President Muhammadu Buhari’s clear-cut economic policy direction will become evident once the much-awaited economic team is constituted, the presidency has said.
The president’s media aide, Mr. Femi Adesina, who made this disclosure while responding to questions on “Buhari: The First 100 Days,” on THISDAY’s social media platform and website, in which readers were encouraged to ask the president questions on his first 100 days in office, his government and policy direction, stated that once the ministers are appointed, greater attention would be given to critical sectors of the economy.
Buhari had set a September dateline for the naming of his cabinet. But since his nominees would have to undergo Senate screening, the cabinet will not be inaugurated till October.
According to Adesina, the drop in crude oil prices has led to a slowdown of the Nigerian economy, adding that this situation might remain so for a while.
“There is a timeline for composition of the cabinet. It is September 30. This government keeps promises,” he said.
He however emphasised the urgent need to diversify the economy, noting that “agriculture and mining, alongside others, will get particular attention under President Buhari”.
Responding to questions on the expectations of the president from reforms at the Nigerian National Petroleum Corporation (NNPC), he said: “Results expected from reforms in NNPC include an oil sector run along transparent lines, with policies that will favour Nigeria and her people. If we do not clean up the oil sector, which is our cash cow, then Nigeria will be cleaned out.”
President Buhari is personally “keeping an eye” on NNPC as well as the oil and gas sector.
Describing the Petroleum Industry Bill (PIB) as “a legislative matter for now”, Adesina asserted that “what is called fuel subsidy is wicked manipulation, steeped in corruption,” explaining that by the time the system is cleaned of corruption, Nigerians would see what could be achieved in terms of appropriate pricing.
Buhari has shelved the removal of fuel subsidies in the immediate term, arguing that the presentations he had read from those who pushed for their removal “lacked depth”.
He said removal of subsidies would cause hardship for Nigerians as transport fares and food prices would go up.
-Thisday
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