Wednesday, 28 September 2016

Obasanjo blames recession on Jonathan


Former President Olusegun Obasanjo yesterday took a swipe at the administration of President Goodluck Jonathan, declaring that his advice on the prevailing economic crisis was ignored two years ago.
Obasanjo also blamed Jonathan for lifting the ban on importation of products like toothpick, which he said could have been taken over by local industries without encumbrances.


At the official opening of the National Council on Finance and Economic Development (NACOFED) in Abeokuta yesterday, Obasanjo said the only way Nigeria could urgently step out of the current economic recession is for it to seek foreign loan.
Obasanjo, who was the Father of the Day at the opening session, said he had warned the former President on the impending recession in November 26, 2014 When he joined others to celebrate the birthday of retired Justice Akanbi.
“I reminded the government that we were spending more than we were earning. that very soon, the country would not be able to fund the budget… Unfortunately, the government then refused to listen to my advice,” he told the gathering.
Obasanjo shocked the gathering when he recalled how it was discovered that the ban on the importation of toothpick was reversed by the Jonathan administration, saying he had visited Jonathan in Abuja to ask why he lifted the ban on toothpick and Jonathan said he did not read before he approved.
Speaking further on the way out for Nigeria, Obasanjo said there were three options, explaining, “The three options are we have to spend less, we must endeavor to earn and then the last one is to borrow, and this if we must, we do it fast and now. “
He however cautioned against doing the bidding of the World Bank and Inernational Monetary Fund (IMF).


Culled from Daily Trust

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