Aare Onakakanfo of Yorubaland, Iba Gani Adams, has urged President Muhammadu Buhari to initiate new strategic approach to save Nigeria’s economy.

 

The traditional leader made the call on Tuesday during the 2022 edition of Grandmothers’ Festival in Epe.

 

Adamns criticized the Buhari administration policies that had reduced the nation to surviving on foreign loans.

 

He warned that dependence on borrowings would make Nigeria a perpetual debtor and cause problems for future generations.

 

“Nigeria’s economy is dwindling; in a state of comatose. Nothing is working. There is an urgent need for the Federal Government to salvage the economic doldrum.

 

“Nigeria has been surviving on foreign loans and the economic hardship is hitting hard on ordinary citizens.

 

“The recent scarcity and increase in the prices of the Premium Motor Spirit (PMS) can only make things worse.”

 

Adams stated that the sudden increase in the cost of flight tickets would affect the people adversely.

 

Economy flight tickets which sold for between 25,000 and 35,000 hitherto have been jerked up to N50,000.

 

Domestic operators listed high cost of jet A1 fuel, forex scarcity, double digit inflation, increase in ground handling charges, cost of buying and spare parts as the causes.

 

Adams said the increment came when more people are avoiding road travels due to insecurity.

 

“Apart from the aviation sector, other sectors of the Nigerian economy are suffering.

 

“The huge increase in import duty tariff for imported vehicles are taking a heavy toll on businesses and the cost of goods and services.

 

“It is very important for President Muhammadu Buhari to take a drastic step that can help salvage the economy”, he noted.