Nigeria’s economy in dire strait –Orji Kalu

By Louis Iba

Chairman of Slok Group, Dr. Orji Uzor Kalu, says Nigeria’s economy is in dire strait and an urgent re-engineering by financial experts is required if the economy is to be effectively resuscitated for the prosperity of the citizens.
Kalu, who spoke in an interview with journalists at the Murtala Muhammed International Airport, Lagos, at the weekend on arrival from the United Kingdom, however, said President Muhammadu Buhari should be given enough time to deliver on his economic promises to Nigerians.
“It is a truism that all is not well with the state of Nigeria’s financial economy. The current situation, if the truth must be told, is that we are in dire straits,”  said Kalu, when asked to comment on the economy.
“The economic house is falling, and unless urgent steps are taken we may be heading for trouble economically. This times call for deep reflection and serious financial reengineering by managers,” added Kalu, who is also a one time governor of Abia State.
Kalu said the economy  required, among other things, creative and strategic planning  and visionary leadership by leaders at all levels.  Said Kalu: “the reality is that the resources accruing from crude oil sales are dwindling by the day on account of falling oil prices in the international market. State governors should cut down on frivolous expenses in order to meet their financial obligations especially workers’ salaries and payment to pensioners.
“The era of depending on a mono-product economy is long over. If it means converting a portion of the security vote to fix serious responsibilities it is worth it.”
“This is because many state governors allegedly siphon the so -called security vote.  We must learn to live within our means as a way to sustain a decent life. Governors should leverage on other revenue sources to complement the federal allocation,” Kalu added.
According to him, Nigerians should not be expecting President Buhari to do miracles.
“Nigerians just elected their president for change and they want to see the change immediately. It is not possible. The president has to take his time, he has to take account of what he has seen and what he has not seen, from what I am hearing, they have not even started to ask questions about where our money has gone.

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