TheCable

Tunde Bakare, the serving overseer of Latter Rain Assembly, has warned governors not to “provoke the rage” of poorly paid workers by reducing the minimum wage.

Many states have been saying they can no longer afford to pay the N18,000 minimum wage because of dwindling revenue.

But Bakare said politicians should instead reduce their own salaries.

Bakare also accused CBN of contributing negatively to the Nigerian economy in more ways than one.

In his state-of-the nation address titled ‘Roadmap to successful change’, the pastor outlined eight major steps that Nigeria must take to execute the change the nation voted for.

Quoting Polybius, a Greek historian, Bakare said: “Those who know how to win are much more numerous than those who know how to make proper use of their victories”, advising President Muhammadu Buhari and the Nigerian people on the way forward.

DASUKI AND THE CBN

Sambo Dasuki

“The summary of our assessment of the entire framework of governance and public policy is that without restructuring, this administration may achieve little or no significant and sustainable success,” he said.

“The government must examine carefully, the argument of economists that sound monetary policy including proper management of the exchange rate regime by the CBN would eliminate the need for subsidies.

“The intricate connection between monetary policy on the one hand and the fuel subsidy debate on the other, makes the management of the CBN a major concern.

“To the discerning, the CBN currently contributes negatively to the Nigerian state in more ways than one. Firstly, the CBN has become a conduit for politicians to drain the nation.

“Otherwise, how can a letter of barely two paragraphs addressed to the current CBN Governor, Mr. Godwin Emefiele, by the then National Security Adviser (NSA), Col. Sambo Dasuki (rtd.), become the Authority to Incur Expenditure (AIE) leading to cash flow of $47 million (US dollars) and several millions of euros?

“In decent climes, the CBN Governor cannot continue in office while the NSA is accounting for his alleged misdeeds.”

CBN IRREGULARITIES AND FOREX POLICY

Godwin Emefiele

He alleged that the CBN is promoting corruption by removing a section that controls currency minting by the CBN decree of 1991.

“Secondly, another negative contribution by the CBN is the needless obscurity it has created regarding currency in circulation. It was not so in the past. For instance, S. 43 (2) of the CBN Decree (now Act) No. 24 of 1991 stipulates: Without prejudice to the provision of S1 of this section, the President may direct the Auditor General of the Federation to conduct an examination of the Bank, and submit a report thereon relating to the issue, re-issue, exchange and withdrawal of currency notes and coins by the Bank and the Bank shall provide all necessary facilities for the purpose of the examination.

“This vital sub-section was completely removed in the current CBN Act 2007, thereby making it possible for the CBN to decide the printing of the Nigerian currency, amounts to be printed, currencies to be destroyed (of which the CBN staff can take as much of such dirty notes as they like and inject back into the system while keeping all of us in the dark) without any check and balances stipulated in S. 43 (2) of the previous CBN Act No. 24 of 1991.

“The CBN is not a privately controlled banking agency…the wealth of the Central Bank of Nigeria belongs to the people of Nigeria, not the governor or the staff of the CBN. Our foreign reserves could be used to drive infrastructural development with a view to building a strong local industrial base.

“It is important to add, that rather than mere devaluation of the naira, a strong local productive base, that widens Nigeria’s foreign exchange window is a lasting solution to the lingering currency crisis.”

N’ASSEMBLY AND THE BURDEN OF GOVERNANCE

Bukola Saraki

Bakare, who observed Nigeria has become a burden to the international community, urged the present administration to do more about reducing the cost of governance.

“If we are serious about sound financial management, a more significant reduction in the size and cost of running government would be required than this present administration has been able to effect.

“The government resizing process has been hampered by structural anomalies and constitutional constriants. For instance, of what use is a bloated legislature that could potentially gulp 25 percent of the entire national recurrent budget?

“Of what use is a profligate governmental structure characterised by municipal or treasure draining federating unit? Of what use is a constitutional provision for 36 ministers, even when we have no need for so many.”

MINIMUM WAGE AND SUBSIDY REMOVAL

State governors

The former vice-presidential candidate of the Congress for Progressive Change (CPC) said subsidy should not be removed but should be replaced.

“As for the state government, care must be taken not to provoke the rage of poorly paid civil servants by reducing minimum wage of already impoverished workers,” he said.

“What they should do is device a reasonable policy direction that would lead to reduction of the salaries of politicians.

“Whereas the buzzword in the subsidy debate is subsidy removal, we are advocating subsidy replacement.

“Subsidy replacement would entail introduction of targeting palliatives that would ensure that the benefits of intervention gets to the so-called average Nigerian.”

Bakare said the current government has been focusing on 2Ds – deregulation and diversification – calling for 3D, which includes is diversification, deregulation and devolution of power.

Among other things, Bakare called for a prosecution of those indicted in the Farouk Lawan subsidy probe and the implementation of the 2014 national confab.