Ebri
From Diana Okon-Effiong, Calabar
A former governor of Cross River, Chief Clement Ebri, has appealed to President Muhammadu Buhari to declare a state of economic emergency in Nigeria without further delay. Ebri, who was governor from 1991 to 1993, said his advice was borne out of his concern over what he termed terrible state of the Nigeria’s economy.
He told journalists in Calabar Monday that the proposed economy emergency should be backed by a law passed by the National Assembly. Ebri said that such a legislation would give the president sweeping powers to deal with the economic depression Nigeria had been experiencing of late.
Ebri suggested some economic policies that should be adopted by the president, adding that Nigeria’s economy is facing an abnormal situation requiring abnormal solution.
“The situation we are demands very drastic measures, the President should declare a state of economic emergency on the nation, and strengthen it with a bill which should be passed into law by the National Assembly. We are not in ordinary times, the Naira is losing its value on a daily basis and the nation’s economy is obviously in very bad shape.
“An economic emergency will give the president some sweeping powers to deal swiftly with the situation. It will enable the president to avoid unnecessary encumbrances and bottlenecks that have constituted stumbling blocks towards the honest efforts at addressing the nation’s economy problems,” Ebri said.
According to Ebri an economy emergency law will give the president, federal anti-corruption and financial institutions powers to explore other means to recover looted funds without going through the lengthy process of litigation.
Ebri who recently joined the All Progressives Congress (APC), said: “in most cases the lengthy litigations end up frustrating efforts at recovering of loots that were already tracked and located.”
Ebri, a professional economist, also said that the President should also establish a National Economic Recovery Fund (NERF), backed by law. He said that the NERF should be programmed to mobilise funds from patriotic Nigerians for sustenance of their country’s economy.
“This should be part of the National Emergency Bill to be placed before the National Assembly.The budget alone cannot fix the economic problems affliction the nation. The emergency act will be best suited to address the economic challenges,” he said.
Ebi said the federal government should adopt immediate policies that would address the scarcity of international currencies, especially the Dollar in the foreign exchange market. He said that the current policy whereby the Central Bank of Nigeria (CBN) no longer sell dollars to the Bureau de Change should be reversed.
He said the CBN should rather introduce periodic sales of the dollar to the Bureau de change, preferable twice a month, and thereafter monitor them on how they applied the Dollars sold to them by the CBN.
“The federal government should immediately inject recovered funds into the economy. Instead of keeping the monies in escrow accounts, they can be applied in ways that would go a long way in addressing the scarcity of the Dollar and other international currencies, thereby shoring up the value of the Naira.
“To avoid leakages funds that have been recovered and whatever they are used for should be properly documented and accounted for, to avoid a situation where they will be looted again by unpatriotic Nigerians still in the system,” Ebri said.
He also urged the federal government to start massive construction of infrastructure at the local government, state to federal levels without delay. He said this will immediately translate the country into a huge construction site, with the positive target to alleviate the hardship and cash crunch experienced by the ordinary Nigerians.
“Government should immediately embark on development of physical infrastructural at the local government, state and national levels to address the current liquidity problem the nation is experiencing.
“This will create massive employment of skilled and unskilled labour, and also allow liquid cash to circulate in the system. It will lubricate the economy and put money in the hands of the ordinary people. This is easy to achieve.
“Every councillor, local government chairman, governor and the federal government could identify at least a project that could be immediately executed using direct labour. These projects, pending the passage of the budget, could be finance through a special fund, backed up by an economic emergency act.
“This strategy has been tested and proven to be very effective in addressing economic depression wherever they occurred,’’ Ebri said.
He said there was nothing wrong with the federal government obtaining loans, at low interest rates to ensure the realisation of infrastructural development in all parts of Nigeria.
Ebri said the CBN should create policies that would enable the ordinary Nigerian investors, the small and medium scale entrepreneurs, obtain loans from banks at very low interest rates.
He said this measure could address the liquidity problem faced by the business community and most investors.
He also wants Buhari to adopt stringent measures to discourage hoarding of money by dubious individuals in the country; a practice which also contributed to the scarcity of funds needed to run the economy.
“The federal government should come up with drastic financial policies that would force those who are hoarding foreign currencies, and even the Naira, to inject them into the economy or stand the risk of losing such monies, both in value and in physical terms,” Ebri said.
He said it was a high time all Nigerians, irrespective of political leaning, came out to support Buhari in recover our values and rebuild Nigeria’s economy.
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