‘Altering economic policies under Buhari in order’

The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, has declared that there was nothing wrong in the administration of President Muhammadu Buhari changing any of its economic policies.

He spoke at the backdrop of alleged inconsistency in some of the government economic policies.

Speaking with The Nation, he said that it would be wrong to continue with a non-working policy in the name of being consistent.

According to him, it is not out of place for developing economies to discard policies that are not yielding results for new policies.

He said: “Economic policies are not Physics, it is not an exact science and you can check the examples of the East Asia economies. What you find is that governments in those countries try policies but remain open to try another policy if they are not getting the desired result with the first policy.

“There is nothing ultimately wrong if you change a policy when the earlier one is not working. Economy is not like Physics when you say if you send airplane at 500 kilometers per hour from Lagos to Abuja, it must get there in 30 minutes.
I think it is important to reflect that policies must be flexible if you are in a developing economy like Nigeria,” he added

Stressing that the inflation rate in the country has been coming down in the past three months; he said that it will come down very low in next five to six months.

The inflation rate, he noted, was initially jerked up by cost-push effects.




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