Buhari Has Created a Major Problem for the Nigerian Economy - Pat Utomi

 

Nigerian renowned Political Economist, Professor Pat Utomi has criticised President Muhammadu Buhari's recent public comments concerning the devaluation of the Naira which has depleted strongly against the U.S dollar.

 

Utomi's comments is coming on the heels of President Muhammadu Buhari declaration late Wednesday in Nairobi, Kenya, that he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira.

 

Speaking in an interview on Monday at the inauguration conference of the Ibadan School of Government and Public Policy on Monday, February 1, Utomi said the president has no knowledge of the economy and should allow those who do speak on the matter.

He said the president’s statement in Kenya that he would not devalue the Naira has already created more problem for Nigeria.

“Somebody like him should not be talking about such things. Keep quiet…he has created a major problem for the Nigerian economy by that statement." Utomi said.
 

Utomi also commented on the mono-cultural nature of the Nigerian economy which is based on the plummeting oil that has adversely put the country in recession.

 

It would be recalled that President Buhari revealed at an interactive meeting with Nigerians living in Kenya, that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy.

The president added that he had no intention of bringing further hardship on the country’s poor who, he said, have suffered enough already.
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