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Nigerian economy in compression, not recession– Soludo

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Nigerian economy in compression, not recession– Soludo

A more gory picture of the Nigerian economy was Thursday painted by Charles Soludo, Nigeria’s former Central Bank governor.

Speaking at the ‘Big Ideas Podium’ an event organised by the Afri Heritage Institution in Enugu, he said, “The economy is not just in recession; we are suffering from massive economic compression. Saying it is recession trivialises the issue.” His lecture was titled, ‘Prognosis of the Nigerian Economy 2017.’

Soludo’s assertions were, however, immediately rejected by the Federal Government which, while acknowledging that the economy had been in bad shape, argued that, “Nigerians have demonstrated that they know that the Buhari administration inherited a sorry state of the economy but is working diligently to fix it with positive results now emerging.
“What even the former CBN Governor, Soludo, cannot deny is the fact that the Buhari administration has ended the bleeding of the nation and is implementing reforms.”

The government position was made known by Laolu Akande, Special Assistant on Media and Publicity to Acting President Yemi Osinbajo.

But in a detailed analysis of the fundamental issues bedeviling the economy, Soludo, amongst others, said, “Buhari met a very bad situation when he assumed power, but he has made the situation worse. Nigeria today is a fragile state with a failing economy. Some say failing state; some say failed state.
“It will be a miracle if after eight years, by the time it leaves office in 2023, the current administration is able to return the economy in dollar terms to the exchange rate it met when it took over.

“The truth is this government inherited a very bad situation, but it has made it very much worse.”

He added, “Only citizens united can rescue Nigeria, not just the government alone. It is a big luxury for anybody to say I am minding my business, because what others do will come to mind your own business for you sooner than later.

“We can’t get the leadership that we desire but we can get the leadership that we demand and work for. If only each party or government implements 25 per cent of their promises, Nigeria will be a great country.”

Read also: Despite losing N18bn to MMM, Nigerians still patronise ponzi schemes –NDIC

Soludo challenged Nigerians to hold their leaders accountable through peaceful agitation saying, “If you see the governments run by APC, PDP and APGA, they are all the same, because Nigerians don’t hold them accountable. We must resolve as citizens not to let government off again; peaceful agitation must be encouraged and tolerated in this country. Everybody must be allowed to have a voice.

“For example, the APC promised us that they were going to restructure Nigeria; before the elections, they said the current structure was not working, they said that Nigeria was becoming a failed state; but now, they are in power and they are not getting it done.

“Unless we citizens rise up and tell the government ‘deliver on what you promised’, they will not get it done.”

He also warned against ethnic cleavages noting that, “Nigeria is not working in anybody’s interest except that of the privileged few and because of this, there is an obsession with unnecessary distractions, like which part of the country produces the President. You can have the President, the Vice President and all the ministers from one village and the life of the ordinary people from that village will not move from point A to point B.

“The North has ruled the country for several years, but poverty, to a very large extent, is a northern problem.

“In the last dispensation, we had Jonathan as President, the Finance ministry and almost all the financial institutions of government were headed by Igbos then, but we still don’t have any motorable federal road in Igboland.”

Soludo urged Nigerians to demand and insist on the right type of leadership.

“Change is a struggle; change is never given by a benevolent elite; no change is given by the government, the people always had to ask for change. Nigeria has been waiting for a benevolent leader since 1960 but he has not come. You will get the type of leader that the people demand.

“The change we think we need will never be given to us; we have to demand it; we have to agitate for it, and it is the sustained agitation that will bring about the change. Citizens should get involved and stop complaining, “he said.

Besides Soludo, other speakers at the the Big Ideas Podium were ex-Governor Donald Duke, ex-Chief Economic Adviser to the President, Prof. Osita Ogbu, and Prof. Akpan Ekpo.

 

 

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0 Comments

  1. Animashaun Ayodeji

    March 3, 2017 at 7:38 am

    Soludo is a big fool for saying Nigeria’s economy is in a state of compression! Despite all the efforts this government is puting in to make sure Nigeria’s economy gets out of recession, he sees no good in them? I’m surprised what has happened to his brain for saying this nonsense

    • yanju omotodun

      March 3, 2017 at 12:46 pm

      It’s your brain that is affected. Read thoroughly and get to know he is not condemning this government in any way but even canvassing for citizens’ support for the government as it will take little time to get out of recession as the pdp government has damaged the economy so bad in their reign.

    • Babajide John Abubakar

      March 3, 2017 at 8:51 pm

      Bro,who did did to you? Can u read @all? Or better still are u in this cointry? Soludo is one of the finest brain we have around. If u don’t understand him read try his epistle again. Ur president met dollar @216 and took it to 520 and u are still not ashamed to defend him. Most of u from that side(APC) seems ur brains have bn reformatted to believe lies and hate d truth.

    • Joy Madu

      March 4, 2017 at 3:11 am

      What make you think soludo is saying nonsense.That means you don’t have eyes to see what is happening to this country.what ever soludo has say is the right thing to say

  2. Margret Dickson

    March 3, 2017 at 7:44 am

    Soludo has captured Nigeria’s government so well, he knew how they have all been operating. If Nigerians don’t stand up to request for good governance, the government won’t stop misbehaving. Different tribes have ruled this country, yet life is not better for their people and the whole country, we all need to start speaking up.

  3. Roland Uchendu Pele

    March 3, 2017 at 1:48 pm

    Soludo is supporting IPOB. Soludo is against APC government. Soludo hates that CBN is being run by someone else other than him. Soludo wants to govern his own state. Soludo is simply confused.

    • Balarabe musa

      March 3, 2017 at 2:06 pm

      Really he is confused. He just wants a way to venture into full politics again and Anambra won’t give him the chance as he has no legacy to bank on.

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