Economist Blames Poor Economy To High Debt Profile

An economist, Mr Babatunde Salami, has blamed poor economic management and unjustifiable high debt profile for the country’s failing economy.

Salami made the remark while speaking with newsmen in Ilorin on Thursday.

According to him, it is pitiable that it may take about four or more years to offset the over N14 trillion loan borrowed by government.

He stressed that it was unimaginable that the level of development was not commensurate with the country’s debt profile.

Salami, a banker also expressed concern that the country’s economy was import driven, pointing out that effort must be tailored toward encouraging local manufacturing.

He described as unjustifiable the country’s economic status, considering the abundant natural and human capital resources.

He advised the incoming administration to strive to diversify the economy to pave way for its socio-economic emancipation.

On the lingering challenges in the oil sector, he blamed the questionable payment of over N6 trillion oil subsidy and sleaze in the sector as the basis for the ongoing crisis.

The economist therefore charged the incoming administration to focus more resources on establishing refineries.

He said that technocrats must also be engaged to ensure effective economic policy formulation and implementation.

Salami said that it would take more than the extraordinary on the part of government to meet the expectations of Nigerians considering the state of the economy.

Source : Leadership

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