El-Rufai: Fuel subsidy, forex crisis’ll affect Buhari’s successor

Governor Nasir El-Rufai has declared that addressing fuel subsidy and foreign exchange challenges would affect the re-election of Nigeria’s next president.

El-Rufai stated that the two issues are critical to reposition Nigeria’s economy to the right trajectory.

This, he said, may cost President Muhammadu Buhari’s successor his second term.

The governor, who spoke on Thursday during a panel discussion at the launch of the World Bank Nigeria Development Update and Country Economic Memorandum on Thursday in Abuja, said the next president must be willing to take very difficult, immediate, and urgent decisions.

His words: “I think that Nigeria’s next president must be willing to take very difficult, immediate, and urgent decisions that will make the country go through maybe three to five years of pain, and reverse this trajectory. I am proud to be a member of the Obasanjo administration during that decade of growth. We were in that government and we knew what we had to do.

“We know what President Obasanjo had to do. The next president of Nigeria must be willing to do just one term if necessary but reverse this trend. The consensus is there. If 95 per cent of jobs are from the private sector, 90 per cent of GDP is from the private sector.

“The private sector agrees that these things must be done. The state governments have agreed that these things must be done. The two big elephants are fuel subsidy and the exchange rate and those at the receiving end of this are the private sectors and the sub nationals.

“We have agreed. What we need is a president willing to expend political capital and take risks to reverse the trajectory of this country on a permanent basis even if it costs him the election because the results may not begin to show until after three to five years.”

El-Rufai said the next president of Nigeria must be willing to do just one term if necessary but reverse this trend.

The Star