AS the naira continues to fall resulting from the crippling effect of failed economic policies of the Federal Government , a Lagos-based lawyer Obiora Akabogu has bared his mind by calling attention to and suggested far-reaching measures to stem the tide.
He frowned upon handling of the situation with kid gloves by allowing the free fall of the naira to continue for such a long time, unleashing untold hardship on Nigerians when the president could have taken proactive emergency price control measures to force down inflation and halt the free fall of the naira.
Nigeria is facing three quarters of negative Gross Domestic Product (GDP) growth and experiencing one of its worst inflation and revenue drops in over a decade. Inflation rate currently stands at 18.55 per cent, according to the National Bureau of Statistics (NBS). The naira is also facing serious pressure against the dollar, with exchange rate as high as N306 and N497 at the official and parallel markets, respectively.
“Buhari’s failure to ameliorate the harsh effects of the crisis on Nigerians through the declaration of economic emergency or provision of social security networks was regrettable,” he said.
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