By Emma Ujah

ABUJA — The on-going economic recession has persisted owing to application of wrong prescription by non-professionals, the Director of Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule, has contended.

The CBN chief spoke at the Chartered Institute of Bankers of Nigeria, CIBN, roundtable meeting organised on the current economic recession in Abuja on Tuesday.

His words: “Some came in as doctors into the macro-economic management and are giving the tools of medical doctors to advise on how to solve the problem of recession. Some came in as carpenters and they are using carpentry tools to advise on the problems of economic recession; some came in as engineers and they are using their tools to advise on how to address economic recession.

“They have not allowed the professionals to do their jobs. They have not allowed the professional to provide the direction.”

According to the director, the Monetary Policy Committee (MPC) had, since early last year, consistently warned that the nation will slip into recession if urgent steps are not taken but that the warnings were not heeded.

How we got into recession
Explaining how the nation got into recession, Tule said: “Oil prices are down. Not only are oil prices down, the Niger Delta Avengers have blown up oil producing facilities and export facilities, severally.

“When they blew the Forcados , it took government six months to fix Forcados. That was a loading bay. And after fixing it, they went back and blew it again. So we have oil prices and production going down. The implication is that foreign exchange earnings are going down, but unfortunately, our import expenditure is not going down. It is still in the region of N976 billion, monthly.”

He lamented Nigerians’ penchant for imported goods and an absence of export culture. He said sitting down and blaming the CBN for the falling value of the naira was futile, insisting: “If we want to regain our place, how did we get here? We must address that question.

“The moment we began to prefer imported goods to our domestically produced goods, we laid the foundation and built the superstructure to where we are now. This is a conscious choice. Every country makes the choice where it wants to be. This is what we chose for ourselves as a country.”

modath:


Brilliant analysis... & to think some idiotas are planning to snuff life out of the fledgling IT field by data tariff increment plan!! The thunder wey go faya some people..

Atiku2019:



There's no need calling On thunder to strike anyone dearest Mo it's the CHANGE you all campaigned aggressively for I Only want to know when the online war between Tinubu e-warriors and APC e-warriors will kick off ...Any date yet?

Good Morning

modath:


Trouble sleep....If i give you what you want & been asking for now, you'll begin to mope & wail like a bush baby whose tattered mat was taken away.....Your moniker & you dare to smear your betters? Common now, so Laughable..

Also, stop trying to invite a maul, face front & continue your purposeless PR for your desperate serial loser, 6x & still counting... 2019 is still going the same way!!!!!

A fool & his money are soon parted!!

Badguytinz:
Ngwanu Nigeria clap for ya seff.... The change that you is now... Nigeria been clapping since 1960

HungerBAD:
A problem acknowledged,is a problem half solved.

Now that the Nigerian Government knows,that most of those piloting the affairs of the Country's financial matters,ordinarily should not there,then the needful should be done,so we can move on.

Atiku2019:


My Greetings to Tinubu.

modath:


You are not slick, people more cunning than you can ever hope to be have a hard time inciting/provoking me let alone you small fry... Quit it, you are trying to reach for a ledge far above your head, get a foot stool or get someone to hoist you up... You nor reach! !!

The greetings isn't for the 2014 APC presidential primary in Lagos i guess... Imagine "arranging" every every & still trail a distant 3rd!!!! Atiku I'm sure still relives the nightmare day in day out!!

You lots keep making mouth on the interweb as usual but Atiku won't to either of Obasanjo or Tinubu, his nos dey dem hand & dem go "pless" am till... ...


*mic drop* enough attention granted you, go find some tires to roll & maybe build sandcastle abeg...