There are worrying indications that the federal government is deep routed in Nigeria’s failing economy.
From the falling naira, comatose economic policies, eatc, the administration of President Muhammad Buhari is seen as complacent in reviving the economy, experts have said.
Blaming the government’s inability to stimulate the economy with sound policies, Bashorun Aderoju and Professor Mary Nwoye of IBB University, Niger State maintained that the economy was suffering.
For instance, they took a swipe at the government for providing the hard earned dollar to religious faiths in the name of pilgrimage, lamenting that such quantum of dollars at N197 rate donated to religious pilgrims could have been given to genuine Nigerian businessmen who would have deployed such funds to meaningful imports of raw materials or bring in meaningful technology from which the country would have in turn benefited through tax.
“The dollar allocated to Muslims and Christians is wrong; the economy ought to benefit first; business is first; forget religious sentiments. Such quantum of goodwill would have stimulated the economy if businessmen and women benefited,” they argued, stressing that everybody should serve their God with their money.
They frowned at the government for not setting standards, pointing that even after the dollar rain, government would have directed the CBN to extend such gesture to businesses instead of manipulating foreign currency to serve certain groups.
Speaking further, the experts disclosed that Nigeria was finished with oil since the global oil market share the country previously enjoyed is been occupied by Angola, South Africa and the US while it is also not exchanging anything with the world now.
Going forward, they charged government to protect the naira, create polices that stimulate export in agriculture; identify something that could also create talents for export.

READ ALSO  EU extends economic sanctions against Russia