Arewa Hails Buhari Over National Conference On Economy | Independent Newspapers Limited
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Arewa Hails Buhari Over National Conference On Economy

Posted: Feb 29, 2016 at 5:51 am   /   by   /   comments (0)

Augustine Adah, Lagos

Arewa Consultative Forum (ACF), a socio-cultural organisation, has congratulated President Muhammadu Buhari over his acceptance to convene a national conference to discuss the present poor economic situation in the country.

President Buhari last week agreed to the suggestion by Prof. Wole Soyinka that the government should convene an emergency national conference to discuss the poor economic situation in the country.

Mr. Anthony Sani, former National Publicity Secretary, Arewa Consultative Forum, in a message to Independent stated that it is important that the Federal Government has agreed to hold an emergency conference on the economy which is becoming more fragile.

Sani further explained that the fall in the value of Naira is attributed to low level of the country’s foreign reserve caused by fall in the   price of crude oil and urged people not to be unduly agitated.

“When people become unduly worried about the nation’s economic profile, I begin to wonder if they are new in Jerusalem. That the price of oil has fallen very low and has affected the level of foreign reserve which determines the value of the naira is no longer news,” he declared.

Sani blamed the present situation on the country’s over reliance on oil for a long time.

However, he believes the country can redeem itself from the embarrassing situation through diversification of the economy which he said might not be achieved in one day.

He supports the present government policy of using the available foreign reserve as exclusive preserve for importers of machinery and raw materials needed by industries.

He disagrees with those canvassing for the devaluation of the naira based on the fear of corruption.  “To use fear of corruption that could be natural concomitant of the wide disparity between values of the naira in the markets to canvass for devaluation of the naira amounts to using fear of corruption as basis public policies.”

Sani believes the present economic situation in the country is not hopeless and beyond redemption.