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. firstname.lastname@example.org