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Tinubu: Nigeria operates voodoo economy

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Browne, Tinubu, Kalu Idika Kalu and Jim Ovia

Former governor of Nigeria’s Lagos state and national leader of the Action Congress of Nigeria, Asiwaju Bola Ahmed Tinubu, has described the current claim that the country’s economy is growing as fiction saying the country operates a voodoo economy.

Tinubu said this in Lagos on Thursday at the launch of Financialism: Water From An Empty Well, a book he co-authored with Brian Browne, former American Consul-General in Nigeria.

The national leader of the Action Congress of Nigeria (ACN) said the book was a honest warning to the country against its economic practices.

He questioned a situation where the federal government would claim that the economy was growing, yet the same government is not able to understand the financial and economic principles.

Tinubu said it was disheartening that the federal government could maintain that the country has about $42 billion in foreign reserve earning about two per cent, yet the government is indebted to the tune of $42 billion in domestic debt for which it pays 16 percent.

 

L-R: Bola Ahmed Tinubu, Aliko Dangote and Chief Bisi Akande.

Asking what sense there is in such economic practice, he declared: “this is voodoo economy.”

He reiterated his belief in the principle that it was better to spend the money and save the people than save the money and waste the people.

“We must reform the financial sector to become the artery that sends funds to the real sector.

“We must restructure our education system to meet the challenges of the country rather than educate the people for another land

“We must establish commodity exchange board exclusively for farmers,” he said adding that this was the practice all over the world as it would encourage people to farm and boost other areas of the country’s economy.

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