Group tells CBN governor to resign if he can’t fix economy

monjola sotubo

October 6, 2016 2:33 PM

The group also urged President Muhammadu Buhari to invite people with technical knowledge to solve the crisis.

Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016.

The Northern Youth Council of Nigeria (NYCN) has urged Central Bank of Nigeria (CBN) Governor,

The group also urged President Muhammadu Buhari to invite people with technical knowledge to solve the crisis.

The comments were made in a statement released on Wednesday, October 5, by NYCN President, Isah Abubakar.

The statement reads:

“After watching with keen interest the present economic hardship in the country, we are saying no thanks to CBN Governor who has not been able to come up with any plan that can take us out of the wood as head of our financial body, we at NYCN while supporting the administration of President Muhammadu Buhari are saying we are not happy with his economy team hence the need to look inward for better hands.”

“We now pay as high as about N500 to a dollar. This has brought serious hunger and hardship on our people because most of what we eat are imported and are been affected by high foreign exchange. Inflation has increased from 7 percent in 2013 to 17 percent in quota 4 of 2015 and quota 3 of 2016 which bothers the CBN Governor and Finance Minister, Funke Adeosun agreed to the fact that economy is in trouble.

“Unemployment is another problem as it has soared to 24 percent at a period when millions of beverages, tobacco, banks and hospitality sector workers have been added to already saturated Labour market. Small and medium scale enterprises that were coming up are folding up as they cannot bear the exchange rate that has sky rocketed beyond their reach.

“This has show total failure of the CBN governor and he has proved his total incompetence to manage Nigeria economy. It is to this regard we demand for his resignation as the CBN governor and urged Mr President to appoint a competent hand not minding where he comes from, his ethnicity, or religion background. We only need someone with sound economics nitty-gritty who can manage our delicate economy. This is because we demand nothing but a better Nigeria.

“Failure of the CBN governor to voluntarily resign or put the economy in the right track within the 21-day of this ultimatum, NYCN will be forced to organize and mobilize mass protests in front of the CBN headquarters in Abuja.”

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Emefiele had earlier said that the recession will be over by December 2016.

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