Economic Crisis: FG Acting Without Sense Of Urgency-Ayo Teriba

An economist, Dr Ayo Teriba has accused the Federal Government of not acting with the sense of urgency despite economic crunch starring the country in the face.

Teriba made this assertion while fielding questions on Channels Television weekend program, Saturday Sunrise monitored in Lagos that despite availability of many assets in Nigeria, the country is foot dragging to do the needful.

“Look at the NNPC for instance, it won’t be listed until June next year. Why are we foot dragging? What should have been done three, five months is postponed till 10 years.

“The ARAMCO in Saudi Arabia is worth $2.4 trillion today because it was listed. And Saudi government still owns a 98 percent of ARAMCO. But by listing, it has brought out the value. They can unlock it to generate income.” He said.

It will be recalled that the minister of finance, budget and economic planning, Zainab Ahmed raised the alarm that the country is broke.

Reeling out the economic indexes, she said Nigeria income in the first quarter was N1.6 trillion while it has spent N4.8 trillion, leaving a huge balance sheet deficit. Teriba, however counseled that this is not the time to raise taxation. The country should be given tax holiday and subsidies. He, however, advised that the federal government should leverage on Nigerian assets that are idle to unlock income and reduce debt cost.

“All Nigeria debts, promissory notes and IOUs are based on future revenue. This’s not the best. The problem we have about revenue, every country has it, it’s only that we are not taking the advantage others are taking.”Teriba added.

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