SUMMARY OF NIGERIA'S MAJOR POLITICAL AND ECONOMIC NEWS OF 2019
The year 2019 has been an eventful one for Nigeria on many levels, especially on political and economic fronts. There were many forecasts and prophesies regarding Nigeria’s future, and it would be interesting to see how things have turned out so far for the country as the year gradually comes to an end.
1. THE 2019 POLITICAL PROPHESIES
As the 2019 general elections approached, several forecasts and prophesies came from individuals and religious organisations across Nigeria. While some were outright doom, some were of change in government, and some were of hope that the incumbent government would return to power. Apostle Suleman of Omega Fire Ministries, prophesied that the 2019 elections would be rigged, but that Abubakar Atiku should concentrate on the North, and Muhammadu Buhari should go and rest. In his own case, Rev. Fr. Ejike Mbaka of Adoration Ministry, said Nigeria would go through difficult times, and that Ngerians should pray for President Buhari to be freed from the cabals. What’s most peculiar is the way prophesies often come up at every election year, but rarely come to past.
2. THE SACK OF CHIEF JUSTICE ONNOGHEN FOR FALSE ASSET DECLARATION
Leading the political news of 2019 was the suspension and eventual removal from office of the Chief Justice of Nigeria, Onnoghen who was accused of gross misconduct as he was found to be operating several foreign bank accounts with foreign currencies that their sources couldn’t be explained. While some took the case as a good move, others felt it was a political move engineered to rig the election in favour of President Muhammadu Buhari and APC should they lose the election and were challenged in court. Also, there were others who saw it as an unconstitutional move beyond the executive power, and a dangerous one that erodes the independence of the judiciary. The case generated so much noise, especially because it was close to the election period, thus causing individuals, organisations and conspiracy theorists to latch on the situation to further deepen their convictions.
3. PRESIDENT BUHARI'S RE-ELECTION
The biggest news of the year was the re-election of President Muhammadu Buhari for the second term after a bitter election battle that brought up Buhari’s certificate saga, Atiku’s nationality, and campaign rhetoric that sorely divided Nigerians along ethnic, religious and political affiliations.
4. DR BUKOLA SARAKI'S DEFEAT AT THE SENATE
Besides President Buhari’s win, however, what could also be regarded as a big political news was the loss of the former Senate President, Dr. Bukola Saraki who not only lost the senate presidency, but was also voted out of the senate, making him the first senate president to stay just a single term in office and in the upper chamber.
5. ATIKU APPEALED BUHARI'S VICTORY IN COURT AND OMOYELE SOWORE WAS ARRESTED FOR INCITING PUBLIC UNREST
In the wake of President Buhari’s electoral victory, several political parties and individuals refused to accept his victory. While some went to court to get the result overturned, like the PDP aspirant, Atiku Abubakar who claimed he was the winner, and his case thrown out eventually at the supreme court for lack of convincing evidence, others chose protests to vent their non acceptance of the result, and chief among those was for a violent revolution against the government called by Sowore who was accused of inciting the public to violence. Omoyele Sowore is still being detained by the Department of State Security even after the court had granted his bail.
6. PRESIDENT BUHARI INAUGURATED PRESIDENTIAL ECONOMIC ADVISORY COUNCIL.
On the economic front was the inauguration of the Presidential Economic Advisory Council, headed by Prof. Doyin Salami (vice chairman), with Mohammed Sagagi(vice chairman), while Ode Ojowu, Shehu Yahaya, Chukwuma Soludo and Iyabo Masha were members. The news received applause from Nigerians who saw it as putting round pegs in round holes, with a belief that the decision would bode well for Nigeria in terms of economic policy. However, some people felt the appointment of the professionals was nothing but a window dressing, noting that the presidency might not utilise whatever suggestions the council give.
7. PRESIDENT BUHARI BANNNED IMPORTATION OF SEVERAL CONSUMABLE ITEMS AND CLOSED LAND BORDERS.
In deepening the government's decision to diversify the economy away from crude oil, achieve self sustainance and move the country towards economic independence, President Buhari's administration placed a complete importation ban on several items, and of recent, closed all land borders to stop smuggling and other nefarious activities that hamper the economy, while at same time, encouraging local manufacturers, investors and farmers to seize the opportunity to rise up to the local demands. While rice which is a common staple in the country isn't banned, it is no longer allowed to be imported through the land border wherein the country has been denied or shortchanged of her tarrifs. Though the border closure has caused a sharp increase in rice price, and is causing a lot of difficulty for Nigerians, majority still applauded the move as one in the right direction.
8. CENTRAL BANK OF NIGERIA MANDATED BANKS TO GIVE 60% OF DEPOSITS AS LOANS OR FACE FINE.
In helping realise government objectives of achieving economic wealth for Nigerians, the presidency, through the Central Bank of Nigeria directed all banks to give out 60% of their deposits out as loans to encourage investments in the real sector. The CBN stipulated that any bank that fails to abide by the directive would be punished by having it's cash ratio increased. The director of banking supervision at the Apex bank, Ahmad Abdulahi, made this known in a letter sent to all banks. The real sector covers mining, agriculture, manufacturing, building, services and commerce.
9. NIGERIA IMPROVED ON WORLD BANK EASE OF DOING BUSINESS RANKING.
All these economic moves would come to nothing if the way of doing business in Nigeria had remained same. The presidency, having realised the greater part of the problem was the unnecessary bottleneck and corruption that had eaten deep into government activities, hence undertook a holistic reform that made doing business in Nigeria a lot easier compared to what it used to be. A situation that got Nigeria to improve its ranking on the latest World Bank ease of doing business index, though some opined that doesn't necessarily translate into improved evonomy because of some existing anti business policies. The country moved up 15 places, ranking 131st as against 146th last year, and was described as one of the most improved economies in the world
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