Former Governor of Lagos State, Asiwaju Bola Tinubu, has said the Federal Government is operating a voodoo economy.
The National Leader of Action Congress of Nigeria said this during a presentation of a book, Financialism – Water from an Empty Well, which he co-authored with a former United States Consul-General to Nigeria, Mr.. Brian Browne, in Lagos on Thursday.
Tinubu said the Federal Government’s accumulation of money in foreign reserves at a period of infrastructural deficit and hunger among Nigerians was a misplaced objective.
The presentation was attended by prominent Nigerians, among whom were President, Dangote Group of Companies, Alhaji Aliko Dangote; former Managing Director, Zenith Bank Plc, Mr. Jim Ovia; former Governor of Lagos State, Alhaji Lateef Jakande, and former Minister of Finance, Idika Kalu.
Governors that attended the occasion were Babatunde Fashola (Lagos); Rochas Okorocha (Imo); Adams Oshiomhole (Edo); Rauf Aregbesola (Osun); Abiola Ajimobi (Oyo) and Ibikunle Amosun (Ogun).
Former Chairman, Economic and Financial Crimes Commission, Alhaji Nuhu Ribadu; book reviewer, Prof. Osaghae Eghosa; Senator Olorunimbe Mamora and many others were in attendance.
Tinubu said unfortunately the Nigerian government was earning two per cent of its savings on the foreign reserves, whereas it was paying 16 per cent to service loans from foreign countries.
He said, “Our development rests with us. Foreign investment is welcome but will not lead us to prosperity. Foreign investment may repair a room or two, but it can never build the mansion we seek.”
Tinubu described the book as a product of his love for Nigeria and for the best future of the continent.
While taking exception to the theory of financialism, Tinubu said the principle had grown too large in comparison to capitalism, saying, “Instead of feeding funds to the real sector, it now chokes the real sector.”
In his remarks, the Chairman of the occasion, Kalu, regretted the failure of successive administrations to leverage on the groundwork investment done by the nation’s founding fathers in the real sector.
He said, “We are filled with slogans, copied lifestyles and values, thinking it will be a substitute for real hard thinking, sacrifice and investment.
“Nigerians are tired of factions, parties and mergers. There has to be a coming together to bridge the divisive gap of inequality in the country.”
Reviewing the book, the Vice-Chancellor of Igbinedion University, Prof. Osaghae Eghosa, praised the courage of the authors, saying the book would revamp the financial system of the country.
Oshiomhole, in his remarks, said for Tinubu to think of writing a book with all his engagements was a lesson for all leaders.
“A mind that is no longer thinking cannot provide a good leadership. There are a lot of contradictions in Nigeria. Poverty is not an act of God but a product of socio-economic and political mismanagement. I commend Tinubu and Browne for this thought-provoking book,” Oshiomhole said.
Fashola, on his part, described Tinubu as an astute leader and a thinker.
“Tinubu is a leader with whom I can go to war blindfolded. He is a crusader whose size is bigger than his size,” Fashola said.