Senator Salisu Profers Solutions to Nigeria's Economic Woes

Abdulbasit Abdulkareem 

Senator Shuaib Afolabi Salisu, representing Ogun Central Senatorial district, today delivered a lecture titled "Changing Nigeria's consumption-based economy to a service and production based economy" at the 2024 Annual National Reunion Conference of the Obafemi Awolowo University Muslim Graduates Association (UNIFEMGA). The event was held at Oduduwa Hall in Obafemi Awolowo University, Ile-Ife.

In his address, Senator Salisu noted that the current economic challenges facing Nigeria are cyclical and not new, as economies globally experience periods of boom and bust. However, he stated that if the measures taken by the current administration had been implemented eight years earlier, the nation would not find itself in its present economic predicament.

The senator outlined several factors contributing to Nigeria's economic woes, including the underutilization of resources, underinvestment in critical infrastructure like energy, and structural bottlenecks exemplified by the recent change of Naira notes without proper notice to the Minister of Finance.

These issues have led to severe consequences, such as macroeconomic instability with skyrocketing interest rates, external imbalances, and a physical deficit that has forced the government to borrow funds to finance the budget.

While proffering solutions, Senator Salisu emphasized the need for national ethics and values that bring Nigerians together. He called for new measures of performance, the activation of dormant national assets, and the automation of processes to reduce the cost of governance and minimize corruption.

Additionally, the senator advocated for the provision of palliatives to alleviate the burden on workers. This could involve identifying areas where workers spend their income, such as transportation and energy costs, and implementing measures to reduce these expenses.

Senator Salisu advised Nigerians to manage themselves during this period of economic hardship by dealing with reality rather than dwelling on what should be, having a clear vision of their goals and aspirations, and focusing on personal development.

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