Ex-Anambra SSG faults Buhari’s forex regime

Former Secretary to the Anambra State Government during the administration of Mr. Peter Obi, has faulted the foreign exchange regime of President Muhammed Buhari,which he said favours the privileged class instead of creating wealth.

Speaking at at the Anambra State Correspondent’s chapel Forum, Obazewho is an People’s Democratic Party (PDP) aspirant in November 18 this year’s governorship election said the present 60 percent to 40 percent allocation of foreign exchange to public and private sectors respectively is counter –productive and cannot grow the economy.

He condemned total absence of consultation my this administration before taking major policies, saying that the ban on importation of 41 categories of items without consulting the Organized Private Sector (OPS) was a major flaw and it has negatively impacted on the economy.

“The wrong economic policies combined with warped fiscal policies and forex regime led to the recent drastic loss of the value of Naira.Worse still, we refuse d to officially devalue which means that we refuse to confront reality. This development also made a mess of the disposable income income and thus forced the middle class to go into extinction. Today what is certain, re the prevailing uncertainties. Just a few days ago, the CBN revised its funding for the 41 items for which importers are banned from accessing the forex market “he said.
Obaze lamented the high cost of governance in Nigeria especially the maintenance of public officers and legislature which he said is outerageous.

He said in spite of the cry of recession in the country, there was no recession in the government houses because the governors and their aides are still enjoying even when majority of the states in the country are not viable.
Given this squadamania and outrageous cost of governance, there are high degree of infrastructuraldeficit in the country, .lamenting that in Nigeria today Borehole has become dominant source of water instead of becoming an intervention.

“Borehole is not source of potable water; there is no more public water system. We have ignored cheapest scarce of power which is solar energy, noting that Nigeria spent staggering amount of $5 billion or N36 billion on power, yet there is not steady power in Nigeria.
He said Nigeria generates 10, 000 megawats but cannot migrate it to national grid and because of collapse of infrastructure and out of N700 billion owed the discos ,40 percent of it is owed by federal government due to policy failure.

Oseloha said the way things are going sooner or later, Discos would be shut down by the protesting consumers in the country because of poor services and outragesous bill.
He frowned at the manner the constitution of the Ffederal Republic of Nigeria and our extant laws were being undermined by Buhari administration, yet the press and the public kept sealed lips

Oseloka said contrary to the statutory laws , the Vice- Chancellors were removed, other statutory appointees including the Director-General of Pencom was recently removed and nobody taliking .

“Some of these things have impact on our economy and development. Chairman of board of Inland Revenue Tunde Fowler was appointed without Senate approval and they had to go through the back door to confirm him.