we need it for local factories and manufacturing industries to be birthed and thrive. I hope we learn in the end though, because I know how impervious we can sometimes be to wise instruction.

You have said it all!

To Think that this i-diot is not behind bar is quite a dash on the so called ati-corruption crusade.. i beg to differ that His Emperor, Th self presented Merlin of Nigeria political solution has suddenly found himself in the shadow of his own presentation..

Gone are the Good old days of SLS and NOI forming good economic team compare to half baked Adeosun and Omo-Efele.. quote me make Sopona Visit you

Both of them (abdulmumin and Dino) are part of the problem,

Dino is complainingof people been incompetent? What is he?

The recession has turn alot of people into ''emergency economist''

They clamoured for the devaluation of the naira. That naira should be devalued so that it would find its true worth.

Now that the naira is floated and its at 420+ and going ,the same people are shouting for breaks to be applied.

How our recurrent expenditure had been increasing over the years

But again low recurrent expenditure doesnt mean the agency/ministry is effective

Like the power ministry

Both including bubu are part of the problem.... smh

What does Jibrin expect when Buhari spent Nigeria's scarce resources on air travelling across the world and de-marketing Nigeria as a country not worth foreign investment because 98% of its population are corrupt?

To add salt to injury, Buhari hates Nigeria's Business community, employers of labour and entrepreneurs hence no synergy.

This is a government that came with a vindictive mindset sacking everyone in government employment under two years because Jonathan's administration employed them.

LadyExcellency:
What does Jibrin expect when Buhari spent Nigeria's scarce resources on air travelling across the world and de-marketing Nigeria as a country not worth foreign investment because 98% of its population are corrupt?

Madam, you are too intelligent for hatred to be doing this to your mind.

sonofluc1fer:

Madam, you are too intelligent for hatred to be doing this to your mind.

Please, define what hatred you meant or put it the context that I can understand because I see none.

Mr. Jubril or wateva the name is, this is typically wat the Yorubas call "oju aye " or "eye service,"if we can't blame Bubu, then who should be held responsible for the 'tanking of our economy '?,he has been in the driver's seat for about sixteen months now with no definite plans or cure in sight.

It takes a real man to own up to his mistakes nd accept that he has failed nd not this buck passing which is becoming monotonous to our ears, I doubt if we will ever get out of this mess.

They made us believe that solving the country's problems would be a walk in the park for them once they re voted in bt alas the A. P. C re learning in a very hard way that "ponmo nor be leather "and also that there is a limit to which propaganda would work nd sway people after which it would backfire like it has now.

MONITZ:
Mr. Jubril or wateva the name is, this is typically wat the Yorubas call "oju aye " or "eye service,"if we can't blame Bubu, then who should be held responsible for the 'tanking of our economy '?,he has been in the driver's seat for about ten months now with no definite plans or cure in sight.

It takes a real man to own up to his mistakes nd accept that he has failed nd not this buck passing which is becoming monotonous to our ears, I doubt if we will ever get out of this mess.

They made us believe that solving the country's problems would be a walk in the park for them once they re voted in bt alas the A. P. C re learning in a very hard way that "ponmo nor be leather "and also that there is a limit to which propaganda would work nd sway people after which it would backfire like it has now.

Mmmmmh

MONITZ:
Mr. Jubril or wateva the name is, this is typically wat the Yorubas call "oju aye " or "eye service,"if we can't blame Bubu, then who should be held responsible for the 'tanking of our economy '?,he has been in the driver's seat for about ten months now with no definite plans or cure in sight.

It takes a real man to own up to his mistakes nd accept that he has failed nd not this buck passing which is becoming monotonous to our ears, I doubt if we will ever get out of this mess.

They made us believe that solving the country's problems would be a walk in the park for them once they re voted in bt alas the A. P. C re learning in a very hard way that "ponmo nor be leather "and also that there is a limit to which propaganda would work nd sway people after which it would backfire like it has now.

My bro we need to move away from party stuff and concentrate on Good individual that has good leadership quality

He shouldn't be blamed when he and his party taught Nigerians how to blame, after putting the economy in a mess?
He is yet to be blamed, currently the cry has been about him to do his job.

Abeg make una free this man..when the hunter becomes haunted..
They no allow am see bubu..his tryin to draw attention..
But bubu know dey hear all those ones..that ear still th pain

its always interesting to read people blaming GEJ or PDP for the imbalance in monetary budgeting, i.e, having an over bloated recurrent expenditure against a low capital expenditure.

the problem is not GEJ or PMB, the problem is the faulty political & economic structure.

as long as the present structure exist, nothing will change. & the structure will not change because those who presently rule us depend on that structure to further their twisted interest & hold on power.

furthermore, & a crucial factor we often over look is that of population increase.

our population had already grown to such an extent that it was always going to be a lost race trying to match our real household GDP with that growth & this problem didn't start in 1999... it started in the 70s... that's when governments stopped investing in the 'people' & started investing in themselves & foreign countries.

the implementation of infrastructure, food, employment & other policies will have to grow at an exponential rate to make a dent.


it's like closing the coop after all the chickens have left. even if GEJ had saved all the money, it would have been the same problem because there would have been no investments & what would have been saved won't have kept up with the needed growth.

while I won't recommend as drastic a measure as China's former child policy, Nigeria needs to be wary of its population growth.

Hon Jibrin is spot on! However what i expected from the Buhari led administration is ignore the distraction and unwholesome calls from those disgruntled elites who are badly jaded and deflated because there is no free money any more.

The government may not be perfect in all but they are not doing badly at the moment considering the inherent problems and challenges before then couple with shortfall in the nation revenue. It might take time to recover but we will surely bounce back,overtake and recover our lost years.

jibrin i Love you. i learnt a lot from this your write up.

You can blame Jonathan's Grandma or great grandfather


#yeye

eleojo23:
Of course he will not blame Buhari because doing so would mean admitting his regret for voting in this clueless government.

Just like some high ranking members of the Zombie kingdom on Nairaland.

Their pride won't let them admit it.

We are tired of the complains. They should get to work.

Somebody is looking for soft landing