ECONOMIC WATCH:MINT NEW NOTES,SAYS EXPERT

ECONOMIC WATCH:MINT NEW NOTES,SAYS EXPERT

BY ABDULMUMINI ADEKU.

The current chaos the nation’s economy is facing thus have a “shot- gun” solution after all .

In a world exclusive interview ,The Chief Economist of Paedia Express Multimedia Group ,Professor Charles Adeiye has declared unequivocally that the only solution out of the woods for Nigeria was to print new sets of naira notes.

He disagreed in very strong terms that the printing of new currencies was going to usher in a period of inflation that could be worse than what the nation was facing at the moment .

He urged President Buhari to go ahead and tax the very rich heavily as 90 percent of the tax being paid presently in Nigeria was from the working class with rich having a lot of properties or assets that they cannot account for .

According to him,the inflationary theory was a philosophy propounded by foreign interests who will give us solutions which in the end will only favor them and not Nigeria as  a nation.

He insisted that the current efforts being made by President Muhammadu Buhari ‘s regime to borrow cash was a move which in the end will be counter productive as it will keep us tied to the apron of the Bretton Woods institutions like the International Monetary Fund.[I.M.F.]

Adeiye pointed out that the White ‘s type of economics differs from that of the Blackman due to several dynamics.

His words:”If you go to an average village in Africa , a  man will have a land and a farm if he is very hardworking and if he does  not possess this asset  then it can be interpreted easily that perhaps he is a lazy man but in the white man’s place ,land is usually allotted by the state due to the individuals acceptance to partake in military service”

“So if a White Farmer has a has a share ,he is part of the bargain in times of war and this was why there was a big intellectual battle at the beginning of the industrial revolution,in 1848 even the King of England as at then had to be taken out due to the class struggle as cartels in the manufacturing world went over to get to get laborers from the farmsers”

“if somebody stays at home for more than three years ,he is no longer tagged as unemployable but a victim of the vicious system”

The economic consultant had a harsh word for the imperialists ,saying that they should stop pointing accusing fingers of under development on Africa as they helped to push us to the level we are as they took some of our best hands as slaves during the slave trade.

He hinted that were it not for slavery ,Africa will have developed at its own pace.

The retired University don from the University of Lagos  now  the Research and Economic advisor to Paedia  Express Multimedia Group added that the theory of demand and supply was not going work out in the chaotic market that Nigeria runs .

The Nigerian Federal Government under President Muhammadu Buhari has been sulking like a baby over its inability to collect a promised $30million facility with which it thinks that it can help to revamp the nations fortunes.