Yhe Director-General of NECA, Mr. Wale Oyerinde, lamented that the economy was under the weight of an almost comatose aviation sector, stuttering education system, rising debt, depleting foreign reserve and rising fuel subsidy expenses, among others.
The newly-appointed D-G of NECA advised the Federal Government to employ a holistic and multi-pronged approach towards resolving the challenges faced by the nation.“ a dire combination of spiralling inflation, rising energy costs , scarcity of FOREX, dwindling value of the Naira and an almost comatose aviation sector.
“Also, with a stuttering education system, rising debt, depleting Foreign Reserve and rising fuel subsidy expenses among others, that threatens to lay bare the country’s economy, there is no better time for the Government to reappraise current economic policies and deepen its engagement with the organized private sector.
“While Government’s effort to salvage the economy is commendable, there is, however, a need for a more holistic approach to resuscitate the stuttering economy. “Being dependent on crude oil for about 90 per cent of its foreign exchange earnings and 80 per cent of its budgetary revenues, Nigeria has always lived dangerously on the precipice, with a major chunk of its revenue dependent on the complexities of global crude demand and supply.
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