‘Nothing works’ for a Loan-Dependent Nigeria – Gani Adams
Iba Gani Adams, Aare Onakakanfo of Yorubaland, has called on President Muhammadu Buhari to devise creative ways to revive the nation’s economy.
In an address delivered on Tuesday at the Grandmothers’ Festival in Epe, the traditional leader called for a new era.
Adams criticized Buhari’s policies for leaving the nation dependent on foreign loans to survive.
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He cautioned that Nigeria’s dependence on borrowing would make it a perpetual debtor and leave it vulnerable to future problems.
“Nigeria’s economy is dwindling; in a state of comatose. Nothing is working. There is an urgent need for the Federal Government to salvage the economic doldrums.
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“Nigeria has been surviving on foreign loans and the economic hardship is hitting hard on ordinary citizens.
“The recent scarcity and increase in the prices of Premium Motor Spirit (PMS) can only make things worse.”
Adams stated that the sudden increase in the cost of flight tickets would affect the people adversely.
Prior to now, Nigerian airlines were selling economy class tickets for N25,000 to N35,000; the price has now been raised to N50,000.
Domestic operators listed high cost of jet A1 fuel, forex scarcity, double digit inflation, increase in ground handling charges, cost of buying and spare parts as the causes.
According to Adams, the sudden increase in the price of flight tickets would negatively affect people.
“Apart from the aviation sector, other sectors of the Nigerian economy are suffering.
“The huge increase in import duty tariff for imported vehicles are taking a heavy toll on businesses and the cost of goods and services.
“It is very important for President Muhammadu Buhari to take a drastic step that can help salvage the economy”, he noted.
