Ayodele Olalere
The Obateru of Egbin Kingdom in Ijede Local Council Development Area of Ikorodu, Lagos State, Oba (Dr.) Adeoriyomi Abdul-Akeem Oyebo (arpa) has urged President Bola Tinubu to free up $225 billion from the nation’s finances for infrastructure development.
While setting an 11-point agenda for the president as an economic blueprint, the monarch, in a statement signed by him, said the President could turn the nation into a financial hub and economic gateway to Africa without borrowing.
According to him, another $150 billion Infrastructural Development Bonds could be raised from the global financial markets to modernise the nation’s infrastructure without borrowing or endangering the nation’s economy.
READ ALSO: http://Emefiele: Hold those responsible for fight between DSS, prison officers – SERAP tells Tinubu
“I unequivocally affirm that the fundings enumerated are neither loans nor sovereign guarantee-backed economic intervention fundings. They will be structured to constitute non-recourse and self-financing funding initiatives, and the nation will not be required to pay them back.
In the 11-point agenda, he further urged the president to prepare and arrange for Nigeria to join the economic block that includes Brazil, Russia, India, China, and South Africa (BRICS).
“Joining this club has the unique benefit of securing export of made in Nigeria goods to the world market and providing immediate job opportunities for our youthful population. This could happen within six months after the national electrification project has commenced.”
The statement further urged President Tinubu to ‘tackle the exchange rate volatility that currently bedevils the country and bring it to an optimal exchange rate with Pound Sterling, Dollar, and Euro among others.
“If combined with appropriate policy on inflation management, prudent fiscal policy, sound banking regulation, and thoughtful monetary policy, this could turn Nigeria into a nation of choice for foreign investors.”
READ ALSO: http://Lagos govt. renames ministries, Agencies
He advised the President to ‘deploy all means possible to renegotiate the national debt and achieve a cancellation of the nation’s debt, which consumes about 73% of the nation’s annual income in interest payment alone.’
“Another step that needs to be taken urgently is to arrange for importation of no less than 90% of the country’s needs using our local currency. These steps must be complemented with proactive steps to accelerate local production of the same products and exporting them abroad as made in Nigeria within 1-2 years. Success here will be determined by uninterrupted power supply across the nation within one year,” the statement added.
Other measures, according to the statement includes: ‘strengthening the regulatory oversight and financial capital capabilities of financial institutions in Nigeria and reinforcing their competitive advantage internationally, reinvigorating the nation’s metallurgy, steel, rubber, and chemical plants to form the basis of the economic transformation of the country, as well as renegotiating all existing trade agreements between Nigeria and our trading partners in manners that put Nigeria first and harness the nation’s export potentials. ‘
