Prior to the CBN Governor’s (Sanusi Lamido Sanusi) advise asking the Federal Government to sack at least half of its workforce to maintain a sustainable economy; Governor Uduaghan has rebuffed the former’s words saying he is wrong!
You will recall that the CBN boss, at the second Annual Capital Market Committee retreat in Warri, Delta State, stated that the government is spending over 70 per cent of its earning on salaries and entitlements, which according to him is not a sound economical principle.
Dr. Emmanuel Uduaghan, the host governor, said Sanusi’s call for the mass sack of federal and state civil servants was very wrong.
The Governor said the country was already battling with mass unemployment, adding that going by Sanusi’s advice, the unemployment problem will be compounded.
In his keynote address, Uduaghan identified the capital market as one of the sources of procurement of fund for execution of good projects to uplift the social and economic lives of its people.
“Not that borrowing in itself is necessarily bad, but the management and deployment of such funds is crucial. In fact, I dare say that with the state of affairs today and the paucity of funds, government can hardly do without borrowing. What is at issue is what government and public funds managers do with the funds at their disposal for the good of all,” Uduaghan said.
