Primate Elijah Ayodele, the leader of INRI Evangelical Spiritual Church, has issued a grim warning about the state of Nigeria’s economy under President Bola Tinubu.
He said that the government has no solution to the economic hardship facing Nigerians and that they should brace for more difficult times.
He stated that Nigeria cannot survive without borrowing money from external sources and that this will render many states unable to function. He said that the economy will remain unstable and that Nigeria will continue to struggle for the next four years.
He advised the minister of finance and the CBN governor to look for ways to boost the economy and said that one of the key factors is to fight corruption.
He said that corruption is the root cause of economic woes and that he does not see any serious effort by the government to tackle it.
He also commented on the recent announcement by BUA Cement, one of the leading cement producers in Nigeria, that it will reduce the price of cement to N3000 per bag.
’I want to advise the minister of finance and CBN governor that there is no way Nigeria will survive without borrowing. So many states will be incapacitated if the country doesn’t borrow.
“Nigeria’s economy is sitting on a time bomb; the government will not get the solution to economic troubles. We will continue to suffer this for four years.
‘’The President needs so much work in the economy; if you don’t fight corruption, you can’t eradicate economic hardship and I don’t see that fight happening. The CBN governor is sitting on hot seat.
‘’BUA cement said he will bring down cement to N3000. I am not seeing the possibility because things will get tougher.’’
He said that this is not possible, because the cost of production and other factors will make it difficult. He said that things will get worse for Nigerians in terms of affordability and availability of cement.
