Have the presidential candidates addressed important economic questions?

 Have the presidential candidates addressed important economic questions?

Have the presidential candidates addressed important economic questions?

The general elections of 2023 will mark the first time since 2007 that the president who is currently in office will not be on the ballot. The top three candidates, in particular, now have an even playing field for candidates running in the election.


Prior to the elections, campaigns are still ongoing. During the campaign period, presidential candidates can talk about current issues and promise voters what they will do if elected.


Given the circumstances, a presidential debate featuring all candidates seems unlikely. Therefore, it has become necessary to determine whether the major candidates have addressed some significant concerns.


In a previous article, it was discussed what the presidential candidates needed to do to make the country better. This article will examine their plans for the economy based on the manifestos of the three major candidates and political parties (in the order in which they were released).


The PDP's Atiku Abubakar served as the nation's vice president from 1999 to 2007 under President Olusegun Obasanjo. He is no stranger to the political scene in Nigeria. Since 2007, he hasn't run for president in a primary, but he was the party's flag bearer in 2007, 2019, and 2023. Atiku was declared the People's Democratic Party (PDP) winner on May 28, 2022, and a few weeks later, he picked Ifeanyi Okowa, the governor of Delta State, as his running mate.


Atiku unveiled a 74-page manifesto with the title "My Covenant with Nigerians," which outlines his strategies for the nation.


Change in value: The candidate intends to institutionalize fiscal discipline and maintain exchange rate stability.


Fuel assistance: In order to free up fiscal resources for the government, the candidate intends to immediately examine PMS subsidy spending.


Exports from Nigeria: The candidate intends to conduct a thorough investigation of the Non-oil sector. Additionally, plans to increase the non-oil sector of primary and processed goods to 20% of GDP by 2030.


Revenue from taxes: The candidate intends to implement a number of tax reforms, such as streamlining corporate and personal tax filings, creating a transparent corporate tax register, addressing multiple taxes, creating an investment-friendly tax environment, providing tax breaks and rebates to MSMEs and SMPs, and harmonizing state and federal tax laws.


Unemployment: The candidate intends to address the problem of unemployment by strengthening policies and institutions, innovative skills and entrepreneurship programs, a growing economy, a productive MSMEs sector, and four pillars of job creation.


Rate of inflation: The candidate intends to keep inflation below 1%.


System of education: The candidate intends to provide secondary education at a price that is accessible and of high quality. plans to allocate at least 25% of the annual budget to education as well.


Additionally, plans for the devolution of power in the educational sector call for, among other things, state governments to begin monitoring federal and unity schools in their jurisdiction. Additionally, plans to reward states with high education performance.

Additionally, the candidate intends to promote private-public collaboration, the construction and renovation of existing infrastructure, and a revision of the educational curriculum.

Healthcare delivery: Seven pillars underpin the candidates' plans for the healthcare sector: Improve care and clinical governance, unlock the healthcare sector's market potential, expand access to primary care, implement administrative reforms, facilitate universal health coverage, expand healthcare delivery, and increase the number of healthcare professionals: In order to provide electricity access to the over 85 million Nigerians who do not currently have access to the grid, the candidate intends to upgrade the power transmission grid, empower the Nigeria Electricity Regulatory Commission, and intensify projects for rural electrification.


Bola Tinubu of the APC is running for president in the current election. Tinubu, who served as a senator and was governor of Lagos State from 1999 to 2007, is running for president in the All Progressive Congress (APC), a party he helped found. Together with Kashim Shettima, Tinubu's running mate, they released an 80-page document titled "Renewed Hope, 2023."


Change in value: The candidate intends to collaborate with the financial sector and the Central Bank to carefully examine and improve the exchange rate regime.


Fuel assistance: The candidate intends to gradually end the fuel subsidy while preserving the fundamental social contract between the people and the government. Additionally, plans to make use of funds that would have been used as subsidies for specific social welfare, agricultural, and infrastructure programs.


Export from Nigeria: To increase economic diversity, the candidate intends to make investments in the agricultural sector.


Revenue from taxes: The candidate intends to establish a tax system that is progressive, close harmful loopholes, improve the efficiency with which taxes are collected, and give people a greater sense of responsibility for paying their taxes. Additionally, plans to provide tax credits, rebates, and luxury, as required.


Unemployment: Within four years, the candidate intends to create new jobs and cut youth unemployment in half.


Rate of inflation: The candidate intends to carefully examine the sources and causes of inflation and employ the appropriate combination of monetary and fiscal instruments to contain it.


Oil earnings: The candidate intends to prevent oil theft and preserve oil revenue by establishing a Special Enforcement and Monitoring Unit with the sole purpose of safeguarding the nation's pipelines through the use of technological interventions (drones, stationary aerial monitoring platforms) to prevent production disruptions.


System of education: Through educational infrastructure, the candidate intends to restructure and enhance education in the nation. Additionally, enhance tertiary education by utilizing special education funds and student loans.


Healthcare delivery: Health sector governance and leadership, primary and secondary healthcare equity and quality, preventive care, health financing and National Health Insurance, caring for healthcare workers and Jon creation, the next public health emergency, domestic research, and Mental Health and Drug Abuse are the candidate's plans to improve healthcare.


Supply of electricity: Eliminate estimated billing, support domestic production of electricity meters, renewable energy plans, rural electrification, power sector governance reform, and Nigeria's first power policy are all ways to improve electricity.


Peter Obi, a member of the Labour Party, was governor of Anambra State from 2007 to 2014. Following his affiliation with the Labor Party (LP), Peter Obi, according to reports, has established a third force in Nigeria's political landscape ahead of the election. Yussuf Datti Baba-Ahmed and his running mate unveiled a 72-page manifesto with the title: It's doable: OUR MANAGEMENT OF NIGERIANS.


Change in value: The candidate intends to eliminate multiple exchange rates while simplifying the exchange rate regime.


Fuel assistance: The candidate intends to reduce refined petroleum imports by encouraging private-owned small and medium-scale refineries or modular refineries in the mid-stream segment of the petroleum industry.


Exports from Nigeria: By running an export-oriented economy that is also centered on production, the candidate wants to shift the focus away from consumption and toward production.


Revenue from taxes: The candidate intends to give the ministries of finance of the federal and state governments the authority to coordinate taxes and tax databases, combine all tax databases into a single centralized system, and establish tax delineation.


Unemployment: The candidate intends to empower young people with digital skills to obtain offshore jobs in the new gig economy in order to combat unemployment. Additionally, employ people in the creative, electrical, and sports industries.


Revenue from the public sector: The candidate intends to reduce governance costs. Also, review the Steve Oronsaye Commission's recommendations for reorganizing the Federal Civil Service right away so that you can put them into action. 


System of education: The candidate intends to address UBEC and TETFUND funding as well as the development of educational policies like "No Child Left Behind." In addition, the Ministry of Education intends to develop a Public-Private model in which private corporations will assume managerial and funding responsibilities in a restructured tax plan.


Healthcare delivery: Healthcare will receive at least 15% of the annual budget from the candidate. Additionally, discourage medical tourism and promote public-private healthcare financing. Also, provide protection for the 133 million poorest Nigerians, including children, elderly, disabled, and pregnant women.


Supply of electricity: Through transmission, generation, distribution, and financing, the candidate intends to improve the electricity industry. This includes finishing the $2.3 billion Nigeria-Siemens network improvement deal and improving the national grid. Additionally, the nationwide revolution in solar power, particularly in the north. The Nigeria Electricity Supply Industry (NESI) will gain 5,000 direct jobs and 100,000 indirect jobs as a result of the construction of 100,000 mini-grids by the end of 2024.


The three most prominent political candidates outline their strategies for the nation if elected in their manifestos. Nigerians must choose the candidate who best answers the questions posed in this article when they go to the polls in the coming weeks.

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