Notable Economist, Dr Titus Olowokere has asserted that the scourge of hunger and sufferings currently being witnessed by Nigerians will come to an end if President Bola Tinubu can take some urgent steps.
Olowokere who is President/Chief Executive Officer of the United States-Nigeria Trade Council based in Atlanta, USA advocated for a large-scale Food Bank where wealthy individuals and big time companies can contribute food items and other consumables for onward distribution to vulnerable persons.
To him, such a Food Bank will stem the current uneven distribution of wealth and create a balance of wealth needed for an equitable society.
Olowokere was Guest Speaker at the popular monthly interview discourse on governance, Boiling Point Arena, streamed via Zoom and transmitted live on a road station, SWEET 107.1FM.
The current affairs programme with a large global audience is the brainchild of the Founder of Boiling Point Group, Dr Ayo Arowojolu, a Media Professional and Public Relations Strategist. It’s the 17th such installment.
He advised the government to urgently set the huge Food Bank and step up more release of grains and other food items currently locked in wharehouses across the country to allow Nigerians who are not economically positioned to keep alive during this period.
Reeling out other measures, the economist counselled Nigerians across board to jettison age-old Owambe practices and stop spending on frivolities.
“Nigerians should stop their fondness for parties and pepper soup. Our people should look inwards and watch what is consuming their money and prioritize their spendings. Our youths should use their skills to do more odd jobs and generally diversify “, he stressed.
Although he acknowledged that the current gale of sufferings and hardship had to do with the abrupt removal of oil subsidy, which he argued was inevitable, though, he nonetheless exonerated President Bola Tinubu for being the source of Nigeria’s affliction.
Hear him: “Dynamics of economics in Nigeria did not make us to be surprised at the level of hunger and anger in the country. Nigeria was already going towards edge of a precipe. Most of the crude oil has been sold forward during the Buhari regime.
“Our crude resources have been pledged as collateral for loans that were received
Secondly, The Tinubu government met very lean treasury. Whatever we are producing cannot sustain us. We are generating so much from nothing. We are spending a lot of money to address our debts.
“Nigeria has not been addressing non-oil revenue. About 97 per cent of our earnings is derived from oil revenue. This is not sustainable and our exchange rate has not helped, same as our currency. Very heavy reliance on forex and pump price of petrol has skyrocketed with implications on cost of transportation for agricultural produces and high food prices.”
Olowokere submitted that the challenges being faced by the country “is a convolution of economic ineptitude” overtime.
“While I am not holding brief for Tinubu, I am of the opinion that when he was running for election, he didn’t have the full view. He didn’t know the level of the rot” he said.
He continued: “This is not a Tinubu issue but it is a Nigeria issue. It is a policy deficient policy issue, a conglomeration of factors that have put us to where we are today. It is an issue that everyone has been responsible for and it should not be about any blame game”.
Dr Olowokere was paired at the discourse with a notable Columnist, Prof. Farooq Kperogi while the keynote speaker was a frontline traditional ruler, the Olowu of Owu Kingdom, Oba Prof Saka Matemilola who doubles as Chairman, Council of Royals and Elders.
