BEVERLY HILLS, March 27, (THEWILL) – Former Governor of Lagos State, Asiwaju Bola Tinubu on Saturday, said the nation’s economy remained weak although it had successfully exited recession.
Tinubu made this known on Saturday in Kaduna while delivering a speech as Chairman of the 2021 Sardauna Memorial Lecture held in honour of the late Sir Ahmadu Bello.
Speaking on the topic, “Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era,” Tinubu said despite buffers put in place during the recession by the administration of President Muhammadu Buhari, the country’s economy still remained weak with “too much unemployment.”
He said, “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic.
“Commendably, however, President Muhammadu Buhari has been carefully steering the country through the pandemic such that the negative impact on us and the economy has not been as harsh as it might have been. The economy’s relapse into recession has ended but we must admit the economy remains weak with too much unemployment and resources left idle.”
Tinubu, however, warned against wasteful spending amongst government officials, saying authorities must spend money to yield economic returns for the benefit of the masses.
He said, “Fiscal wisdom but not necessarily austerity is required for an economy like ours in a time like this, to ensure equitable wealth redistribution and meaningful use of resources.
“The years have shown that the private sector is much too weak to spur the growth we need. If the private sector could manage this feat, it would have already done so. Where the private sector is too weak or unable, the government must fill the void.
“This means the government must not be afraid to embark on an active fiscal policy to create jobs, build infrastructure and develop our industrial sector as well as continue to improve agriculture. This means the government must spend money but spend it on those things that bring the requisite economic returns for the nation.”
He also said job creation remained germane towards ending restiveness and criminality amongst Nigeria’s young population.
Tinubu submitted: “While states and local governments must shape their budgets to fit their revenues, the federal government can and should spend more to create more jobs for the youth in both the north and south which is key to eradicating restiveness and sundry criminality among the youth.
“Urban populations are growing but urban jobs are not. Here, the government must implement a national industrial policy to encourage key industries to begin to employ this growing urban work force.”
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