APC, PMB & CBN: Listen to Nigerians!

With the very reactive way that APC, the Presidency and the CBN react to alternative views and suggestions, one is left wondering if we are still under a democratic or different form of governance. From the dictionary and even basic knowledge, democracy is a form of government by the people and for the people, in which the supreme power is vested in the people and exercised directly by them or by their elected agents under a free electoral system.

By the nature and rules of engagement in a democracy, every action or inaction of the government should be subjected to cycles of critical examination and criticism for a better society. If this is the type of government we claim to have, one is left wondering why APC, the Presidency and the CBN are very uncomfortable with criticisms, feedbacks and suggestions on how to move the country forward.

It is important to remember that offering yourself to be elected and to lead comes with willingness and expectation to be criticised and then the humility to appreciate and utilise the feedback. This seems to be unappreciated and disappearing in Nigeria under the present PMB led government. While there are many instances, two very recent events buttress this increasing unwillingness on the part of the government to take criticism and feedback. The first is the very reactive response of CBN to the 15 Matters of Urgent Attention published by Nigeria Economic Summit Group (NESG) on Tuesday September 8th, 2020. Even if the CBN is not very pleased with the issues raised by NESG, the response should be professional and focused on the issues raised.

As the voice of the people is the voice of God, we implore the PMB government, APC and CBN to appreciate that power is transitory and short. What will be lasting is the legacy they create and leave for Nigerians at the end their tenures

A situation where a whole CBN will descend so low using demeaning and somewhat insulting words is to say the least most unprofessional and inappropriate. Moreover, there is nothing raised by NESG that has not been noted in different forms and write-ups. For instance, it is known and agreed by all and sundry that the CBN intervention in different sectors of the economy is not sustainable. This is also the case with the multiple exchange rates CBN currently operates. Since 2015, there have been countless views all echoing that we need more coherent monetary and fiscal policy to move the country forward.

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However, it seems that the more the views increase, the more reactive our policies become with no interest in using the concept of forward guidance for our policies particularly the monetary ones. As CBN is interested and focused in creating a better Nigeria, so is NESG. There is therefore no justification for the reactive approach of CBN. Given that it is the foremost regulatory and monetary policy institution, CBN should know that its activities are too important to our individual and national life to be left unchecked.

Interestingly, there is no other agency that is in a good position and with the mandate to review and criticise CBN and other government policies than NESG. As the foremost aggregation of private sector leaders, they are in a vantage position to feel and assess the impact of government policies. Stating their position on key policy issues is therefore expected and commendable. Of course, CBN stated that NESG should have approached it directly given the direct link that exists between them, the truth is that most of the time, the government and government agencies can be impenetrable and unwilling to listen to alternative views. Even when they grant audience and listen, another big challenge is their commitment to accept and genuinely act on the feedback provided. What is expected of CBN is more leadership through focused clarification of issues and possible invitation of NESG for a dialogue.

The second situation that seems to confirm the increasingly unwillingness of the government is the continuous rejection of the views of Afenifere, Ohaneze, PANDEF, Middle Belt Forum, Northern Elders Forum and other prominent groups and Nigerians on the need to restructure Nigeria. This is most disturbing given the glaring evidence that the country is becoming more complex, divided, and insecure and fast sliding into more crises and doom. Again, the government should remember that as it is presumably interested in creating a united and prosperous Nigeria, so are other Nigerians.

As this demand has been echoed by almost all critical segments of our dear Nation, the approach of the government is sad and counterproductive. If we have used the present structure of governance for over forty years and the outcomes clearly shows that we are seemingly failing with the very limited positive results, applying common sense shows that a quick rethink of our approach to governance is most pertinent. Moreover, as this suggestion enjoys wide support from almost all segments of the society, it is therefore bewildering why the present government is unwilling to listen to the views of the majority of Nigerians. Are we still in a democracy where the will of the majority dictates government’s actions and inactions or are we now in another form of governance where the will of the majority is irrelevant and unappreciated?

As the voice of the people is the voice of God, we implore the PMB government, APC and CBN to appreciate that power is transitory and short. What will be lasting is the legacy they create and leave for Nigerians at the end of their tenures. That legacy should be one(s) that reflect genuine consideration of the will of the people, majority of Nigerians that yearn and demand for a better society through a listening and truly inclusive democratic government.

Dr. Ngwu, is an Economist/Associate Professor of Strategy, Risk Management & Corporate Governance, Lagos Business School and a Member, Expert Network, World Economic Forum. E-mail- [email protected]