Yakubu Busari
Despite the discovery of oil in the early century Nigeria before Independence 63 years, the country is struggling and battling with high levels of poverty and inflation rate to meet up productivity and effective resource management, failing to break.
A Chartered Accountant Financial Analyst and Lecturer with the Plateau State Polytechnic Barkin-Ladi, Mr. Timkat N Peter, ACA, CFA, CPL has lamented the leadership of the country over the poor management of the resources.
He stated this during an interview with the media in Jos, Timkat says, that our political leaders should be held responsible for the economic mess currently being experienced in all sectors of the country.
According to him, “It’s astonishing that Nigeria, a country rich in resources, has a debt ratio of 52% of its GDP. He also urged President Ahmed Tinubu to address food insecurity through agriculture and rural transformation agenda for people to survive.
“This staggering amount indicates a concerning departure from international standards. .
“This high debt level has severe implications for economic growth, development, and future generations. It limits the government’s ability to invest in public services, infrastructure, and social programs. Urgent action is necessary,” he said.
However, in his recommendations for the challenges he pointed out that:
1. Implement effective debt management strategies.
2. Diversify the economy.
3. Promote economic growth.
4. Invest in agriculture for employment and growth.
5. Attract foreign investment and encourage local entrepreneurship.
6. Develop infrastructure (roads, ports, energy systems).
7. Foster education and skills development for a competitive workforce.
8. Ensure transparency and accountability in government spending and debt management.
9. Reduce overdependence on foreign goods and promote local consumption.
10. Encourage local production of goods currently being imported, to boost self-sufficiency and reduce debt.
He explained further that Nigeria should focus on producing and consuming local goods, Nigeria can reduce its reliance on imports also boost its economy, and create jobs.
Timkat was of the view that it’s time for Nigeria to harness its resources and potential to achieve economic prosperity.
As it is now we must learn from countries that have achieved economic prosperity through effective resource management. Our leaders must prioritize national interests over personal gains. It’s time for urgent action to address Nigeria’s debt crisis.
