Economy: Do What Obasanjo Did – Agbakoba To Tinubu

Former Nigeria Bar Association (NBA) president, Olisa Agbakoba, has advised President Bola Tinubu to apply the steps taken by former president, Olusegun Obasanjo, to drive Nigeria’s economy.

The Senior Advocate of Nigeria (SAN), Olisa Agbakoba, said only by deploying the same economic policies and decisions taken by Obasanjo’s administration would the current federal government be able to solve the current economic hardship in the country.

Agbakoba said President Tinubu-led administration did not meet enough in the treasury. He said to solve the current economic hardship, the federal government must maximize crude oil production and fight corruption head-on.

In a statement on Saturday, the former NBA president said, “The major issue confronting President Tinubu is very simple and easily resolved! President Tinubu doesn’t have enough money in the treasury to meet the huge national needs of 200m Nigerians. So there is a simple solution.

“I urge President Tinubu to look at how President Obasanjo resolved his money headaches. First, President Obasanjo tackled corruption and plugged waste. Nuhu Ribadu saw to that, as the fear of Nuhu was the beginning of wisdom.

“Second and most important was that President Obasanjo understood what is called public sector borrowing requirements and how much was needed to sustain the National system.”

He added that the federal government must have clear vision of how to effectively maximize revenue by channeling all funds from crude oils to important projects. He noted that international oil companies must be removed from controlling Nigeria’s crude oil revenue.

Agbakoba explained that if crude oil production is increased, corruption reduced and revenue channeled into the right priorities, Nigeria’s economy would be out current crisis in six months.

“Most important was President Obasanjo’s clear vision of how to raise revenue. This was from optimal production of crude oil. The revenue from crude oil was fully maximized. Crude oil daily production was at maximum capacity. Funds from sales of crude propped the Naira value to the dollar, the government was able to get things done without borrowing but using crude oil revenue.

“President Tinubu must reverse the trend by maximizing crude oil outputs, removing the international oil companies from control of our hydrocarbons revenue, paying down debts and hedging the Naira against the dollar with crude oil dollars.

“So quite simply president Tinubu should maximize crude oil production to at least 2.4 million barrels a day, pay down debts, apply funds to meet national needs. If this simple fiscal process is sustained, Nigeria will be out of this desperate situation within 6 months,” Agbakoba said.