Already attention
has been shifted away from core economic programmes to politics and
campaign, bad enough, the 2015 budget is yet to be considered and
approved by the National Assembly as a result of these activities. We
are faced with worst scenario especially if the legislature decides
to politicize its legislative assignments. The budget might end up
not being passed until after the May 29th transition period. It is
not pleasing that the President is currently financing the 2015
budget outside appropriation, considering the fact that the current
exchange rate of the naira would make such expenses risky. What is
most worrisome is that if the budget is not timely passed so as to
become law, it would pose a great challenge for the incoming
government to reconcile expenditure already made outside the budget
and those approved from the budget. The effect of the election
postponement has already suggested uncertainty in the economy, it has
lowered investors confidence in the nation’s stock exchange.
Foreign investors are already withdrawing their investment from the
Nigerian stock exchange.
The process of
implementing economic growth policies would be slow; since the
incoming government will not be known until after March 28th. In the
face of dwindling oil funds, this is certainly not the time for
Nigeria to toy with any activities that would revamp its revenue
profile; not even the 2015elections. In a special report titled
‘Nigeria: Postponed Polls: Protracted Uncertainty Weighs on Naira’,
the international investment and financial advisory firm, Renaissance
Capital said by postponing the election, the authorities have further
exposed the weakness of the local currency in the face of continued
depletion of the nation’s foreign reserves.
Besides, the
postponement is in line with the provision in section 26 sub section
one of the electoral act 2010 amended. Basically, the insecurity
occasioned by the Boko Haram insurgents in Adamawa, Yobe and Borno
States were among reasons why the security agents advised INEC for
the postponement, saying that it cannot guarantee the security of
voters, personnel and materials for the elections under the
circumstance.
According to Prof.
Jega under such circumstances, INEC had no option than to postpone
the elections. However, INEC had been contending with the
distribution of the Permanent Voter Cards (PVC), as millions of
registered voters have been unable to collect their PVC as at the
time of the announcement of the postponement by INEC Chairman,
despite the extension of the collection exercise.
With the
postponement of the elections due to insecurity in parts of the
country, it therefore means that the Boko Haram insurgency which has
been treated as a non issue by the military and Federal government
has become a serious issue over night.
The postponement
reminds Nigerians of the thankless role of the judiciary in the
annulment of the 1993 general elections must necessarily become a
warning in the light of the myriads of pre-election lawsuits
currently pending in court ahead of the March 28 and April 11 polls.
There are no fewer than five lawsuits seeking declaration that
President Goodluck Jonathan of the Peoples Democratic Party is
ineligible to stand re-election. As many as 10 separate suits are
pending, wherein the court has been urged to disqualify the All
Progressives Congress presidential candidate, Maj. Gen. Muhammadu
Buhari (retd.) from the election.
Nigeria deserves
this democracy, which, in the words of a prominent professor of Law
and a Senior Advocate of Nigeria, Itse Sagay, has become the minimum
standard for a civilised existence. Indeed, democracy has been
equated to the most basic fundamental human right of a people.
Inwalomhe Donald,
Researcher, Benin City, Nigeria. inwalomhe.donald@yahoo.com