Chukwuma Soludo, former Governor of Central Bank of Nigeria (CBN), has said that Nigeria can overcome the current economic setback faster if the government puts in place appropriate policies.
Soludo was speaking at the 2017 International Conference organised by the Department of Business Administration of Nnamdi Azikiwe University, Awka, on Thursday.
In a lecture entitled: ”Managing a Recessed Economy,” he said that managing and exiting a recessed economy was not a rocket science.
He blamed the country’s economic woes on bad policies in the time of boom.
The former CBN boss said recession, which became obvious one year into the life of the present administration, would not have degenerated but for the inability of policymakers to rise to the challenge.
He emphasised that the foundation for the recession was laid by the previous administration, which he said, borrowed to fund recurrent expenditure at a time when oil prices were as high as over 100 dollars to a barrel.
”They brought in the Single Treasury Account (TSA) and channelled funds into one account that did not allow spending, and they also fixed the price of foreign exchange. These are things you do not do,” he said.
Soludo advocated diversification of the economy beyond oil to save it from shocks induced by vagaries of the International oil market.
He further called for decentralisation from Abuja to help the states and local governments to live beyond running to the centre for their existence and sustainability.topics from