Nigeria’s economy: One month after Adeosun’s exit


The un-ceremonial exit of former Minister of Finance, Kemi Adeosun following the National Youth Service Corp exemption certificate scandal last month has become a topical issue among economic pundits in the country.

Finance analysts say the major issue of concern is that a big economy like Nigeria is not where the chief finance officer will just leave and go out of sight, momentary explanations, and consultations and things are still expected to be at ease without shocks.

National Daily gathered that in the last one month, Nigeria has recorded a sharp downturn in its economic indices which culminated into the country being labeled as the poverty capital of the world.

According to investigation, in the last one month since she left, there has been sudden upturn leading to rising inflation from 11.23% to 11.28% in one month and shocking drop in Nigeria’s foreign reserve by over a $1bn.

It was also after her exit that CBN unilaterally injected N786bn public fund into the defunct Skye Bank and the bank’s subsequent collapse without any known comment or input from Stand-in Minister of Finance, Zainab Ahmed.

Similarly, 182 financial institutions, including 152 Micro Finance Banks collapsed during this period and the suspension of the planned recapitalization of insurance companies.

There are other several negative indices that has plagued the economy since her sudden resignation, lending credence to the argument that Adeosun, in her hasty departure might not have handed over a well thought out self-explanatory note for successor.

Besides, one of the most critical questions analysts are finding hard to answer is if a Zainab Ahmed (Stand-in Minister of Finance) can really manage an economy of the size of Nigeria with its associated volatility and most essentially, in an election year.

They argue that a fragile economy like that of Nigeria is not what a chief finance and mainly fiscal policy executive can just dump and go out of sight, considering economic indices in the last one month.

Recall that the Minister had succumbed to pressure emanating from revelations from Premium Times that she faked her NYSC Exemption Certificate by tendering his resignation from the government on Friday, September 14, 2018 and bolting away in less than 24 hours to London where she has bagged another choice job.