As Angolan President fires finance minister over economic slump
BLAMES by the All Progressives Congress, APC, that opposition Peoples Democratic Party, PDP, misruled the country for 16 years resonated as the ruling party admits that the current administration of President Muhammadu Buhari could not fix the Nigerian economy now. “We are clearing the debris; it is not possible to fix in one year what PDP undermined in 16 years, Edo State governor, Comrade Adams Oshiomhole said in Benin City during a political rally ahead of Saturday, September 10 governorship election. Meanwhile,two months after the Angolan government pulled out of talks with the International Monetary Fund, IMF, over emergency funding, President José Eduardo dos Santos has sacked the country’s Finance Minister Armando Manuel, following a slump in the country’s economic situation stemming from crashed crude oil prices and his inability to manage the country’s economy. Governor Oshiomhole explained that it would be impossible for the federal government to fix the country, particularly the economy in one year, admitting that the ruling party under President Buhari was aware of the hardship faced by Nigerians. “Things are costly because this administration met an empty strong room: Naira is where it is today because PDP government emptied the reserve which makes it impossible for the reserve to support our economy and the Naira.” According to him, at the time the former PDP government left power, the naira had climbed to N200 per dollar, adding that there was nothing to support the naira. He, however, noted that the current challenge of the administration was to rebuild the country and the economy, adding that Nigeria would reclaim posterity, halt the drift and re-emerge the land of glory. Angolan president fires finance minister over economic slump The Angolan President sacked his Finance minister because of his inability to stop the country’s economy from sliding and according to Reuters report, Manuel, who was appointed in 2013 and whose term had been due to run to 2017, would be replaced by Archer Mangueira, capital markets commission head. Like Angola, Nigeria has also been hit by the plunge in crude oil prices and a rapid depreciation of the local currency, and a recession the NBS has described as the worst in the history of the country occasioned by what experts describe as incompetent management of the economy. Over the last two years, Manuel had presided over an economic slump caused by a sharp drop in oil prices that sapped
dollar inflows, hammered the kwanza — the Angolan currency — and led to heavy government borrowing. The kwanza slid more than 30 percent against the dollar in 2015, and in January the central bank allowed for another 15 percent, weakening to 155 against the dollar. Nigeria has seen a depreciation of over 40 percent on the naira against the dollar in 2016. Angola’s inflation had soared from 11 percent in August 2015 to 35 percent in July 2016 while Nigeria’s is from 9.3 to 17.1 percent within the same period. Dino Melaye, senator representing Kogi West, called for the removal of Kemi Adeosun, Nigeria’s finance minister, over her “gross incompetence. “The finance minister has not only displayed gross incompetence on the job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy like the finance ministry,” he had said. “It is time for her to go now and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently under her stewardship.” Like the Nigerian president, dos Santos is getting unpopular by the day due to the economic hardship caused by the fall in oil prices.