Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has called on President Tinubu to conduct a cabinet reshuffle as part of efforts to restore investor confidence in Nigeria and bolster the economy. Speaking in an interview with Arise Television, Moghalu also advocated for the establishment of a full-time Economic Advisory Council to provide guidance on economic matters.

Moghalu emphasized the need for a reshuffle, citing the slow and politically oriented process of appointing the cabinet as a factor that contributed to the loss of investor confidence. He suggested that a more technocratic approach was necessary to address the current economic challenges effectively.

Addressing Nigeria's economic stability, Moghalu stressed the importance of understanding the root causes of the crisis and addressing underlying issues such as incompetence and lack of will. He proposed the formation of an Economic Advisory Council comprising specialists in various fields of economics to provide comprehensive advice on fiscal, industrial, trade, business, labor, agricultural, development, and political economics.

In addition to restructuring the cabinet and establishing an Economic Advisory Council, Moghalu presented several potential solutions to Nigeria's economic woes. These included issuing a 20 trillion naira bond to finance nationwide projects in railways, housing, and agriculture, aimed at creating five million jobs within three years. He also suggested the possibility of seeking a $30 billion IMF stabilization program to improve forex liquidity, support reserves, and enhance investor sentiment.

While acknowledging the pros and cons of an IMF program, Moghalu highlighted the need for substantial financial assistance to make a significant impact. He emphasized the importance of transparency in fiscal management and urged Nigerian leaders to demonstrate inclusivity, vision, and adherence to constitutional principles to foster a sense of nationhood and trust among citizens.

Moghalu underscored the significance of constitutional reform to address issues of fairness, equality of opportunity, and shared purpose among Nigeria's diverse ethnic nationalities. He stressed the importance of recognizing and representing the interests of all ethnic groups in the Nigerian project to foster genuine nation-building efforts.

Naijamatta is a social networking site,

download Naijamatta from Google play store or visit www.naijamatta.com to register. You can post, comment, do voice and video call, join and open group, go live etc. Join Naijamatta family, the Green app.