ADO-EKITI – Philip Adetiloye, a Professor of Agriculture at the Federal University of Agriculture, Abeokuta (FUNAAB), has hinted that President Muhammadu Buhari’s war against insurgency and corruption has helped in curbing stealing of public funds and stabilising the economy.
The don also cautioned that the proposed national minimum wage may fail to address the economic problems of the citizens if activities of cartels were not checked.
Adetiloye said tha Nigerian traders were incurably engaging in increasing prices of goods and commodities when wages are reviewed upwardly, saying that this may hinder the proposal by the Federal Government.
He said that the naira had consistently been depreciating since 1986 when the administration of Ibrahim Babangida, a retired general, devalued the currency in line with his Structural Adjustment Programme (SAP) policy, describing the scenario as very disturbing and affecting the economy adversely.
The academic suggested that the only way the naira could be invigorated is for the Central Bank to print high denominations like N1, 000, N500 and N200 to be denominated in kobo notes.
Delivering a paper entitled: ‘Nigerian Economy: Naira Value and Revaluation’, at the Nigeria Union of Journalists (NUJ), Ekiti Council secretariat, on Monday, Adetiloye said President Buhari ought to have introduced the minimum wage immediately he devalued the currency two years ago.
He pointed out that the preponderance of brain drain and penchant for corruption that had pervaded the country were buoyed by poor remunerations to Nigerian workers.
He said: “The proposal may not been impactful because immediately the wages are increased, the market cartels will react to it by increasing the price.
The post Buhari’s Anti-Corruption War Stabilising Economy –Don appeared first on Independent Newspapers Nigeria.
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Author: Popoola Yaqoub