Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has suggested that Nigeria’s economic challenges are beyond mere economics.
Making this assertion in a tweet on Friday, Moghalu explained that one of the reasons why Nigeria’s economic challenges felt intractable was because the country’s problem is beyond economics.
The former apex bank boss suggested that the governance of the politics and Nigeria’s way of thinking at a fundamental level played a role in making Nigeria’s economic challenges intractable
“One of the reasons our economic challenges in Nigeria appear intractable, despite having so many bright economists, is that the problem is beyond mere economics. The governance, the politics, the way we think at a fundamental level (the worldview) and our culture also matter,” Moghalu said.
News About Nigeria gathered that his comments come as Nigerians continue to suffer the effect of fuel subsidy removal and President Bola Tinubu’s move to unify the country’s forex market.
Recall that President Bola Tinubu had on assumption of office announced the immediate removal of fuel subsidy which saw the pump price of fuel rise from N185 to over N600 per litre.
The development had triggered an increase in the price of commodities this had however led to an increased hardship for Nigerians.
However, in the wake of the continued hardship, President Tinubu ordered palliative measures to cushion the effect of fuel subsidy removal.
But Nigerians have continued to express worries as reports of palliative theft continue to surface on social media.
Already, the Department of States Services said it has commenced investigations into reports of palliative theft and that arrests have been made.
