Rethinking Nigeria’s well being

FIVE months into his tenure, President Muhammadu Buhari has no more time to waste before fixing the economy. Thus the government must recognise the urgency of articulating a blueprint and setting the machinery in motion to put the economy on the path of recovery.

Rescuing the nation from the brink of economic recession demands the implementation of new economic models as the existing models would seem to have failed to generate lasting development for the country. Fortunately, the Vice President, Yemi Osinbajo, who has responsibility for the economy as Chairman of the National Economic Council (NEC) is well aware of the nation’s challenges and the need to fix things quickly.

At the 21st Nigerian Economic Summit Group (NESG), Osinbajo rightly acknowledged that the implementation of strategies that would pave the way for the recovery of the economy would involve tough choices. However, such tough choices must not involve what has not worked for the country. The government must avoid embracing models that only end up satisfying the Paris Club, London Club, International Monetary Fund (IMF), among other global institutions, while impoverishing Nigerian citizens.

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