Nigeria’s Economy at The Edge of Disaster – Tinubu

Bola Tinubu, National Leader of the All Progressives Congress (APC), has said that Nigeria’s economy is in a ”˜merciless condition’ and has hit a wall. Tinubu said this in a statement released by his media office on Thursday . Tinubu lamented that Nigeria should have harnessed and diversified its economy when oil prices were at its peak. According to the former Lagos State governor, this costly mismanagement of several years has brought the country to the edge of economic disaster. The APC National leader further revealed that the naira fall is the worst in Nigeria’s history on the parallel market; trading for N280 against the dollar. He called for a way out since there was no guarantee that oil prices would rise in the near future. In his words; “For decades, Nigeria danced in close confines with economic disaster. In the past, higher oil prices allowed us to dodge the worst. We have survived, but not thrived, improvised but not planned, spent but not invested, laughed, drank and feasted but did not build, construct or maintain. “Now, Nigeria has collided into a wall, merciless and immovable. The present downturn in oil prices may be more than just a transient slump in the business cycle. “Tinubu seeks a new economic paradigm. Nigeria needs economic liberation. Before we can free our economy, we must free ourselves of the economic myths consigning us to our current predicament. To achieve this objective, we must return to the ideals and concepts of Dr. Bala Usman. “Tinubu would explore key elements of the APC’s change agenda in relation to the liberation theory of the late Usman and within the context of the present political and economic challenges facing Nigeria. He is expected to offer a lucid economic analysis of what confronts Nigeria and suggest innovative ways to move the political economy forward. “He will also offer fresh thinking on the way forward. The welfare of the people must be the anchor of public policy as this is in consonance with all that Bala Usman taught and practised.”