Tinubu’s administration has achieved macroeconomic stability – Oby Ezekwesili

Obiageli Ezekwesili, former minister of education, has
commended President Bola Tinubu’s administration for getting macroeconomic
stability.

 

Ezekwesili spoke on Saturday when she appeared on ‘60
Seconds with Kay’, a TV programme by News Central.

“The only thing we can give to them is that we are getting a
hold of macroeconomic stability,” she said.

“For example, the volatility we have with foreign exchange
rates is quieter because they are abiding by market principles for FX policies.

“Inflation, even though they then used the methodology to
crash it in terms of the numbers, the real thing is that the cost of living for
the average citizen is still pretty high.

“By the way, that inflation that spiked did not have to
happen, it was a poor management of combination of policies that led to that
runway kind of inflation that we have.”

The former minister also said Nigeria is suffering from
structural misalignment due to wrong economic policy choices.

“We are suffering from structural misalignment, coming from
a lot of the things that are still not being done right in terms of economic
policy choices,” Ezekwesili said.

She added that having multiple budgets running in the
country is another issue.

Ezekwesili also said Nigerians living in poverty see
elections as a source of income.

She said the majority of Nigerians, about 64 percent or 145
million people, are poor, adding that they are focused on getting by every day.

“They don’t want to be disturbed by any other things. The
only time that issues of governance matter to them is elections and the
elections have become a market day to improve income by little bit of notches
for that day,” Ezekwesili said.

“They don’t know they are voting for four years. They are
voting for that day’s income and the additionality that they will get.”

She added that there is the middle class and then the upper
class, “if there’s anything called that”.

The former vice-president of the World Bank said in a normal
society, the upper class comprises distinguished people.

In Nigeria’s case, she said, members of the upper class are
people who boast of their status without being productive.

“So, it is a very dodgy class to talk about,” Ezekwesili
said.

The former minister said the lower class are the ones who
faithfully come out to vote during elections.

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