.Says Nigeria may slip into failed states’ index
Former Vice President Atiku Abubakar, who was also the presidential candidate of the Peoples Democratic Party (PDP) in the 2019 election, has exposed the lapses in President Muhammadu Buhari government.
Atiku said the report from Bloomberg Business on Saturday, March 27, 2021 that Nigeria is to emerge as the nation with the highest unemployment rate on earth, at just over 33 per cent, has proven him and others right.
Expressing fear that the nation might slip into the failed states index, Atiku said, “We warned about this, but repeated warnings by myself and other patriots were scorned. And now this.”
Stating how Nigeria got to this low, the former Vice President, in a statement he personally signed, said: “We got here by abandoning the people-centred leadership and free trade and deregulatory policies of the Obasanjo years (which saw us maintain an almost single digit unemployment rate), and implementing discredit command and control policies that have led to massive capital flight from Nigeria.
“And even with the paucity of funds, we continue to ramp up government involvement in sectors that ought to be left to the private sector, with the latest being the ill-advised $1.5 billion so called rehabilitation of the Port Harcourt Refinery that has failed to turn a profit for years.”
Atiku, who further said youth unemployment was the bane of insecurity in the country, added: “What this government must realize is that the unprecedented insecurity Nigeria is facing is the result of youth unemployment. Idleness is the worst feature of unemployment because it channels the energy of our youth away from production, and towards destruction, and that is why Nigeria is now the third most terrorized nation on Earth.”
On how the Federal Government can address the challenges facing the country, the Waziri Adamawa stated: “In 2020, I recommended that to immediately and drastically bring down youth unemployment, every family in Nigeria with at least one school age child, and earning less than $800 per annum should receive a monthly stipend of 5,000 Naira from the government via their BVN and NIN on the condition that they verifiably keep their children in school.
“My recommendation still stands, and stands even stronger now that we have crossed the Rubicon in youth unemployment. If we can get the 13.5 million out of school Nigerian children into school, we will turn the corner in one generation. If we do not do this, then the floodgates of unemployment will be further opened next year, and in the years to come.”
Insisting that the nation is better off privatizing its refineries by using the LNG model, Atiku said: “As a nation, we are better off privatizing our refineries and the NNPC through the time-tested LNG model in which the FG owns 49 per cent equity and the private sector 51 per cent. Recall that in 20 years ending 2020, the NLNG had delivered $18.3 billion dividends to government irrespective of taxes and other benefit accruals to the country. This will not only free the government of needless spending, but also clean up the infrastructure mess in the petroleum downstream sector”.
On the importance of education, Atiku said: “I say this because the fastest way to bring down a world record unemployment rate is via incentivized education. An educated citizenry are more employable and more self employable.
“Increased education has been scientifically linked with lower rates of crime and insecurity, along with lower infant and maternal mortality, and a higher lifetime income.
“We must then incorporate those youth who are above school age into a massive public works programme. There was talk of 774,000 Special Public Works jobs for the youth, which was to have started in January of 2021. This is a commendable step, but it must be done with proper agenda, rather than propaganda.
“Perhaps we may want to consider the Malaysian model, whereby with the exception of very few highly specialized jobs, foreign contractors are not allowed to import labour into the country.”
Advising further, Atiku said: “We also need to do three things urgently to encourage capital inflow and foreign direct investment.
“First, Nigeria must move towards a single exchange rate to be determined by market forces. Secondly, the federal and state governments must reduce taxes, to make Nigeria more business friendly. And finally, financial and monetary institutions, like the Central Bank of Nigeria, and the Securities and Exchange Commission, must be free from the type of political influence that resulted in the prohibition of Bitcoin and other cryptocurrencies.”
Calling on stakeholders to speak up, the former Vice Presidentnoted Buhari government obviously lacked the capacity to address the current challenges facing the nation.
“We are at a precipice as a nation and the truth is that all stakeholders and elder statesmen have to speak up on time, while there is still a Nigeria to save. This government obviously lacks the capacity to address our current challenges, and we must help them, not because of the government, but because of our people.
“In a situation where we are simultaneously the world headquarters for extreme poverty, the world capital for out of school children, and the nation with the highest unemployment rate on earth, there is a very real and present danger that we might slip into the failed states index – God forbid!”, Atiku stated.
