Editorial

September 28, 2016

Tackling the recession together

recession

Recession

The mood depicted by the Senate on its resumption last week said it all: it is time to put politics and acrimony aside and join forces to get the nation out of this economic recession.

The Senators had met in several caucuses and emerged with the combined determination to make the economy a priority of their engagement with Nigerians. They also decided to downplay the blame game that had characterised the Federal Government’s main response to the steep drop in our economic fortunes, placing more effort on finding solutions to our challenges.

The truth is that we are all guilty, as a nation, for adopting the wrong attitudinal responses to the task of building a strong, stable and prosperous economy. We allowed the cheap inflow of oil money to deceive us into seeing our country as an “oil-rich” nation, based on which we neglected the vast natural and human resources that once made Nigeria one of the most promising economies in the developing world.

Over the years, we failed to save during periods of oil boom. We even created a constitution that made it almost impossible to save. It directed that all monies must go to the Federation Account and then be shared among the three tiers of government. To worsen matters, efforts to save were thwarted by political interests. The age-old campaign for economic diversification was largely paid lip service to.

Now, the nation is paying a heavy price for its indiscretions during the time of plenty. There is mass suffering, hunger, heavy job losses and high unemployment rate. The prices of daily needs have shot beyond the reach of most Nigerians.

We have a dire national emergency on our hands. Since we all carry the blame for bringing it about, we also have a collective obligation to pull ourselves out of it.

The time for politicking is over. The general elections took place only sixteen months ago, and the elected governments at all levels must devote quality time to deliver on their mandates. This is time to work, and the task is not to be left for politicians and those in government alone.

We encourage President Muhammadu Buhari to reach out to all Nigerians across the various political interest divides, build national consensus and galvanise a national vanguard for meeting the challenges of its three-point agenda – security, anti-corruption and the restoration of rapid economic growth.

A nation where people are fighting one another cannot achieve progress. The All Progressives Congress (APC) Federal Government must bring all Nigerians on board and create a collective sense of belonging.

We must erase the battle lines and salvage our economy first. There will always be more than enough time for politicking.

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