The Central Bank of Nigeria (CBN) governor is on it again with such a 'brilliant' idea and suggestion to the federal government (FG) during his presentation at the 2nd Annual Capital Market Committee Retreat in Warri, Delta State. The governor has always maintained a dogged stance on everything that comes out of his mind. But I'm really worried if he is serious this time? If really he is, then I'm afraid someone is brain-dead.
I wasn't surprised, like other people, at all when I read the editorial because I had buried long ago in the dungeon my belief that a policy with welfare of the people at the center stage would come out of a 'chameleon's' head. I couldn't imagine that despite the upward spiraling of unemployment (UE) rate at 16% per year in Nigeria, someone like the CBN governor would suggest for a downsize by half (50%) of the Civil Service labour force in order for the FG and states to secure enough funds to tackle infrastructure challenges. That was a 'brilliant' idea given the way he had been carrying out CBN's regulatory role as the financial adviser to the FG. With the staggering UE rate at 23.9% you could imagine what the figure would look like if the FG and states listened to the 'brainy' CBN governor and his brainwave idea. I think the governor went overly on this idea and he did nothing but to expose further his brain-dead ideas.
Unfortunately, the CBN governor has experimented various policies, but with no results far away from failures. What happened to NEEDS? I think he (and other pundits clamouring for economic reforms) should revisit the NEEDS document produced by his predecessor and build upon it rather than forcing to carve out-of-the-way perspectives that yield nothing positive. His predecessor used NEEDS to register distinguished achievements which transformed Nigeria to a greater extent. Though substantial challenges still exist, but all the CBN needs to do is to review where it finds necessary the NEEDS programme, most importantly areas that involve converting of reforms benefits into welfare advancement for all Nigerians and spreading out reforms policies to other tiers of government.
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