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The Central Bank of Nigeria, CBN, has on Wednesday, November 30, accused President Muhammadu Buhari, of adhering to wrong prescriptions from non-professionals, which have so far further plunged the nation’s economy into severe recession.
The Apex Bank, which made this known through its Director of Monetary Policy, Moses Tule,‎ lamented that “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 professionals to provide the direction,” the CBN lamented.
The current economic recession, according to him has persisted, owing to application of wrong prescription by non-professionals.‎
Speaking during a round-table meeting organised by the Chartered Institute of Bankers of Nigeria, CIBN, on the current economic recession, the CBN Chief, noted that ‎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 the warnings were not heeded.

Explaining how we got into recession, he 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,” ‎Tule said.
He added, that ‎Nigerians’ quest for imported goods, and an absence of export culture, have so far compounded the crisis.
“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.”

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