Unearthing the Cogent Lessons In the NESG-CBN Economic Policy Imbroglio

The open disagreement between the Nigerian Economic Summit Group (NESG) and the Central Bank of Nigeria (CBN) about both the policy thrust and trajectory of the Nigerian economy has laid bare the conundrum in Nigeria’s economic policy management since the Buhari administration came to power in 2015.

The goal of economic policy is to improve the lives of the majority of the citizenry, and NESG rightly observed that poverty, unemployment and underemployment are rising in the country. Indeed, the livelihood survey conducted by the National Bureau of Statistics (NBS) in 2019 indicates that 41 per cent of the population (or 89 million people) live in abject poverty, with the impact of COVID-19 expected to worsen this. The severity of poverty is much worse across the country than in the past, with many states, especially in the north, reporting poverty rates of over 87 per cent of the population.

Given that the administration is in its sixth year in office, it can be easily concluded that on the score of improving the lives and livelihoods of citizens, the Buhari government has performed poorly, as the NESG has correctly stated. NESG’s concern, as well as that…

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