Market News

Blame corrupt politicians for downturn of Naira - Isa Yuguda - VANGUARD

FEBRUARY 12, 2024

•Links food crisis to insecurity, hoarding

By Gift ChapiOdekina

Former governor of Bauchi State, Isa Yuguda, has said that the current downturn of the naira in the forex market was caused by corrupt politicians who mop up dollars and store them in their houses and foreign accounts.

He also said one of the causes of food crisis currently facing the country was the result of insecurity, coupled with panic buying and hoarding of food commodities by Nigerians.

Yuguda stated these at the conference on tackling poverty in Northern Nigeria put together by Arewa New Agenda, ANA, in Abuja weekend.

According to the former governor,  tackling poverty in Northern Nigeria needs deliberate approach.

He called on the economic team of the President Tinubu’s government  to come up with policies that would address the economic challenges across the country.

He also called on the federal government to look critically and invest in the area of security in order to tackle the current security challenges facing the country.

Yuguda said:  “To comment on the economic situation  at this point, having known so much, is very difficult because of the state of the economy.

”What President Bola Tinubu inherited, looking at the debt portfolio, local,  external debt, even our debt service ratio, which is in the ratio of almost 97%, means that every month what ever we collect 97% goes to debt service.

“So can you run an economy of a country with 3% revenue? It’s not possible, only that we are bogged down with external debt . The problems are  monumental and we are praying for the manager of the economy to do their best and guide Mr president on how to get a quick turnaround.

“Also looking at our debt profile, if you notice the budget, about N8 trillion is dedicated to debt servicing.  Why should we be paying debt?  What have we shown for the debt we have incurred? Nothing.

“For now, we have very competent minister of finance, I believe he will come up with good policies that will give the country a good turn around.”

On the security challenge in the country,  Yuguda called on President Tinubu to invest in security, adding that in doing so, the food crisis confronting the country would be addressed . Speaking further on the removal of fuel subsidy,  the former governor said it was very necessary due to the high corrupt practices in the oil sector where now only a few and some countries benefited from the payment by the Federal Government.


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