How political scenario will shape Nigeria’s economy in 2019- CFL boss

Foremost real estate guru and Managing Director, CFL Group of companies, Lai Omotola has said that 2019 fiscal year may be the most ineffective in Nigeria as regards execution considering the present political atmosphere in the nation.

Omotola dropped this hint on Thursday during the annual press briefing of the company that took place at the organization’s conference center in Maryland, Lagos.

According to him, some dramatic scenarios that are unfolding at the political landscape speak volumes on how these events may have ripple effects on the already feeble economy.

In his words: ” The sign is very glaring, judging by what happened at the National Assembly when President Buhari was presenting the budget to the joint session of the house. If the ruling party, All Progressive Congress, APC wins, it would boomerang on the budget in the sense that the opposition, out of frustration and anger will fight back and budget will be one of the targets.

“Furthermore, if APC should lose the election, the incoming government will not align with the philosophy of their budgets; they will not implement many things that the previous government conceptualised in the budget, so the budget is dead on arrival.

“The President said the 2018 budget is 67 percent successful, assuming the figure is true, has it made the required impact? As it met the aspiration of the Nigerian people to the desired extent, the answer is no.

The financial expert lamented that Nigeria is a clime where politics is valued above the economy.

He further stated that if APC wins, the political field would be a battleground because the opposition would go to court to challenge the outcome. He however predicted that President Buhari would take the issue of corruption more seriously and the fight against it would be more effective.

He said that the economy is burdened with myriad of challenges that cut across different sectors and the revenue is not increasing, adding that every area such as economy, education, human right, health etc has become very cumbersome and complex.

Speaking further, the astute businessman said Nigeria’s leadership system must be organized organically like the way Lagos has been run since 1999 where a brilliant insider takes over and continue where his predecessor stopped.

He stressed that this is better; rather a new person who would start learning new things to come and take over. He said that it would affect Atiku Abubakar if he wins because he left there in 2007, 11 years ago; noting that since then many things have changed. He added that it affected Buhari too when he got there in 2015; the place he left in 1985.

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