FORMER Lagos State Governor, Asiwaju Bola Ahmed Tinubu,
yesterday, dissected Nigeria’s economy and declared that the country was
operating a voodoo economic policy that is pauperising the citizenry and urged
urgent economic surgery to save the polity.
For instance, Tinubu wondered why the Federal Government
is maintaining a foreign reserve of $46 billion with one or two per cent
interest and shouldering a load of $42 billion domestic debt, which it services
with 16 per cent interest.
“This is voodoo economy,” he said, adding, “they are
operating it because they don’t know what to do. It is choking the private
sector.
“We must in this country do away with the idea of ‘it is
better save the money and spend the people.’ Rather I will say we should adopt
the policy of ‘it is better to save the people and spend the fund.’
”We must reform our philosophy about economic
development. First, we must reform the financial sector so that it becomes an
effective artery that sends funds to the heart of the real sector. The Federal
Government must formulate a national industrial policy that would focus on
developing labour-intensive industries.”
Tinubu spoke at Victoria Island, Lagos at the
presentation of the book, ‘Financialism: Water from an empty well,’ he
co-authored with former Consul General of United States of America to Nigeria,
Mr. Brian Browne.
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