The traditional ruler of Ilu-Abo in Akure North Local Government Area of Ondo State, HRM Oba Olu Falae, has said that Nigeria has never truly been on the right course since gaining Independence in 1960, urging the country to return to the path of national economic planning.
Falae, a former Minister of Finance, made the remarks while speaking on Inside Sources on Channels Television, hosted by the Editor-in-Chief of Empowered Newswire, Laolu Akande.
The elder statesman also criticised what he described as reckless spending on white elephant projects by those in power, argued that funds realised from the removal of fuel subsidy were not being utilised wisely.
Falae, who served as Secretary to the Federal Government during the administration of former military president, Ibrahim Babangida, from 1986 to 1990, lamented the absence of long-term economic planning in the country.
“At the very beginning after Independence, we have never really been on course. We gained Independence in 1960 and barely two years later, crisis erupted in the SouthWest, leading to a state of emergency declared by the Federal Government.
Since then, instability has continued to trail the country. “We moved from one crisis to another before military intervention came in. One major development, though unfortunate, is that Nigeria no longer plans its economy. We live from day to day. We no longer have five-year or 10-year plans.
We have never had enough money to do everything we wanted, yet we spend recklessly on white elephant projects that bring little or no benefit,” he said. According to him, President Bola Ahmed Tinubu had taken bold decisions that many of his predecessors avoided, particularly the removal of fuel subsidy and the unification of the foreign exchange rate.
“Any country operating multiple exchange rates is not serious. These policies have had painful effects on the people, but they also come with some benefits. Nigeria is now attracting foreign investment because investors know they can bring in their money and take it out without exchange difficulties.
“They also see relative exchange rate stability, and instability is one of the major factors that scares away investment,” he stated. However, Falae maintained that while the policies were commendable, the government failed to put adequate cushioning measures in place before implementing them.
“If I were President, I would have taken certain steps before removing the fuel subsidy to cushion the effects on Nigerians. Yes, the President has done well in some respects, but the resources being generated are not being spent within a disciplined and properly planned framework.
“Right now, it appears people can access public funds for pet projects everywhere. If we had a proper national plan, we would have achieved much more for the economy than we are currently doing,” he added.
The former presidential candidate stressed that employment generation should be central to any serious national economic plan. “We should ask ourselves: how many jobs will each project create? But proper planning no longer exists. Even multinational companies operate with strategic plans. Nigeria, as a nation, must also return to strategic economic planning,” he said.
Falae further argued that if he were implementing subsidy removal, he would have simultaneously expanded access to alternative energy sources such as solar and gas to reduce dependence on petrol and lower energy costs for citizens.
“If alternative energy sources were widely available and affordable, people who find petrol expensive would have other options. Increasing energy supply through solar and gas would naturally help reduce the overall cost of energy in the country,” he said.
