Dr. Vincent Nwani, an economic consultant has urged media practioners to challenge the President Muhammadu Buhari-led federal government on the new policy on loan for importation of food and other policies.
Insideoyo news today report that Nwani also warned the federal government about the danger of taking further loans against the present external debt, which stood at N24.3 trillion.
He gave this warning in Ibadan, the Oyo state capital at the South West Edition of the First City Monument Bank (FCMB) Media Knowledge Development Event (MKDE) themed, “Nigeria in 2019: low growth Vs rising risks”
Nwani, who is the immediate past Director of Advocacy at the Lagos Chamber of Commerce and Industry (LCCI) gave the analysis of the nation’s debt burden and the lackluster economy status of the country. He said that the national GDP which is at 2.5 at the moment is too weak for development of the country.
“In 2015, our external debt was N12. 1 trillion but before the end of 2018, it rose to N24.3 trillion. Though, I know it is never a crime to borrow money, but you must know what you are doing with the money you are borrowing. Today, no concrete project is going on in the country and we keep borrowing money. Today, our GDP is 2.5 which was above 6.0 few years ago. This is very weak for a country like Nigeria.
“You media practitioners need to challenge government on the new policy on loan for importation of food, especially milk. If you raise money to import without going through the CBN, when you get to port of entry, you will have problems.”
The economic consultant, Nwani, who also agreed to the view that Nigeria economy is under invasion urged the federal government to take giant steps to allow the country meet up and survive the invasion.
“Nigeria economy is under all forms of invasions. And the way it is going, it will be worse. A small country like Morocco has been planning to do what they are doing now years ago. People should get money at the right time and WS should reduce the interest rate. At least let there be stable light
“We are very vulnerable, our economy is very large because of our population. Our psychology is centered on enjoyment. The vehicle that is manufactured today, you will see that Nigerians are the first ten to buy it. Our governance level is now the worse. So, we are vulnerable. We are taking about technological invasion.” he added.