Kingsley Moghalu
Kingsley Moghalu

‘It will just keep getting worse’: Moghalu predicts economic implosion from electing wrong president in 2023

NEWS DIGEST – Discussions on the possible zoning of the presidency continues to dominate Nigeria’s political space, and Kingsley Moghalu, a presidential candidate in the 2019 general elections, fears that Nigeria may yet suffer for failing to prioritise economic competency.

“That must be our number one priority,” said Prof. Moghalu. “If we just play politics as usual—politics without governance—we get very bad outcomes.”

It is this lack of economic competency, he said, that has caused the federal government to result to “profligate” and “irresponsible” borrowings unlike ever done by administrations before it.

A month ago, Mr Buhari’s government wrote the Senate to seek approval to borrow $4billion to meet “emerging needs” and sort “critical projects.” Elder statesmen and civil societies were quick to note the nation’s debt profile and called for constitutional amendment to debt limit.

Moghalu, who once served as the deputy governor of the Central Bank of Nigeria, felt the loans were procured without considering its impact on the next administration

“I feel that there is an element of callousness in this direction of economic policy because I feel there is a sense that 2023 will come we will walk away from it and somebody else will handle it,” he said.

“And the sad thing is that these loans are not productive,” he added.

Moghalu said he couldn’t possibly understand why Abuja continues to steer its course despite the criticism and pleas from the business community, economists and citizens. “So, there is no responsiveness to the cries of Nigerians that they are mortgaging our future.”

According to Moghalu, Nigeria could still avoid a collapse similar to Afghanistan if it was to elect an economically competent president in 2023 to begin to turn the economy around.

To achieve this, Moghalu said young Nigerians must decide to be active in the next election. They must register to be eligible to vote in 2023. The Senate acceptance of electronic transmission of results is already a step in the right direction, said Moghalu.

Should Nigerians continue to play politics, Moghalu warned that the economy would “keep getting worse.”

“There is hope but that hope rests in the decisions that Nigerians make in 2023,” he said.