By Osa Director
When Kemi Adeosun was appointed the Finance Minister of the Federal Republic of Nigeria by President Muhammadu Buhari, she indeed stepped into very large shoes. This is for the simple reasons that her predecessor in office, Dr. Ngozi Okonjo-Iweala was no fringe player in global politics of economies of state and its actors. Also, her appointment coincided with a period when the nation’s economy was tethering on the brink, occasioned by the fall in oil prices globally, a product, which constitutes Nigeria’s major revenue earnings. It was therefore a tough call for the relatively young, inexperienced and unknown Adeosun.
It would appear the government of President Buhari attempted to ease her ‘burden’ when it removed the Department of Budget from the Finance Ministry. What is Finance Ministry without budget office anyway, not a few wondered. In spite of her modest outing as Commissioner of Finance in Ogun State under a hardworking Governor Ibikunle Amosun, many experts were not ready to place a bet on the new kid on the block in the Finance Ministry.
The first salvo against her appointment came on the very first day her name was announced. It came from an eminent quarter, as the vastly respected Professor Akin Oyebode in one of the global television networks in Nigeria described Adeosun as lacking the gravitas to handle a complex, sensitive and sophisticated ministry like the finance ministry. He went further to note that not even her acquisition of a degree in Economics from the University of East London could serve her well and come to her rescue, since such a university was not among the top rated universities in the United Kingdom.
Following on the heels of Professor Oyebode was also the globally respected The Economist of London. The widely acclaimed newspaper dismissed Adeosun as a kid playing with candy in a sophisticated financial supermarket.
In spite of these initial criticism and reservations, she soldiered on and apparently tried to prove her critics wrong. It would appear she did a fairly good job of that from the outset. That even made The Economist and Financial Times of London change their views about her. But that romance was not to last long.
When Nigeria relapsed into recession, the naira started dancing Atilogu dance on the foreign exchange market, prices of goods and foods skyrocketed and no credible response from her ministry and the Central Bank of Nigeria (CBN), the civilized community of Nigerians and across the globe swooped on Adeosun, taking her to the cleaners in their wake.
Many even called for her immediate sack by the presidency. The outright contradictions and lack of cohesion between her ministry and the CBN worsened matters.
Even The Economist and Financial Times of London literally withdrew their endorsements and took a critical swipe at the minister. The influential newspapers went further to say that Adeosun hides her incompetence under a cockney accent. Although some Nigerians, especially the wannabes seem really to be carried away by such oyinbo accent, some other Nigerians conversely describe it as fake and irritating. After all, they argue that Dr. Okonjo-Iweala has lived almost all her life so far in the United States of America, yet Nigerians hear her speak eloquently without a warped and mechanically reconfigured accent.
But for the writer, the challenges in the Ministry of Finance, and by implication, Nigeria’s economy goes beyond the minister’s accent. It is all about Adeosun’s pedigree, qualification for the job, experience and indeed her official priorities.
Prof. Oyebode, a respected academic and statesman delivered a verdict on her academic pedigree. It was a blow on her solar plexus. Hence, it would be trite to over flog that issue. Her strongest qualification and experience for the job would appear to be her previous appointment as Ogun State’s Commissioner of Finance. Sadly, there is really nothing fantastic she did to elevate the state beyond the oft-repeated rentier economic groove and a wholesale duplication of the Lagos model. An outing devoid of originality and verve cannot and should not be a good recommendation for service in higher office. But it happened!
However, most worrisome is her official priorities.
When she was appointed, she announced to the world with fanfare of an Archimedes Eureka that she discovered over 30,000 ghost workers on government payroll and therefore saved revenue for the Federal Government. But this tune sounded very familiar.
Okonjo-Iweala also made so much fuss about the same issue. In short, she got credit for the breakthrough in breaking the backbone of the mafia who reaped immeasurably from the racket of ghost workers. Okonjo-Iweala’s introduction of biometrics virtually eliminated the incidents of ghost workers. So, what was new about Adeosun’s discovery? Were they the same ghost workers Okonjo-Iweala had claimed to have eliminated? Or was someone lying to the nation? Whichever way one looks at it, the claim by the finance minister was certainly not novel, innovative and worth the decibel of celebration of a recorded achievement.
As if Adeosun is not content with inane celebrations in times of economic difficulties and recession, she recently released an official portrait in a media fanfare. Gosh! Is posing before a photographer with chubby cheeks and a grin in a nation under recession, a priority of a minister who should fix the economy? What point is there to make in a portrait after over one year in office?
The finance minister should be more concerned with the obvious clueless tackling of the economy and worsening conditions of the average Nigerian. Instead of slapping her beautiful portrait with a smile on hapless and suffering Nigerians, she should be on her desk sweating out solutions to Nigeria’s ailing economy. Worse still, is having a finance minister like Adeosun teaming up with a Central Bank governor who does not inspire with his speech, body language and monetary policies. It is so sad for an administration that enjoyed tremendous goodwill of Nigerians. It is time for President Buhari to re-jig his economic team for the better before the patience of Nigerians burn out!