Former governor of Bauchi State, Isa Yuguda, says the current downturn of the naira in the forex market was caused by corrupt politicians who mop up dollars and store them in their houses and foreign accounts.
Yuguda made this statement at the conference on tackling poverty in Northern Nigeria put together by Arewa New Agenda, ANA, in Abuja over the weekend.
He also said one of the causes of food crisis currently facing the country was the result of insecurity, coupled with panic buying and hoarding of food commodities by Nigerians.
The former governor said that tackling poverty in Northern Nigeria needs deliberate approach.
He urged the economic team of the President Bola Tinubu government to adopt policies that would tackle the economic challenges across the country.
He also called on the Federal Government to look critically and invest in the area of security to tackle the current security challenges facing the country.
“To comment on the economic situation at this point, having known so much, is very difficult because of the state of the economy.
”What President Bola Tinubu inherited, looking at the debt portfolio, local, external debt, even our debt service ratio, which is in the ratio of almost 97%, means that every month what ever we collect 97% goes to debt service,” he said.
On the security challenge in the country, Yuguda asked President Tinubu to invest in security, adding that in doing so, the food crisis confronting the country would be addressed.
On the removal of fuel subsidy, the former governor said it was very necessary due to the high corrupt practices in the oil sector where now only a few and some countries benefited from the payment by the Federal Government.
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