Buhari defends tough economic policies despite public outcry

President Mohammadu Buhari has defended some recent economic policies of government, especially the Treasury Single Account (TSA), which has received wide criticisms due to its crippling impact on banking sector liquidity.

Buhari, speaking Wednesday in New Delhi, India, insisted that such policies though “may hurt the operations of some businesses in the short run,” were right for the economy.

“What is required of us, to which we are strongly committed, is the implementation of tight expenditure controls, effective fiscal and monetary policies, including the husbandry of scarce resources, which our introduction of the STA has began to address.

“We are aware some of these measures may hurt operations of some businesses in the short term, but we believe they are right for a sustainable economy,” the President said.

Buhari was also quoted to have told participants at an interactive session with chief executives of Indian companies with interest in Nigeria, that despite the fall in oil prices, his administration remained fully committed to maintaining macro-economic stability and improving investor confidence in Nigeria.

The President warned, particularly, that his administration would not tolerate the importation of sub-standard goods, especially foods and medicines, into Nigeria, just as he expressed the belief that with its abundance human and material resources, “the Nigerian economy does not have to suffer unduly from low oil prices, despite its severe impact on government revenues.”

Noting that India has been a dependable ally and friend of Nigeria, Buhari urged the chief executives to expand their companies’ investments in Nigeria for the benefits of the two populous countries.

“We can increase and diversify the current volume of our bilateral trade beyond $16.36 billion, and diversify to other critical sectors such as agriculture; green technologies in power generation; infrastructure; information and communications technologies; the services sector; education; industry, especially textiles and solid minerals, among others,” the President told them.

He also urged the Indian CEOs to accept the changes in policy being introduced by his administration and observe all extant Nigerian laws in running their businesses in the country.