Nigerians are suffering, Bakare tells Buhari

                              

Nineteen months into his administration, President Muhammadu Buhari’s ‘change’ slogan has become a sad reality for Nigerians, a preacher has said.

Tunde Bakare, founder of Latter Rain Assembly and former ally of the president, said on Sunday during his annual state of the nation speech in Lagos that “it is unfortunate” that the ‘change’ mantra “that was once the rallying cry for progressive development has now become associated with retrogression and suffering.”

Mr. Bakare, a politician and former vice presidential candidate to Mr. Buhari in his failed 2011 bid, said the hard times Nigerians are grappling with are the consequences of the policies of the Buhari administration.

Mr. Bakare said the policies, especially on exchange and interest rates, should be discarded forthwith and more pragmatic ones be implemented instead.

“To begin with, the confusing and discriminatory multiple dollar to naira exchange rates – favourable to some and not so favourable to others, and without doubt confusing for potential investors – must be discarded while a more reliable and predictable exchange rate, mutually beneficial to our people and economy and attractive to foreign investors, should be put in place,” Mr. Bakare said.

“Similarly, prohibitive and punitive interest rates must be lowered in order to liberate the creative ingenuity of our people as well as encourage those who can access mortgages at affordable rates to become homeowners, especially if our Pension Scheme is up-to-date and robust.

“The multiplier effect of the removal of these bottlenecks in our economy will cushion the effect of the current recession on our people,” the preacher said.

Mr. Bakare also decried alarming levels of inflation in the country, which he said had seen the prices of everything —from staple food supplies to electronic appliances and automobiles — skyrocketed.

He said this year will be crucial in the life of the current government, warning the president to immediately reshuffle his cabinet because “we have no more time to waste.”