Obiageli Ezekwesili, former minister of education, has commended President Bola Tinubu’s administration for getting macroeconomic stability.

 

Ezekwesili spoke on Saturday when she appeared on ‘60 Seconds with Kay’, a TV programme by News Central.

 

“The only thing we can give to them is that we are getting a hold of macroeconomic stability,” she said.

 

“For example, the volatility we have with foreign exchange rates is quieter because they are abiding by market principles for FX policies.

 

 

“Inflation, even though they then used the methodology to crash it in terms of the numbers, the real thing is that the cost of living for the average citizen is still pretty high.

 

“By the way, that inflation that spiked did not have to happen, it was a poor management of combination of policies that led to that runway kind of inflation that we have.”

 

The former minister also said Nigeria is suffering from structural misalignment due to wrong economic policy choices.

 

 

“We are suffering from structural misalignment, coming from a lot of the things that are still not being done right in terms of economic policy choices,” Ezekwesili said.

 

She added that having multiple budgets running in the country is another issue.

 

Ezekwesili also said Nigerians living in poverty see elections as a source of income.

 

She said the majority of Nigerians, about 64 percent or 145 million people, are poor, adding that they are focused on getting by every day.

 

 

“They don’t want to be disturbed by any other things. The only time that issues of governance matter to them is elections and the elections have become a market day to improve income by little bit of notches for that day,” Ezekwesili said.

 

“They don’t know they are voting for four years. They are voting for that day’s income and the additionality that they will get.”

 

She added that there is the middle class and then the upper class, “if there’s anything called that”.

 

The former vice-president of the World Bank said in a normal society, the upper class comprises distinguished people.

 

 

In Nigeria’s case, she said, members of the upper class are people who boast of their status without being productive.

 

“So, it is a very dodgy class to talk about,” Ezekwesili said.

 

 

The former minister said the lower class are the ones who faithfully come out to vote during elections.