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Former governor of Bauchi State, Isa Yuguda, has attributed the current downturn of the naira in the forex market to corrupt politicians who hoard dollars in their houses and foreign accounts.
Speaking at a conference on tackling poverty in Northern Nigeria, Yuguda highlighted the role of corruption in exacerbating economic challenges in the country.
Yuguda also identified insecurity, panic buying, and hoarding of food commodities as factors contributing to the ongoing food crisis.
He emphasized the need for a deliberate approach to address poverty in Northern Nigeria and called on the economic team of President Bola Tinubu’s government to adopt policies aimed at tackling economic challenges nationwide.
Furthermore, Yuguda urged the Federal Government to prioritize security investments to address the current security challenges facing the country.
He acknowledged the complexity of commenting on the economic situation, given the state of the economy. He highlighted the high debt portfolio, both local and external, and the significant debt service ratio, which consumes a large portion of the country’s revenue.
Regarding the removal of fuel subsidy, Yuguda deemed it necessary due to the rampant corruption in the oil sector, which only benefits a few individuals and countries at the expense of the Federal Government.
This article was updated 10 months ago
