Sequel to the presentation of the Finance Minister on the floor of the House of Representatives yesterday. As a lawmaker and financial expert, I have these salient questions for Finance Minister on the state of Nigeria's economy and the Buhari-led administration's plan to diversify the economy in continuation of the 8th Assembly's legislative agenda.
1. It is generally agreed that in today's economy, that there are two major routes to revamping the economy: the stimulus route and the austerity route: which route is the administration taking as there seems to be confusion? And how will it impact on the economic fortunes of Nigerians i.e reduce unemployment, reduce the threat of inflation? How are the sub national governments carried along in this so that there won't be conflict of policy administration?
2. You are currently running a mono product economy, other commodity exporting countries such as Saudi Arabia have come up with what they call a diversification plan covering education technology promotion of industrialization: What are the specific programs for diversifying the economy in the short run and in the long run especially when you consider the fact that the combined capital budget of Agric and solid mineral sector of N53billion is barely 3% of the nation’s N1.8trillion capital budget?
3. According to the CBN Governor, we are practically on the eve of major recession; having negative growth in 2 successive quarters what steps do you intend to take to cope with the recession in an already depressed economy?
These and many more questions are begging for answers.
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