By Emma Ujah
ABUJA — The on-going economic recession has persisted owing to application of wrong prescription by non-professionals, the Director of Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule, has contended.
The CBN chief spoke at the Chartered Institute of Bankers of Nigeria, CIBN, roundtable meeting organised on the current economic recession in Abuja on Tuesday.
His words: “Some came in as doctors into the macro-economic management and are giving the tools of medical doctors to advise on how to solve the problem of recession. Some came in as carpenters and they are using carpentry tools to advise on the problems of economic recession; some came in as engineers and they are using their tools to advise on how to address economic recession.
“They have not allowed the professionals to do their jobs. They have not allowed the professional to provide the direction.”
According to the director, the Monetary Policy Committee (MPC) had, since early last year, consistently warned that the nation will slip into recession if urgent steps are not taken but that the warnings were not heeded.
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