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An economist, Prof. Evans Osabuohi has advised the Federal Government (FG) to prioritise production activities to step up the economic growth of the country.
Osabuohien, Head of the Economics Department, Covenant University, Ota, speaking on likely solutions to the nation’s economic challenges, gave the advice in an interview with the News Agency of Nigeria (NAN) on Friday in Ota,Ogun state .
It will be recalled that the Director-General, Debt Management Office (DMO), said on Thursday that the nation’s total public debt stock had hit N121.67 trillion in March.
Osabuohien said as long as the country continued to borrow and buy, without selling products, it would continue to incur more debts.
According to him, if the country increasingly engages in expenditure without a corresponding increase in productive ventures, things will continue to go bad.
“As long as we are not producing enough to sell, rather, we keep buying and buying, our debt profile will continue to increase.
“The FG needs to prioritise increased production and minimise expenditures, especially on imported materials not tied to production.
“In addition, the country should reduce heavy dependency on imported goods to encourage production in the country,’’ he said.
The economist also urged the FG to address insecurity, banditry and the crisis between farmers and herders, noting the unhealthy development has adversely affected farming activities in the country.
Osabuohien said farmers should be provided with cheaper inputs to boost farming activities in the country.
He also emphasised the need to cut down on the cost of governance to improve capital projects. (NAN)(www.nannews.ng)
