{"id":10551,"date":"2013-03-08T17:33:09","date_gmt":"2013-03-08T16:33:09","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=10551"},"modified":"2013-03-08T17:33:09","modified_gmt":"2013-03-08T16:33:09","slug":"nigeria-operating-voodoo-economy-tinubu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-operating-voodoo-economy-tinubu\/","title":{"rendered":"Nigeria Operating Voodoo Economy \u2013 Tinubu"},"content":{"rendered":"<p>FORMER Lagos State Governor, Asiwaju Bola Ahmed Tinubu, yesterday, dissected Nigeria\u2019s economy and declared that the country was operating a voodoo economic policy that is pauperising the citizenry and urged urgent economic surgery to save the polity.<\/p>\n<p>For instance, Tinubu wondered why the Federal Government is maintaining a foreign reserve of $46 billion with one or two per cent interest and shouldering a load of $42 billion domestic debt, which it services with 16 per cent interest.<\/p>\n<p>\u201cThis is voodoo economy,\u201d he said, adding, \u201cthey are operating it because they don\u2019t know what to do. It is choking the private sector.<\/p>\n<p>\u201cWe must in this country do away with the idea of \u2018it is better save the money and spend the people.\u2019 Rather I will say we should adopt the policy of \u2018it is better to save the people and spend the fund.\u2019<\/p>\n<p>\u201dWe must reform our philosophy about economic development. First, we must reform the financial sector so that it becomes an effective artery that sends funds to the heart of the real sector. The Federal Government must formulate a national industrial policy that would focus on developing labour-intensive industries.\u201d<\/p>\n<p>Tinubu spoke at Victoria Island, Lagos at the presentation of the book, \u2018Financialism: Water from an empty well,\u2019 he co-authored with former Consul General of United States of America to Nigeria, Mr. Brian Browne.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>FORMER Lagos State Governor, Asiwaju Bola Ahmed Tinubu, yesterday, dissected Nigeria\u2019s economy and declared that the country was operating a voodoo economic policy that is pauperising the citizenry and urged&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":4770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-10551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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