“For too long, we have lived with borrowed robes, and I think for the next generation, for the 400 million Nigerians expected in this country by the year 2050, oil cannot be the way forward for the future”, he said. “Oil, for most part of the country, has been a curse. I thank God that, at this particular point, we are moving forward. There is a saying that every disappointment is a blessing, and this is now an opportune time to discover the blessing and that is the hard work that should begin”.
While explaining that the economic downturn was avoidable, he said, “I want to commend the federal government that is finally coming to terms with the fact that, you cannot fix prices and quantities at the same time. If you fix prices, if you fix the nominal variables, the quantities will adjust.
“We must deal with the exchange rate issue. Currently the exchange rate quandrum is largely overshooting and it is self inflicted. Those so called 41 items ineligible for foreign exchange should never have been the concern of monetary authorities, it is wrong yesterday, it is wrong today and it will be wrong tomorrow”.
Saying that economic and political reforms were veritable prerequisites for a sustainable economy, the erstwhile CBN Governor said:
“We should go back to a version, just a version, not completely, of the 1963 republican Constitution on prescription and revenue thing, where the regions have control over their resources including natural resources and simply pay tax to the federal government.”