ACF warns Yar'Adua on economy, Says recession can bring down FG

Written by Emeka Mamah

Sunday, 01 March 2009



THE Arewa Consultative Forum [ACF] warned on Friday that the impact of the current global economic recession on Nigeria was capable of causing the collapse of the Federal Government and asked President Umaru Yar’Adua to initiate proactive measures to arrest the problem.
Rising from a meeting in Kaduna the ACF National Executive Council said such a development would be worse for Nigeria because of the nation’s over-reliance on revenue from crude oil, and expressed regret that successive governments had neglected other sources of revenue for the country.

In a communique signed by ACF National Publicity Secretary, Mr Anthony Sani, the group said: “the National Executive Council regretted that the current economic and financial crises have sharply exposed the real dangers of our over-reliance on oil revenues.

“It was the view of the meeting that the looming financial crisis may be of similar or greater dimension to that of 1982/1983 when several states lost the capacity to pay even salaries of their workers.

“That problem spiraled into serious economic and political unrest culminating in the collapse of the Second Republic. That is why the meeting stressed the urgent need for Nigerian leaders to be guided by the painful lessons of our recent history, pains inflicted largely by our over dependence on oil revenues”.

“The current crisis is one too many. The ACF therefore urges our leaders to seize the opportunity of this crisis to undertake a comprehensive and thorough over-haul of government activities, especially the system of revenue generation and its application.

“It is no longer possible or desirable for governments to plan their activities on the assumption that oil revenues would always be available to finance them.

“Governments at all levels must therefore not delay the introduction of taxes and other internally generated revenues to pay for their recurrent expenditures.


“They should apply oil revenues, if any and whatever the size, purely as an intervention fund, that is for financing capital and other special projects.

“In addition to helping to reduce our dependence on oil revenues, good and responsible taxation system would produce the added benefit of compelling our citizens to demand for accountability from their elected officials.

“Farmers should be provided in good time with adequate fertilizer as well as other inputs that will allow them plant and harvest crops in conditions of less severe weather stress.

“We should continue to pray for the best and we should also prepare for the worst.

We must also redouble our efforts at the development of dams and other water conservation facilities across the northern states.”


Source: http://www.vanguardngr.com/content/view/29888/42/




^^Hm, military back in power? That would be disaster. The same assholes who beat up women in traffic jams calling the shots (again), this time it will be armed insurrection by the people.