Former Lagos State Governor and the National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, on Wednesday noted that Nigerians are suffering from the current 18% inflation rate in which the country found itself.
Tinubu who stated this at the National Defence College Course 25 lecture with the title: Strategic Leadership: My Political Experiences, called on the administration of President Muhammadu Buhari to bring the country out of its recession.
He noted that the continuous fall in the price of crude oil prices seemed not to be ending soon and as such, cogent and strategic steps must be taken to address the situation.
Tinubu said “In the situation we face, deficit spending is essential to bolster aggregate demand and direct funds to projects that build infrastructure and bolster employment . We must better harmonise monetary policy with fiscal policy . It undercuts our goals if monetary policy is unduly tight at a time when fiscal policy begets deficit spending. “We must also realign trade policy with our need to create a meaningful industrial base and more potent agricultural sector . We can no longer allow cheap imports to preclude the development of industries and sectors strategic to our enduring economic future.
“What am I doing if I have a billion, and you are ready to give me 180 million, that is 18 per cent upfront, do I have to work or do anything again ? These are the factors they have to look at quickly to ease the monetary policy . You have to stimulate this economy, you have to spend yourself out of this recession and you cannot do that by consistently stifling the banks of liquidity. It is their money; it is their saving.”
The former Lagos State governor noted that there is nothing wrong if the APC leadership criticise the Federal Government, because “when it is necessary, speak truth to the power, we are the power, we will talk the truth to ourselves.”