John Danjuma Omachonu
There is the general consensus that politicized governance in Nigeria over the years has led to inefficient allocation of resources as well as politically motivated decisions rather than needs-based allocations, information gathered, From The Street, (FTS) has shown.
Consequently, the country’s over-reliance on oil revenues and lack of economic diversification have made it vulnerable to global market fluctuations.
Analysts say, these and others, have exacerbated inequality and insecurity, weakened institutions that have undermined their effectiveness and erodes public trust.
The citizens’ lack of access to basic needs like healthcare, security and other basic infrastructure hinder growth and investment, because of high motality rate and lower life expectancy.
Politics trumping economy in Nigeria’s governance landscape is a concerning trend, that requires possible political and economic restructuring.
“When politics overrides economic sense, inequality and Insecurity persist and the fallout is that politicking will continue to suffocate the economy”, says Friday Ameh, Lagos based analyst.
Specifically, with less than two months to the second anniversary of President Bola Tinubu’s administration, and with many lingering issues agitating the psyche of Nigerians, stakeholders say governance may have taken the back seat, resulting in some economic indicators and figures that are not having direct positibe impact on rhe citizens.
While the government seems to be distracted by the involvement of the party in governance, that seems to be geared towards winning and retaining the presidency in 2027, the opposition parties, on the other hand, seem to be enmeshed in internal crisis and consequently lacking the much needed opposition that should put the government on its toes.
With the seemingly lack of ideology, within the ruling and opposition parties, their preoccupation now is embarking on activities that are capable of distracting government and governance by resorting to voyage to woo some past leaders, whom, by the estimation of most Nigerians, remained part of the problems bedevilling the country.
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For instance. Abdullah Ganduje, national chairman of the ruling party, All Progressives Congress, (APC) recently led the party’s NWC to Buhari, a move analysts said, was to counter the earlier one by the opposition Peoples Democratic Party, (PDP) and other personalities.
Although the meeting, which was led by Atiku Abubakar, presidential candidate of PDP, in 2023 elections, to the former President Muhammadu Buhari, accompanied by prominent political allies including former governors Nasir el-Rufai, Aminu Tambuwal, Gabriel Suswam, Jibrilla Bindow, and Achike Udenwa, stirred speculation about seeking Buhari’s blessings for political alliance, Atiku insisted the visit was purely a Sallah courtesy call.
Ganduje, had, while responding to questions, described the ongoing move by Nasir El-Rufai, and other politicians to form a coalition of political parties, to unseat president Bola Tinubu in 2027 as a project destined to fail.
Some analysts say the overbearing influence of the party, which has its eyes on 2027 elections, in governance, has taken governance to the back seat, with government concentrating on ‘patronage and reward system for victory the 2027 elections.
Information gathered from The Street (FTS) showed that investors are mostly watching from afar, as events continue to unfold, even as disturbing trends continue.
More worrisome is also the fact that the development is impacting negatively on all aspecys of governance, including security, particularly with the rising spate of killings, kidnappings as well as heightened political and economic tension.
Describing the current scenario, an analyst, who pleaded for anonymity said,
“I get a sense that investors might still be on the sidelines inview of heightened insecurity and tension generally in the polity. There seems to be lack of political will on, for jnstance, a clear policy proclamation as to the direction where the broad economy and fiscal policies will be steered, despite modest achievements by the Central Bank, (CBN) on the monetary policy side. The uncertainty from the 2027 elections, though about two years to come, sliding oil prices due to the indiscriminate hike in tariffs by the US Donald Trump and planned increase in oil output by the OPEC+, among others, should have been enough reasons for the government to muster enough political will and be focused on diveesifting the economy toward off threats to the 2025 budget. The gauge of investor’s perception ahead of the elections is on the low; caution seems to be order of the day. However, we expect to see few investors playing in the market, driven by speculation and bargain hunting activities.”
Another concerned Nigerian said, “There seems not to be separation of powers between the three arms of government. It’s either, there’s that ‘understanding or unholy alliance’ or they are elements of coercion and intimidation, that may have shifted their loyalty and responsibility from the people.”
Speaking further, he said, “What majority of Nigerians are hoping for, is an administration that is committed to the rule of law, protection of lives and property as well as secure the citizens so that they can go about their normal businesses.”
