Doubtlessly, the past five years of President Muhammadu Buhari in office have been characterised by sundry micro and macroeconomic policies and funding initiatives aimed at strengthening all the institutional and legislative mechanisms for the purpose of reversing the economy’s recessionary trend and positioning it on the part of sustainable growth.
Apart from the yearly budgets that spell out in clear terms the economic projections of the administration for the economy, including the Medium Term Expenditure Framework (MTEF), as well as other policy frameworks, others like the Economic Recovery and Growth Plan (ERGP), debt management plans, the Treasury Single Account (TSA), have been churned out by the government as templates for various policies and programmes’ implementation to alleviate poverty, address unemployment, insecurity and other socio-economic problems.
Today, a cursory appraisal of the impact of the various initiatives from the context of micro and macroeconomic perspectives appear to signify that there are more hurdles to cross given the current state of the economy, particularly the inclement state of the environment to businesses, rising poverty and unemployment rates and its unpromising future prospects.
Despite all these worrisome socio-economic indices accentuated by the fiscal challenges associated with the country’s dwindling crude oil export earnings over the past few months, the President Buhari-led administration has not relented in its effort through sustained policy measures geared towards re-positioning the economy on the path of sustainable growth.
