$46billion Foreign Reserve: I say it is better to spend the money and save the people – Tinubu

Asiwaju-Bola-Ahmed-Tinubu.png1Former governor of Lagos State and national leader of Action Congress of Nigeria (ACN), Senator Bola Ahmed Tinubu, has criticized the Federal Government for practising what he described as ‘voodoo economy’ by keeping a foreign reserve of $46billion while owing $42billion as local debt.

Tinubu made this known during the launch of the book he co-authored with United States former Consul-General in Lagos, Brian Brown, and entitled Financialism: Water from an Empty Well. Tinubu argued that the approach of government to the country’s political-economy was wrong.

According to the former governor, it made little sense accumulating foreign reserve to the tune of $46billion with an interest rate of just two per cent while the country owed $42billion local debt over which it paid 16 per cent interest rate: “The accumulation of money by the Federal Government is a misplaced objective for these times. Our driving purpose must be to channel idle human and material capacity into productive streams that furnish jobs and manufacture tangible goods bettering the living conditions of every citizen.”

The former governor continues: “I say it is better to spend the money and save the people… I believe in the national government saving money if savings is for the purpose other than itself. For a government that prints its own currency, to save that currency for merely saving’s sake is to accumulate worthless paper. Instead, our money must catalyse development, enriching the broadest spectrum of people. To say we are saving money for a rainy day while everyone is already drenched and wading through flood waters makes little sense to me.”

5 COMMENTS

  1. Asiwaju you are very right with your calculation and arithmetic but the problem is that you yourself will do almost the same thing of you emerge the president of Nigeria all your Governors policy too are bad you and PDP government are the same non of you guys are our savior God will deliver Nigerians from you peoples hand.

  2. Asiwaju you are very right with your calculation and arithmetic, but the problem is that you yourself are not different from PDP led government your own policy are bad also you guys are not our savior in Nigeria most of your Governor policy too are wrong non of you guys are Nigeria savior you and all your Governors plus all pdp members God will deliver Nigerians from the hand of you guys all of you are thief you, your governors all pdp God will judge you

  3. Bola Ahmed Tinubu is absolutely on point! No serious government will consider saving over the welfare/well-being of its citizen, not to talk of its economy. Of what use is money when it is not utilised at the appropriate time, and for the right purpose(s). Our leaders should think this through and not focus on some ancient economic principle that has not improved lives and standard of living.

  4. The facts are clear, reality is staring at all concerned and unconcerned citizens; the accumulation of money by the Federal Government is no doubt a misplaced objective for these trying times. The people are groaning, the people are groaning, businesses are liquidating; the government owned parastatals are in the final stages of dearth respectively.

  5. I urge this government to at least listen to a seasoned leader and business man whose wealth of knowledge and suggestions cannot be ignored for obvious reasons. Saving for the rainy day when the economy is in the state of total chaos is the most dangerous step any considerate government should be thinking of. Our economy needs urgent help and not patching and gambling.

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