President of Nigeria Association of Economics (NAE), Professor Innocent Eleazu has condemned the clumsiness of the Central Bank of Nigeria (CBN), describing its ineptitude policies as the cause of nation’s economic woes.
Addressing a press conference in his home town at the weekend, during his birthday anniversary, the renowned economist said that the CBN has failed Nigerians woefully in its many anti-economic roles. Eleazu lamented the situation of the Nigeria’s economy, adding that it is pathetic that the country has condescended to the point of borrowing money to service its debts.
He described such development as a huge disappointment and a slap on the face of a country known as the giant of Africa. Consequently, he called for the immediate total reform of the CBN if the Federal Government wants to attain the major regulatory objectives of the bank as stated in the CBN Act of 1958.
He explained that the CBN was established by its Act of 1958 and started operation on July 1, 1959, with the principal regulatory objectives of the bank which are stated in the CBN Act, including maintaining external reserves of the country, promoting monetary stability, maintain sound financial environment, act as a banker of last resort and become the financial adviser to the federal government.
The Professor emphasized that the failure of the CBN and Nigerian government to take economic advice from experts is the reason behind the country’s economic deterioration and total collapse. He urged Nigerians, in the face of biting economic hardship, to return to the land, stressing that agriculture is a plausible alternative to individual and collective economic woes.
