According to the National Leader of the All Progressives Congress (APC), Bola Tinubu, Nigeria’s economy has ‘collided into a merciless and immovable wall’.
‘Nigeria’s economy is in serious trouble,’ APC leader says
Tinubu made the remark on Thursday, December 17, 2015, via a statement released by his media office.
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![Members of the House of Representatives [HOR]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Members of the House of Representatives [HOR]")
The statement reads in part:
“For decades, Nigeria danced in close confines with economic disaster. In the past, higher oil prices allowed us to dodge the worst.”
“We have survived but not thrived. Improvised but not planned. Spent but not invested. Laughed, drank and feasted but did not build, construct or maintain.”
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“Now, Nigeria has collided into a wall, merciless and immovable. The present downturn in oil prices may be more than just a transient slump in the business cycle.”
“Nigeria needs economic liberation. Before we can free our economy, we must free ourselves of the economic myths consigning us to our current predicament.”
Tinubu’s statement comes at a time when the Naira is selling at 280 to the dollarand 405 to the pound.
Meanwhile, the Minister of State for Petroleum Resources, Ibe Kachikwu has said that the country can no longer afford to fund its oil and gas sector.
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![Bola Tinubu. [Facebook]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Bola Tinubu. [Facebook]")