Economics

Buhari must evolve his strategy to save dwindling economy

The President issued the warning at the State House at the introduction of the EFCC's Standard Operating Procedures, Policies, and Manuals. He challenged the Commission to focus on serving the nation and establishing a good government.

Iba Gani Adams, the Aareonakakanfo of Yoruba land, asked President Muhammadu Buhari on Tuesday to launch a new strategic approach to salvage the country’s shrinking economy, saying the country cannot continue in its current state.

Adams, speaking at the Grandmothers’ Festival 2022 in Epe, Lagos, criticized the Federal Government’s policies for reducing the country to a country reliant on foreign loans.

“At the present, Nigeria’s economy is decreasing and it is in a vegetative condition, nothing seems to be functioning. The Federal Government must develop a systematic plan to alleviate the country’s economic woes as soon as possible”. he remarked.

“Nigeria has been relying on foreign loans in recent years, and the economic hardship is wreaking havoc on regular Nigerians”.

“The recent scarcity of Premium Motor Spirit, PMS, and price hikes can only make matters worse for Nigeria and Nigerians.”

“The projected rise in the cost of aircraft tickets nationally would also contribute to the people’s misery, citing the abrupt spike in the cost of air fares throughout the country. Because people prefer to travel by air as a consequence of the recent spate of insecurity, it is regrettable that the Nigerian Airline Operators, AON, has decided to raise the cost of airline tickets across the country” the Yoruba leader stated.

“Other areas of the Nigerian economy are suffering as well, in addition to the aviation industry. The significant increase in import tax tariffs for imported automobiles is putting a strain on companies and raising the cost of products and services”.

“It is critical for President Buhari to take a bold action that would aid in the recovery of the economy. Buhari must devise a comprehensive plan to prevent the country’s economy from collapsing.”

Chinaza Ogbachalu

My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.