I was told to reject Buhari’s appointment – Soludo

The former governor of the central bank of Nigeria Prof. Charles Soludo said a friend asked him to reject President Buhari’s office.

Soludo, who was recently appointed as a member of the economic council, said he should reject the appointment as there was no money in it.

His words below

Our constitution, together with its command and control institutions concentrated at Abuja, was designed for and around the sharing and consumption of the oil rent.

It is mostly obsolete for the demands of a production economy without oil rent which requires competitive and flexible rather than unitary federalism.

As the oil rent is tapping off, its internal contradictions have burst open, requiring a lot of survival mechanisms to keep the system afloat.

I was told to reject Buhari’s appointment – Soludo

But for how long?

You cannot build a 100-storey building upon the foundation of an old bungalow.

The new economy we need to build is a 100-storey building, and we cannot put a 100-storey building on this foundation that has been laid for a bungalow.

A post-oil economy requires that agents maximise their fullest potentials which would expect a national rather than a federal response.

You can’t clap with one hand.

What we need is a new national business model.

You are designing good ideas and good plans without the underlying infrastructure to carry those ideas forward.

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