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Growth as sacrifice for naira redesign policy

Latest Politics updatein nigeria

Where and how nigeria’s economy will end this year is now a matter of conjecture. But one indisputable fact is that by the end of the year, part of the growth originally envisaged for 2023 would have been sacrificed on the altar of this currency redesign programme. That is the way of policies. One policy […]
The post Growth as sacrifice for naira redesign policy appeared first on Daily Trust.

Where and how nigeria’s economy will end this year is now a matter of conjecture. But one indisputable fact is that by the end of the year, part of the growth originally envisaged for 2023 would have been sacrificed on the altar of this currency redesign programme.

That is the way of policies. One policy objective is often achieved at the expense of the other due to conflicts. It just depends on the priorities of the authorities concerned at any point in time. So there is nothing uncommon about this, except that in some cases the sacrifice given up in a policy milieu is sometimes more than what the designers imagined. Giving up part of a policy objective in order to achieve another is an integral part of policymaking. It also shows where the interest of the authorities lies.

Most predictions, both original and revised versions made concerning the performance of the economy this year will subsequently be revised. The IMF projected a 3.2 per cent growth for this year. The World Bank’s projection was 2.9 per cent, down from the 3.1 per cent it projected previously.

This is because the assumptions on which such predictions were based have been altered significantly by the events of the past month or so. And going forward, there is no clear indication of what the next steps will be. So, more revisions are inevitable.

This is not to say that economic predictions come with mathematical exactness. Yet, to serve any reasonable purpose, they must reasonably approximate the actual performance within a tolerable margin of error. But given what this economy is currently going through, there certainly must be a major revision to what has been forecast as its likely performance this year.

Economic growth comes through the effective deployment of resources in the production process. This growth is an additive process, with every successive generation building on what others have done before. Growth also depends on the productivity of factors, including labour, and financial capital. So, if this deployment of resources has been disrupted by social and economic dislocations such as we are experiencing currently, there is no reason to expect things to go the way they were projected to go.

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Politics

Don’t Use NLC’s Platform, Funds To Pursue Your 2027 Ambition – Abure Knocks Ajaero

Latest Politics updatein nigeria

 

 

 

Lifestyle Nigeria gathered that National Chairman of Labour Party, LP, Comrade Julius Abure, has told the President of the nigeria Labour Congress, Comrade Joe Ajaero not to use the platform, funds and resources of the NLC to pursue his ambition of either becoming the president of the country in 2027 or governor of Imo State.

Abure stated this at Asaba, Delta State on Wednesday while reacting to the shutting down of the Labour Party’s National Headquarters by protesting members of the NLC who demanded for his immediate removal as National Chairman of the party.

He said the “picketing” of the party’s office was politically motivated, describing it as a show of rascality and abuse of office and the laws of the land.

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Why I Withdrew From Ondo Guber Race — Eyitayo Jegede

Latest Politics updatein nigeria

Lifestyle Nigeria gathered that the governorship candidate of the Peoples Democratic Party (PDP) in Ondo state in 2020, Chief Eyitayo Jegede, on Thursday, said he withdrew from the 2024 governorship race to give room for unity and ensure victory for the party in the forthcoming governorship election.

Jegede who noted that disunity has not allowed any candidate from that party to win the governorship race in the state, said he chose to sacrifice his ambition for the development of the party.

This is just as a group within the party, PDP Crusader, hailed the decision of Jegede to step aside in the forthcoming governorship election in the state in order to build a strong and united party that can send the ruling All Progressives Congress (APC) packing in the state.

The Coordinator of the PDP Crusader, Hon Mayokun Akinmoladun, said the group was ready to follow and support Jegede in any decision he took on the party’s primary and the November 16 governorship election.

Akinmoladun said the most important thing to the party is to come together and rescue the state, noting that the party was not being run the way it was supposed to be.

He said the party may go into extinction if care is not taken, and commended Jegede for financing the party since it lost the governorship seat some eight years ago.

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El-Rufai Visits SDP Office Amid Rumour Of Defection (Update)

Latest Politics updatein nigeria

 

Lifestyle Nigeria gathered that Ahead of the 2027 general elections, former Kaduna State Governor, Nasir El- Rufai on Wednesday visited the Abuja National Secretariat of the Social Democratic Party, SDP.

A source said El-Rufai paid a consultation visit to the National Chairman of the party, Alhaji Shehu Musa Gabam.

The former Minister of the Federal Capital Territory, FCT, Abuja, is a chieftain of the All Progressives Congress, APC.

He was nominated for a ministerial position in President Bola Tinubu’s administration but was not confirmed by the Senate.

See Update link below:

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