We're adressing recession with wrong tools- CBN

According to Moses Tule, the Director of
Policy of the Central Bank of Nigeria, the on-
going economic recession has persisted
owing to application of wrong prescription by
non-professionals, reports Vanguardngr.
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His words: “Some came in as doctors into the
macro-economic management and are giving
the tools of medical doctors to advise on how
to solve the problem of recession. .
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Some came in as carpenters and as engineers
and they are using their tools to advise on
how to address economic recession. They
have not allowed the professionals to do their
jobs. They have not allowed the professional
to provide the direction.”
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According to him, the Monetary Policy
Committee (MPC) had, since early last year,
consistently warned that the nation will slip
into recession if urgent steps are not taken
but that the warnings were not heeded.
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Explaining how the nation got into recession,
Tule said: “Oil prices are down. Not only are
oil prices down, the Niger Delta Avengers have
blown up oil producing facilities and export
facilities, severally.
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When they blew the Forcados , it took
government six months to fix Forcados. That
was a loading bay. And after fixing it, they
went back and blew it again. So we have oil
prices and production going down.
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The implication is that foreign exchange
earnings are going down, but unfortunately,
our import expenditure is not going down. It
is still in the region of N976bn, monthly.”
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He said sitting down and blaming the CBN for
the falling value of the naira was futile,
insisting: “The moment we began to prefer
imported goods to our domestically produced
goods, we laid the foundation and built the
superstructure to where we are now. .
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This is a conscious choice. Every country
makes the choice where it wants to be. This is
what we chose for ourselves as a country.”