Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, suggests that there’s a need for political and constitutional restructuring to help revive the country’s deteriorating economy.
Making this suggestion in a series of tweets on his official X handle, Mr Moghalu, who contested the 2019 presidential election, said that it is impossible to restructure the country’s economy without addressing constitutional and political restructuring.
The former CBN deputy governor further suggested a single six-year rotational presidency term to address the country’s economic challenges adding that the country should also have five presidents that will be overseeing different areas of the governance and economy.
“We cannot restructure the economy effectively without political and constitutional restructuring. There is no stability without this, only rent-seeking and do-me-I-do-you-God-no-go-vex state capture. Solution: a renegotiation of Nigeria, a single six-year rotational presidency,” Mr Moghalu wrote.
Mr Moghalu further explained that one reason Nigeria has had forex problems and forex-driven inflation was a result of the failure of President Bola Tinubu’s led government to review the country’s trade policy towards massive exports of value-added products.
His comment comes as Nigerians continue to suffer the hard-felt impact of the recent removal of fuel subsidy.
News About Nigeria recalls that President Tinubu declared the termination of the fuel subsidy as soon as he took office, which resulted in a dramatic increase in the price of fuel at the pump from roughly N189 per litre to over N600.
The president also unified the nation’s foreign exchange market, which caused the dollar to increase in value exchanging at over N1,000 to the dollar from the N465 that it initially exchanged.
