- He said Nigeria’s economic woes stemmed from the fact that it’s a mono-product economy as it has depended on crude oil for its revenue since since independence
Felix Morka, APC Publicity Secretary, has said the economic challenges faced by Nigeria did not begin under President Bola Tinubu.
Speaking during an interview on Channels TV’s Politics Today, Morka said the economic problems Tinubu administration is working to tackle were generational.
Morka said this in reaction to the hardship Nigerians are grappling with as a result of some economic policies introduced by Tinubu.
He said Nigeria’s economic woes stemmed from the fact that it’s a mono-product economy as it has depended on crude oil for its revenue since since independence.
Morka said that according to data the economy would soon rise under the Tinubu administration.
He said, “A lot of the problems we are dealing with today and those dealt with by former presidents Muhammadu Buhari and Goodluck Jonathan and the governments before them were generationally created.
“We have run an economy since independence that is based on a single item as the money spinner for the country. Was it Buhari who created the system or the order? No, he was not. Was it Jonathan by himself? No, he was not. These problems were created generationally.
“How many Nigerians rely on a single income? People every day struggle to create passive incomes; to create second, third and forth income just to augment and make ends meet.
“How do you explain a country of over 200 million people that is exclusively reliant on just one product that is also liable to the vagaries of not just the domestic economy, but also the international market place.
“Today, the CBN governor read data. Under Jonathan at a point we were doing pretty decently, two million barrels per day. Under Buhari because of some of the factors that played out, we lost the capacity to produce. This government came in and began to tackle those systems. There is no magic wand.”