The former governor of Kaduna state during his session on Friday at the Africa in the World conference in Stellenbosch, South Africa, claims that the second term of former president Olusegun Obasanjo was the “most successful ” period in terms of Economic growth and stability, Job creation and inflation rate in the history of Nigeria.
Former president OBJ had his second tenure from 2003 to 2007 after a preceding four-year tenure in Nigeria. Obasanjo’s second tenure has now been deemed the best in the History of Nigeria by the Former Kaduna state governor.
El Rufai states that “If you look at Nigeria’s economic trajectory, the most successful four to five year period of economic growth, job creation, and reduced inflation was the period of the second term of President Obasanjo in 2003 to 2007. When for the first time, the Country went back into proper integrated planning and we also got lucky.”
“Oil prices began to rise but we did not waste the windfall because we had planned. We had an excuse crude account (ECA) that was based on the fiscal rule that any surpluses above a certain benchmark price of crude oil go to that savings account. With that, we were able to get rid of all our foreign debt.
Addressing Nigeria’s fiscal health, El Rufai said Nigeria’s fiscal health was at its best in 2007 and that when the global financial crisis took place in 2008, Nigeria was “Unaffected”. He said, “Nothing was felt in Nigeria because Nigeria had a big savings account. We had huge reserves and we were able to absorb the shock without any internal problem, unlike most countries.”
El Rufai emphasized the need for a “proper planning committee ” for any Country, to aid the economic growth of such a country. He said, “We have a planning commission in Nigeria but it hasn’t been effective”.
He also claimed that “long-term and coordinated planning, as well as the inclusion of all stakeholders, is crucial” to achieve a proper economy growth.
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