Former Governor of Lagos state and the National leader of the All Progressive Congress (APC), Asiwaju Bola Tinubu has noted that the nation’s economy is weak and it is responsible for insecurity and youth unemployment across the country.
Tinubu let this out while speaking at Sardauna Annual Memorial Lecture held at Arewa House, Kaduna, he said government should act fast by pumping funds into national projects and programmes to encourage employment.
Referring to the topic of the lecture; “Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria In a Post COVID-19 era, “the APC national leader said, “It is more than timely, particularly given the serious security challenges that have become one of the primary causes of despair and frustration among all Nigerians,young and old alike”.
He recalled local challenges faced by the country which was compounded by arrival of Coronavirus pandemic, pointing out that, “President Buhari has been carefully steering the country through the pandemic such that the negative impact on us and the economy has not been as harsh as it might have been”.
Tinubu however, added, “The economy’s relapse into recession has ended but we must admit the economy remains weak with too much unemployment and resources left idle.
“The development of any populous nation has always been dependent on the ability of government to allocate sufficient funds to projects and programmes that create and encourage enduring growth and employment.
“We must reject that mode of thinking that assumes government expenditure is inherently unproductive as well as harmful to the overall economy.
“Fiscal wisdom but not necessarily austerity is required for an economy like ours in a time like this, to ensure equitable wealth redistribution and meaningful use of resources.
“The years have shown that the private sector is much too weak to spur the growth we need. If the private sector could manage this feat, it would have already done so.
“Where the private sector is too weak or unable, the government must fill void. This means government must not be afraid to embark on an activist fiscal policy to create jobs, build infrastructure and develop our industrial sector as well as continue to improve agriculture.
“This means government must spend money but spend it on those things that bring the requisite economic returns for the nation.
“Here, one must make the point about the urgency of the need to think outside of the box in finding solutions to the challenges posed by our unemployed youth”.