Buhari exhibiting economic illiteracy for banning Forex on food importation – Expert | Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. f

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An expert in political economy, Dr Tosin Oluwarotimi, has slammed President Muhammadu Buhari over his directive to the Central Bank of Nigeria (CBN) to halt foreign exchange allocation to food importers, claiming Nigeria has attained food sufficiency.

The expert averred that such directive in the face of Nigeria’s economic reality is not only myopic but a signal of clueless disposition to serious National issue.

Oluwarotimi, who is the Chief Executive Officer of ‘Ecogovernance’ , a consulting firm said there were avalanche of evidences that several agricultural interventions embarked upon by the Buhari-led administration have woefully failed to address necessary economic challenges of the nation.

He argued that the level of food production in Nigeria is abysmally insufficient compared to domestic demand, adding that there is an alarming rate of hunger across the country.


The economic expert argued that there is urgent need for other levels of government, especially the state governments to look inward and do the needful in the area of food security and also use a collective platform like National Economic Council to appropriately advise federal government on certain policies.

“The recent directive by President Muhammadu Buhari on food imports is scary as it is strange; I could not imagine how a president of a large country like Nigeria would just wake up after sumptuous lunch and pronounce a directive of that magnitude without a recourse to appropriate agency of government for guidance.

” I am very sure that the president have not read any narrative on the growth of Nigeria’s Gross Domestic Product (GDP) as well as relevant figures on food production and distribution in the recent time.

“I consider that directive of Mr President to be a slip of tongue; it should never go beyond Daura where it was made to avert damning food crisis and uncontrollable economic instability “, he said.

Speaking on the role of the CBN in dishing out economic projections and recommendations, the expert said the apex bank remains the only statutory authority saddled with the responsibility of speaking on monetary policy .

He further carpeted President Buhari for what he termed ” executive interloper ” saying the president had unwittingly jumped the gun.

“It is the responsibility of the CBN to recommend policies base on its conclusion on certain economic development and in tandem with existing monetary policy.

“It is incumbent on the apex bank to suggest halting of foreign exchange allocation to importers of certain goods if there is sufficient availability of local alternative that substantially meet the domestic demand.

“A situation where important economic decision was reduced to weak political gimmicks portend serious danger to the nation”.




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