Senator representing Edo South senatorial district, Matthew Urhoghide, has lamented the worsening economic situation in the country saying President Muhammadu Buhari is at a loss on how former President Goodluck Jonathan was able to manage the economy successfully.
The naira fell to an all-time low of N335 against the dollar on the inter-bank market last Friday
The Central Bank of Nigeria had announced a hike in the benchmark interest rate from 12 per cent to 14 per cent last week, a move seen by analysts as tailored towards braking the downward slide of the Nigerian currency by inducing a return of foreign investors back into local assets.
When asked if he is satisfied with the way the economy is being managed, Urhoghide, who is the Chairman, Senate Committee on Culture and Tourism in an interview with Independent said no right thinking Nigerian will be satisfied given the negative effect the worsening economic situation is having on the citizens.
“How can I be satisfied with the way the economy is being managed? No right thinking Nigerian will be satisfied. Even the illiterates that are in the market places are not satisfied because what it does is that it puts negative effect on everything that is monetary which touches every facet of our life”.
“Because of the ripple effect, even those who are local farmers in the village will tell you ‘don’t you know what the exchange rate is; even when they are selling products that are not denominated in foreign currencies”.
“The multiplier effect of the very negative effect of the high exchange rate cannot be overemphasized. It only means today, that the way with which the Jonathan administration or previous administrations managed the economy is completely unknown to this present administration”.
“That is why even when they said market forces will determine, we are talking of what we know in basic economy, supply and demand; but now things have gone haywire. It tells you that this whole business about governance cannot be pursued from the platform of ignorance and very wrong assumptions. Now, governance is right before you.
“The states have become a bit rudderless because of the people who do not have expert advice and deep knowledge of management of the economy of a state or country. That is what we are faced with,” he said.
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