All Progressives Congress (APC) presidential candidate Gen. Muhammadu Buhari yesterday described corruption and insecurity as obstacles to economic growth, stressing that his administration will tackle the vices, if elected on February 14.
Gen. Buhari challenged the Jonathan administration to account for the missing $20 billion, adding that Nigerians are waiting for the report of the forensic audit ordered by the government. He said, if the cash cannot be accounted for, it is the greatest form of corruption.
The former military leader, who also promised to provide jobs through massive investments in agriculture and mining, said the key to economic recovery and poverty eradication is regular power supply and abolition of corruption.
Gen. Buhari said: Corruption affects our ability to secure ourselves and it also undermines the performance of the economy.”
He added: “Twenty billion dollars at N210 to one dollar is equal to N4.2 trillion, which is nearly a year’s federal budget. If it is true that this sum cannot be accounted for, this is the greatest form of corruption. Just think at N5 million per vehicle, this money would have bought 840,000 patrol vehicles. This will improved security in every town and village in this country.
“At N13.5 nillion for a high capacity bus, this money would have bought 311,000 buses. This would have revolutionalised the transport and production side of the economy. From the information at my disposal, Lekki Bridge in Lagos cost N29 billion to construct. N4.2 trillion would have built 145 Lekki bridges. This would have revolutionalised transport, infrastructure, construction, and employment in the economy.
“If the average cost of generating one mega-watt of power is about US 1.5 million dollar, excluding gas and distribution costs, 20 billion dollars would have bought us over 13,333 mega watts of power. What a difference that would make up and down the country.”
Gen. Buhari flayed the Federal Government for borrowing money to fight Boko Haram in a country that successfully fought a civil war without incurring debts. He said: “When Chief Obafemi Awolowo was the Vice Chairman of the Federal Executive Council and Federal Commissioner for Finance, we did not borrow money to fight the civil war. But, they are now borrowing to fight Boko Haram.”
The APC standard bearer unfolded his economic blue-print at a meeting with the organised private sector hosted by Lagos State Governor Babatunde Fashola. The theme of the meeting was: “GMB means Business.” Gen. Buhari was accompanied by party leaders, including the National Chairman, Chief John Odigie-Oyegun, the Chairman of the APC Presidential Campaign Committee, Rivers State Governor Rotimi Amaechi, the Chairman of the Directorate of Policy and Programmes, former Ekiti State Governor Kayode Fayemi, Mr. Audu Ogbeh, Mallam Nasir el-Rufai, and Director of Media Mallam Garba Shehu.
Fayemi, who welcomed the businessmen to the parley, reflected on the yearning for economic revival for the progressive transformation of the country. He said through creative interventionist initiatives by the government, countries in distress have always risen to economic progress in the period of grave crisis and adversity.
Fashola highlighted the difference between the APC and the PDP, saying that the APC manifesto is people and research-based. He added: “APC manifesto is designed to address 2015-2019 problems. PDP has 1999 manifesto. The naira has weakened. Interest rate has skyrocketed. We need to choose whether we should change Jonathan or we need continuity. The necessity now is to halt the downturn. If they couldn’t do much at 100 dollars per barrel, they cannot do better when the resources are decreasing.”
Gen. Buhari, who promised to encourage periodic and regular meetings with the business community, said his administration would be committed to economic growth, job creation and restoration of the dignity of labour among Nigerians.
He said: “Our policies for implementing our commitments will be governed by the highest consideration of how they create jobs. Equipping and resourcing our security personnel, for example, will not be limited to the provision of arms alone, but uniforms, boots and accoutrements, are enormous opportunities for textile production, garment making and shoe making.
Buhari explained why power generation and transmission have been erratic, despite the privatisation of power utilities. He said: “Power supply is the minimum that we can seriously commit to in order to quickly galvanise the economy back to productivity. We agree with the privatisation of the power utilities, but we believe it must go further to transmission. After the signing and handing over ceremonies of the power assets, the real work of producing, transmitting and distributing power is really just beginning.
“The reason why the success seems elusive is that, apart from the signing ceremony and handing over of the power assets, the hard work to connect the various parts of the power chain, supply gas, install transformers, complete substations has not been done. Our studies show that we will require no less than 200,000 trained personnel to support the initiative to provide power and light up Nigeria.”
Gen. Buhari said apart from the inherent direct employment that the revival of the sector will create, the reduction in the cost of production, the savings from self-generation by Nigerians, who currently spend their income on purchase of diesel and petrol to generate their own electricity, will reduce the burden on their disposable income.
He said these savings will be spent by Nigerians on other basic necessities of life, thereby reducing poverty.
Gen. Buhari said his administration would support the initiative to build a refinery in Lagos, adding that the move will lead to job creation, local fuel supply and national security as well as reduce importation, lessen demand for foreign exchange and strengthen the naira.
The former Head of State, who promised to fight the infrastructure battle, emphasised that road construction will be a major priority of his administration.
He stressed: “Road construction alone will unlock a value chain of opportunities in the built industry for construction companies, builders, engineers, architects, quarry operators, cement and iron rod production and supply.
“The successful opening up of Nigeria by the construction of new roads and highways will revive road transportation, truck manufacture, tyre manufacture, engine oil, and brake pad production. It will also create a demand for jobs for mechanics, drivers, and those engaged in transport support business. We expect a revival of inter-state economies that used to thrive across Nigeria, providing support to travellers by way of canteens, restaurants and farm produce.”
Gen. Buhari promised to promote discussions between the business community and his economic team to explore options of reducing taxes and Customs duties without too much disruption to government finances and private sector business plans.
He also spoke on the APC manifesto and campaign message. In his view, they reflect the yearnings of Nigerians for change. Nigerians, said Gen. Buhari, should expect positive change, if he is elected.
According to him, during the survey that took place in 36 states, Nigerians indicated that insecurity, corruption and the economy were their biggest worries.
He added: “That is why I have been talking about insecurity and corruption on one hand and minning, agriculture, infrastructure and jobs on the economic side.”
Noting that corruption has almost become a culture in Nigeria, Gen. Buhari said: “They are so inter-connected and the Nigerian people are right in their identification of these problems. We cannot build an economy in an insecure environment. We cannot build an economy when the playing field is not level. We cannot build an economy where corruption is the working capital. Corruption affects our ability to secure ourselves and it also undermines the performance of the economy.”
Gen. Buhari spoke on the importation of fuel, saying that the country should be ashamed because it is an oil-producing country.
He said: “If you also factor the N2.2 trillion spent on subsidising fuel import, which became a huge scandal, you may then understand why our manifesto focuses on the issues of security, corruption and the economy. We are too vulnerable as a nation at this moment, if we have to import fuel to move our planes, our tanks and our men. We are too vulnerable as you can see that we also have to import arms. We are vulnerable because our troops also depend on imported food.”
Gen. Buhari, who served as the Federal Commissioner for Petroleum and Chairman of the Nigerian National Petroleum Corporation (NNPC), recounted his achievements, saying he upgraded refineries in Port-Harcourt and Kaduna.
He added: “We got tankers off the road and saved lives. When I became the Head of State, we fought bunkering. We increased the exportation of refined products. But, Nigeria is now importing fuel.”
Gen. Buhari gave an ultimatum to corrupt officials and other Nigerians, saying that he would confront them, if he becomes the president.
He said: “The courts will continue to fight corruption. The legislature, executive and judiciary will fight corruption. But, from the day an APC Federal Government is in place, those corupt people will have to behave themselves.”
At the meeting, Mr. Funso Phillips of the Nigeria Economic Council (NEC) wanted to know what Gen. Buhari would do differently, if elected as the President. The former Head of State said that, while he will not discontinue any policy that is good, he will change what is not good.
Another informal operator, who emphasised the importance of land in economic development, wanted to know Buhari’s position on land accessibility for industrial growth. He promised to promote an atmosphere that is conducive to investment promotion and development.
Another participant wanted to know who the General will fight corruption differently. Buhari replied that the three organs of government will be involved in the fight against fraud in high places.
The APC candidate urged members of the business community who have questions to ask from the campaign team to forward their enquiries to Chief Odigie-Oyegun and Dr. Fayemi, promising to respond to them.
