Babatunde Fashola: Jonathan’s Economic Success Was Due To High Oil Prices, Not Sound Policies

Minister of Power, Works and Housing, Babatunde Fashola on Friday said the claims made by Jonathan’s administration that its policies were responsible for the country’s growth over the past decade was false.

According to the minister, Nigeria’s economic growth under the former president was as a result of the high oil prices.

“In the last decade or so, we experienced growth in the region of about seven, seven and a half, eight percent, but the commentary that followed those growth records was that people were still struggling, and ultimately, the public coined a narrative known as non-inclusive growth,” he said.

“There is a need to invest in infrastructure, and that is the meat of the point. That is the globally tested parameter for driving growth. In the science of economic management and governance, nobody has found a different way.

“I say this in the context of those who are tempted to lay some claim to any form of credit about why our economy was growing at seven percent for almost a decade, and I say very clearly, without mincing words, that I don’t think anybody can fairly lay claim to any economic policy that drove that growth.

“It was growth that was driven by high oil prices. If we agree that infrastructure is the driver of growth, when you get high oil prices, what do you do with it? So, where are those towers, where are those bridges, where are those highways?”

He also admitted that the unstable government policies during his time as governor was what led to the poor infrastructural growth.

“Investors must have the assurance that government will not flip flop, and contracts that fail have consequences. There is cost for investors on both sides.

“I recall, just shortly after I became governor, we privatized some refineries, a government came and cancelled it. So we should stop this back and forth,” he said.