News
“Nigeria Could Face Economic Collapse Without Reforms” – Bayo Onanuga
Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, recently addressed concerns regarding Nigeria’s economic situation, suggesting that without the current reforms, the country’s economy could have faced dire consequences similar to those of Somalia.
Onanuga spoke on Thursday, responding to widespread public dissatisfaction regarding the economic challenges brought on by certain policies implemented by the Tinubu administration.
He emphasized that while many Nigerians are understandably impatient for immediate results from these reforms, it’s essential to recognize the necessity of these changes for the long-term success of the economy.
Onanuga acknowledged the current weaknesses in Nigeria’s economy, but he expressed optimism that the ongoing reforms would create a path toward a more productive and sustainable economy.
In his remarks, he reflected on the historical context by mentioning reports from Vision 2010 and Vision 2020, initiatives aimed at boosting Nigeria’s economic potential.
These reports underscored the longstanding issues of inefficiency and weakness within the country’s economy.
Onanuga pointed out that if the government did not take decisive action, Nigeria could find itself facing a situation close to that of Somalia’s economic struggles.
He explained that the government has traditionally reduced consumption, leading to a culture of dependency rather than productivity.
He argued that the reforms are aimed at shifting this issue, encouraging a more productive economic model that can better serve the needs of the people of Nigeria.
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has spoken on Nigeria’s economy, stating that the country lacks a good maintenance culture.
She said “The fact is that endowments alone do not add value. Budgetary allocations alone do not lead to new roads or good maintenance.”
“We lack a maintenance culture in the country. I have to say that. I’m Nigerian, but we need that. We need better ports and digital infrastructure, and lower trade costs. Execution is what matters, and successful execution requires focus. It requires prioritisation.”
Politician and former presidential candidate Peter Obi speaks on President Bola Tinubu’s comments regarding the rising hunger and worsening economic situation in Nigeria.
It can be noted that the President recently stated that hunger has always existed in Nigeria.
Peter Obi responded “I watched with deep concern the statement made by President Bola Tinubu to the Catholic Bishops, that there has always been hunger in Nigeria, even before he was born.”
“While it is true that hunger has been a part of human life and has existed in our country for decades, such a statement appears insensitive to the plight of the millions of Nigerians who face worsening economic hardship today.”
Reports have been shared stating that the Nigerian Army has launched a new programme designed to train and improve the skills of engineers in tackling threats posed by Improvised Explosive Devices (IEDs).
The seminar is being organised by the 41 Engineer Brigade of the 1 Division Nigerian Army.
It was stated “Improvised Explosive Devices have become one of the greatest security threats confronting the Nigerian Army in ongoing counter-insurgency operations. Their widespread use has complicated military operations and humanitarian activities in conflict-affected areas.”
Love Island USA Stars Turn Heads as Season 8 Cast Reunites
Peller’s Sweet Wedding Vows to Jarvis Leave Fans Emotional
Soso Soberekon Offers Peter Okoye ₦500 Million to Fight Paul in Boxing Match
-
Entertainment7 hours agoLove Island USA Stars Turn Heads as Season 8 Cast Reunites
-
Entertainment8 hours agoSoso Soberekon Offers Peter Okoye ₦500 Million to Fight Paul in Boxing Match
-
Entertainment10 hours agoSpider-Man Movie Review: Fans React to Sadie Sink’s Role
-
Entertainment9 hours ago2Baba Sparks Reactions Amid Reports of Marital Drama With Natasha
-
Entertainment7 hours agoPeller’s Sweet Wedding Vows to Jarvis Leave Fans Emotional