.Naira

— Unemployment rate is 33 per cent, youth forming 40 per cent

Dayo Johnson Akure

Former Deputy Governor of Central Bank of Nigeria(CBN), Dr Obadaiah Melafia weekend attributed the dip of the naira in the foreign exchange market to the bad policies of President Muhammadu Buhari’s administration and the tensions across the country.

Maillafia said this in Akure, the Ondo state capital during a symposium organized by Forum for Good Governance of the Towards Revival for All Nations (TRANS 21) at the Reconciliation House in Akure, the Ondo state capital.

He said that ” the continued dip of the naira in the foreign exchange market was due to the bad policies of the government and the tensions across to the country.

“If we continue the bad policies we are doing and all these geopolitical tensions we are tolerating, it is going to affect the value of the naira and the naira will continue to go down and down into a bottomless pit.

“This is just a law of science and of economics. If we do the right thing, then we can reverse the trend and the naira will start improving. It is not quantum physics, it is straightforward demand and supply, inflation and natural expectation.”

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Speaking on unemployment, the development economist said ” He lamented that the official unemployment is the rate in Nigeria is 33 per cent with youth forming 40 percent of the figure.

Melaifia said “Nigeria is now a failed state, unable to perform its statutory roles. Nigeria cannot be described as a nation because the power is not concentrated in the hands of the government alone. There are other blocs that now have the power of coercion.

“Rival groups control territory. Boko Haram is in control of over half of Niger State and if they successfully take over Niger, Abuja will be a walkover

“Government cannot provide security for the people. Nowhere is safe in the country. The forests have been taken over by foreign invaders.

“The economy is collapsing. There is the collapse of the institution. Police, University’s standards are low. Corruption has taken over in the country. What else do we need to say Nigeria is a failed state?” He lamented.

Vanguard News Nigeria

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