8 Ways The Buhari Administration Will Tackle Nigeria’s Economic Challenges

Since the assumption of the Muhammadu Buhari government on May 29, 2015, business analysts in Nigeria have always been projecting on what policy direction the administration will adopt to tackle the economic challenges of the West African nation. 

Yesterday, October 1, Vice President Yemi Osinbajo in an interview with Channels Television chronicled the efforts of the present government to address the issues affecting the Nigerian economy.

The eight main points that Osinbajo highlighted are listed below as seen on his Facebook page:

1. The Central Bank of Nigeria has recently eased the cash reserve ratio which has eased liquidity.

2. We need to encourage banks to invest in the real sectors.

3. This is not just a fiscal matter but also a macro economic one. There is need to align fiscal policy with monetary policy.

4. Emerging markets are good for investors. Portfolio investments are not the best for investment planning.

5. A country does not change its policies to satisfy portfolio investors.

6. Nigeria is not unduly worried about being delisted from the JP Morgan. It’s greater concern is the fiscal and monetary issues.

7. Nigeria has tough choices to make. There is the belief that the Central Bank of Nigeria made the right choice on short term foreign exchange control.

8. Nigeria must clean up the business environment. The recent reforms in the NNPC is a step in the right direction.

One of the ways the Buhari government is addressing corruption in the economy, is by ordering every federal government ministry, parastatal and agencies to begin remitting its earnings into a Treasury Single Account (TSA).

But some media reports suggests that the directive from the federal government has had a spiral effect on the Nigerian banking industry.

Since the announcement, commercial banks in the country have reportedly started sacking some of their staff as they can no longer afford to keep them.

But Ahmed Idris, the accountant-general of the federation,  recently told officials in the banking sector that the introduction of the TSA won’t hurt their business.

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