Harsh economy: Osinbajo Calls for Calm on Current Situation

Professor Yemi Osinbajo, Nigeria’s vice president has for another time, reiterated why Nigerians should not be in a rush with the present federal government of President Muhammadu Buhari, as it took over a bad economy from the former administration. READ ALSO: No money stolen out of 2016 budget – Dogara says On the other hand, Osinbajo informed the citizens that the Buhari-led government was working 24 hours every day to find a lasting solution to the present harsh economy.   ‘The Green Alternative: Agriculture Promotion Policy 2016 – 2020’,
at Abuja, the nation’s capital, saying “the present administration came into office to meet an economy essentially in meltdown.” Osinbajo said the administration of President Buhari has concluded that before the end of September, the Bank of Agriculture will begin giving out single digit interest loans to farmers in the country. “We knew that we had to set alright the economy and put it back on the path of sustainable growth with job opportunities for our teeming population. So, one of the critical components of that plan is to position agriculture as the arrow-head of our economic recovery efforts. If we get agriculture right, we will get our economy right. “The Green Alternative has set out strategies for resolving these challenges. I’m personally impressed that the road map does not dismiss the agricultural policy of the past. “Just to give some obvious examples, we cannot have a policy of encouraging local production of food and on the other hand have a high tariff on imported agricultural equipment. There is no way that we can encourage local production while we allow unbridled importation of the same things that we are trying to produce.” Nigeria’s number two man observed that funding of the agricultural sector was likewise a crucial policy, adding that “with double digit interest rate at the moment, we have developed some funding options in the short term.” Some Nigerians believe the feasible solution to the present harsh economy is sole proprietorship. A professor of Accounting at Obafemi Awolowo University (OAU), Prof Taiwo Ashaolu, stated that entrepreneurship remains the only practical solution to the economic crisis confronting the nation.