President Bola Tinubu moved in a big way with his Economic Stabilisation Programme, ESP, last week Thursday, July 4, 2024, applying a massive N2 trillion jab into the veins of our sagging economy, with a view to reviving it within the next six months.
He is employing the Presidential Economic Coordination Council, PECC, which he chairs, with Vice President Kashim Shettima as his Deputy, as the vehicle to drive the initiative to success. The PECC which was established in March this year, is a partnership between the Federal Government (Legislature and Executive), the Governors Forum Chairman, representatives of captains of industries and other groups.
Some critics have carpeted this Council for being too unwieldy. They feel that a smart body of technocrats with credible track records could have done a better job of delivering the mandate of a quick economic turnaround, as too many cooks spoil the broth. They also posit that industry stakeholders who should be regulated by government should not play a role in governing the process itself.
We, however, see the wisdom in creating this broad coalition. The challenges of reviving the economy and restoring our security require all hands on deck. We would even advise that more critical stakeholders, such as Organised Labour, media and civil society interest groups, should be co-opted into the various working or sub-committees to perform the task of watchdogs to ensure that the huge sum set aside for the package is used strictly for the stated purpose. These watchdogs will act as the eyes and ears of the public.
This democratic and inclusive factor is very essential and shows the seriousness of the administration in producing the desired results. If it had been left to politicians alone, the N2 trn would have been seen as a mere bonanza.
The inclusion of the captains of industry will help the government push funds to areas where they are urgently needed to fast-track a turnaround. They know where the shoe pinches and what should be done. However, we caution that nobody should be allowed to hijack the stimulus package. All sectors of production – large, medium, small and micro – must be positively impacted.
This is where the leadership of the president is strongly needed. He must lead this from the front and keep a keen eye on the spending and results. This must not be another case of throwing money at problems. We want to see people fired, dumped in anti-graft agencies’ cells for prosecution or rewarded for job well done.
President Tinubu must bear full, personal responsibility for the success or failure of the Economic Stabilisation Programme. Within the next six months, the crushing inflation must be reversed. Production must be revived, and factory closures must be addressed. The watchword must be results.
Failure will be costly.
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