Nigeria is under severe pressure from the Central Bank of Nigeria, (CBN) and the International Monetary Fund, (IMF) to remove oil subsidy, the Nigeria United for Democracy, (NUD) a civil right movement said at a seminar held this morning in Lagos. Irohinoodua was at the event.
The NUD urge President Buhari not to take foreign loans but to look inwards by cutting down on waste and fighting corruption.
The group said the IMF conditionality which the G7 urged Nigeria to embrace will only compound the problem of poverty and unemployment in the oil producing country of 160 largely poor and vulnerable people.
Speaking at the event which drew civil rights movement and community based organizations, the national leader of the group, Mr Femi Falana urge Buhari not to listen to external forces who has the tradition of bringing Africa on her kneels through self-serving economic politics feigned as unavoidable solutions to the woes of the masses.
The NUD criticized Section 162 of the Nigerian constitution which stipulates that a Federation Account shall be opened for all the 36 states of the federation whereas the CBN withdraws dollars from the Federation Account at will, to the detriment of the federating states.
“The CBN illegally removes money from the Federation Account and change the money to dollars. Why can’t each state maintain her own domiciliary account,” Falana queried.
The group questioned the form of Nigerian federalism which does not empower the federating states to know the amount of money that comes into the covers of the Federal government every season.
“No governor knows the exchange rate that the CBN uses in the Federation Account. No governor knows the amount of money generated from oil. There is no country that runs this kind of economy in the world except in banana republic”, Falana said.
Speaking at the event, an economist, Mr Henry Boyo said the IMF prescriptions have devalued the naira and make live unbearable for the common man.
“We are running an economy that promotes poverty. It is either about privatisation, downsizing of workers, so that all manners of goods are brought to destroy the country’s industrial potentials.”

Buhari can't remove subsidy when he promised #40 per litre, who born monkey.

http://www.vanguardngr.com/2015/04/buharill-reduce-petrol-to-n40l-david-west/

Ayam just watchin Buhari & his campaign promises..

And what is Baba waiting for.

Dear Pa Buhari...