Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has spoken on Nigeria’s economic issues and suggested some changes that he feels may help the economy improve.
Addressing the theme ‘An Economy in Distress; Which Way Forward?’ at the 16th Leadership Annual Conference and Awards in Abuja on Tuesday, March 5, Moghalu outlined critical changes that might help Nigeria stabilise its foreign exchange and promote economic resilience.
He urged that Tinubu carefully evaluate a $20-30 billion stabilisation package from the International Monetary Fund (IMF) and change his government after a year.
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The professor emphasised the importance of establishing a full-time, highly professional Economic Advisory Council composed of seven economists with expertise in crucial sectors such as agriculture, industry, labour, business, trade, fiscal policy, and development economics.
In addition to these steps, Moghalu suggested the strategic sale of government assets to create revenues totaling $18-20 billion, which could be used to boost foreign reserves.
“President Bola Tinubu needs to revamp his cabinet… Removing the subsidy is just one aspect of the reform. There are other things to do,” Moghalu said.
“We should not be surprised that there is hunger and anger in the land because the past 10 years have been marked by many economic mismanagement, blotted ways and means of the CBN, blotted budget which has paved way for unprecedented corruption.”
He went on to say that the government’s fiscal side has failed over the years, resulting in the CBN being overwhelmed.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli