By Myke Uzendu
Inspite of the terrible national economic downturn, the huge debt overhang threatening to cripple it further, former Senate President, Anyim Pius Anyim, insisted that he had the magic wand to turn things around.
Anyim, who was also a former Secretary to the Government of the Federation (SGF), is currently seeking to become the President after President Muhammadu Buhari leaves office next year.
On Arise TV’s breakfast programme, The Morning Show, Anyim, Monday, spoke on how he would tackle the debilitating debt situation to end the further drift.
According to him, though difficult, Nigeria would triumph under his government.
He said he would map out an aggressive programme of industrialisation to get Nigerians, especially the youth back to work in order to give the economy a boost.
Speaking of the situation where Nigerians were no longer optimistic about the economy, following the rise in its debt profile to as high as to N35.5trillion, unemployment at 33.3 per cent, and inflation of 15.4 per cent, Anyim argued that the best option was not to shy away from it but to tackle it aggressively through a reliable push-back strategy.
He said: “For me, the drivers of the economy will now be on industrialisation and manufacturing, talents and innovation, science and technology.
“This certainly is going to be the key drivers of the economy of the second half of the 21st century and I will develop this, build on this and prepare Nigeria to fit into the fourth industrial revolution.
“That obviously will expand the economy. That will make the economy more competitive and more dynamic.
“I will also focus on the enablers of development, the factors, the circumstances and the situations that promote prosperity and development.
“I understand that last year, the nation earned about N5.5trn as revenue and out the N5.5trn, N4.2trn went into debt servicing and debt repayment, leaving just N1.3trn to run the country.
“I also want to believe as a matter of rule that you are not allowed to borrow more than 40 per cent of your GDP and our borrowing rate now is at 36.9 per cent.
“I think that will make it more frightening for anybody coming in. But I can tell you that even at that, that does not scare me. The challenges are temporary and the challenges are that of leadership.
“If I am to focus on the economy as I did say before, I will focus the economy on the contemporary world direction- manufacturing, talent and innovation, science and technology.
“I want to believe that will help get us out of the issue of borrowing to pay salaries, borrowing to pay the recurrent expenditure. I want to believe that my economic direction will actually shift from where we are today, to a new direction of the world economy.”
