By Eteteonline
Alhaji Bashir Tofa and Bashorun MKO Abiola squared off in a live debate on the Nigerian Television Authority (NTA) regarding the economic plan they would carry out if elected president.
Abiola emphasized his party’s determination that only his government’s economic policies will be carried out in the nation.
He pointed out that the Federal Military Government’s Structural Adjustment Programme (SAP) was implemented with a lot of propaganda. He outlined the program’s main shortcomings, including an excessive money supply and frequent budget deficits that, in 1991, accounted for around 12.1% of GDP; these problems had made the situation of the poor worse by causing inflation and devaluing the naira.
However, the NRC flagbearer stated that he would disregard SAP’s shortcomings and carry on with its deployment. He claimed that the government failed to accomplish both of the program’s objectives, which were to enhance exports by depreciating the naira and using the higher naira equivalent of foreign exchange revenues to improve local industry and rural areas.
Despite their disagreements, both candidates concurred that SAP installation was insufficient.
When the NRC’s pledge to support the value of the naira within the first 100 days of its government’s tenure was questioned, Tofa responded that he would accomplish his goal by reducing budget deficits and managing the money supply.
Following inquiries about SAP, the nation’s incapacity to manufacture intermediary machinery and parts was caused by its weak technological foundation.
Without outlining the source of the funding or how it would affect other economic sectors, both candidates focused a great deal on reorganizing the educational system to favor science and technology and increasing funding for the industry.
In order to boost the sector’s development, Abiola stated that he would, in the short term, encourage Nigerians to return to important technological fields in industrialized nations.
Another significant subject for the contenders was the elimination of the petroleum product subsidies.
Tofa stated he would not eliminate the subsidy due to the possibility of inflation, while Abiola stated he would like to investigate the cost structure of petroleum production, specifically the marginal cost of production, on which he said the Nigerian National Petroleum Corporation (NNPC) had been silent. Instead, he would restructure the NNPC’s management, which he said was flawed.
In order to counteract the elimination of subsidies, Tofa claimed he would also provide petroleum goods at varying prices.
Tofa underlined the crucial role that the food and agriculture industries should play in boosting the economy. He reiterated his goal to address the issue of rural transportation in order to efficiently convey food from rural areas to urban areas.
Abiola explained that he decided to start farming in order to prevent starvation, saying that the happiness he has received from his investment will motivate him even more to prioritize agriculture. He also claimed that he was the driving force behind the current government’s agricultural initiative, NALDA. Abiola promised private entrepreneurs entering the agricultural industry a 10-year tax vacation.
Among other things, Tofa promised the expansion of cottage and agro-related enterprises.
The NRC candidate acknowledged his involvement in the Second Republic government’s Green Revolution program and felt that addressing the transportation issue would address an area where he claimed the Directorate of Food, Roads, and Rural Infrastructure had failed.
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