The falling price of crude oil in the international market has weakened the Naira against the dollar thereby affecting the economy of the country. The president who was in Kenya for three days said he was yet to be persuaded that Nigeria and its people will receive any noticeable benefit from an official devaluation of the currency.
Utomi however claimed the president has no knowledge of the economy and should allow those who do speak on the matter.
Utomi spoke exclusively to naij.com on Monday at the inauguration conference of the Ibadan School of Government and Public Policy on Monday, February 1. Asked about the current economic situation, Utomi said Nigeria was paying for its sin as the country failed to do what it should have done.
“The economic situation is a very big issue and there are many problems that have converged. We are just paying for our sins. We are paying for not having done what we should have done. Who gets a windfall for a very long time? Oil is a very volatile commodity…we had a big boom but we squandered everything.”
The professor said the country should have saved when it had surplus but it didn’t.
“We need a disciplined and focused political leadership at this time. Unfortunately, I don’t think we are quite there.”
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.
The president’s economic policies have been criticised lately with the Financial Times UK describing them as the‘height of foolishness’.
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