Nigeria’s GDP dropped to 2.31% in Q1 2023
File: Market in Nigeria

Mr. Clem Oladehin, an economist and investment banker, has warned that the country is edging towards bankruptcy, regretting that the President Muhammadu Buhari government is making political decisions at the expense of the economy.

Oladehin pointed out that the continued payment of fuel subsidy is having grievous effects on the economy, even as he noted that policy inconsistencies on the part of the government is hampering investor confidence.

“The sustenance of subsidy is having grievous effects on the economy. Policy inconsistencies is hampering investor confidence and uncertainty in the economy,” he said on Arise TV on Thursday night.

“Subsidy is undermining the little growth achieved before. Government is making political decision to the detriment of growth and development.”

Oladehin warned that Nigeria is heading the way of Sri Lanka, if subsidy is not not discontinued.

“Continuing with subsidy will eventually cripple the country and produce the Sri Lankan effect. Government should develop a wholistic policy,” he said.

“But it would be difficult to remove subsidy without assuring Nigerians palliatives to cushion the effects, such fixing the refineries, and providing cheap transport system.”

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