The Speaker, Kwara State House of Assembly, Mr. Razak Atunwa, on Saturday said most of the states in Nigeria would feel the impact of the economic crunch from February 2015, if urgent preventive measures were not taken.
Mr. Atunwa said although many oil producing countries suffer from the current fall in crude oil price, they had not been badly affected as Nigeria. He attributed this to their better management of their economies and their savings against the rainy day.
Speaking in an interview with journalists in Ilorin, the state capital, the speaker called for better management of the nation’s economy to rescue the country from total economic strangulation.
Atunwa said, “The Federal Government has not been prudent in the management of the resources and finances of Nigeria and, therefore, within the past few months of the fall in the crude oil price, the economy is in trouble.
“Any prudent financial manager will know that you must save for the rainy day. Failure to do that will spell doom, which is precisely what we are now facing in Nigeria.
“The economy has been mismanaged; we have been pervaded by corruption and leakages. There have been malfeasances in office and all these contribute to the financial gloom, which we are about to face”.