A senior lecturer at the University of Port Harcourt, Peter Medee has hailed president Bola Tinubu for placing a temporary ban on ministers, head of agencies, and other government officials. Dr Peter Medee In an interview with our reporter said the move will help in stabilising the nation’s economy. He said that it is in the direction of reducing the demand for foreign exchange. Explaining that for every foreign trip, those travelling will require foreign currency and others to travel, but by reducing the time and effort of traveling, the cost of travelling will be reduced. Adding that production is usually boosted when ministers do not embark on foreign trips.
On how the Federal Government can further improve the nation’s economy aside from banning foreign trip, Dr. Peter Medea said investment in the real sector is pivotal. Stating that there is no way the government will invest in agriculture, manufacturing, mining, and will not reap the fruit of such investment.
Dr. Peter Medea further explained that it is only when you invest in the real section of the economy that the the real sector will have direct impact on the economy in terms of output, and when output is increased, then it will boost supply. And when supply is in the increase as against demand, then prices will come down and by so, the problem of inflation will be solved.
The former Commissioner for Energy and Natural Resources Peter Medee further stressed that when we invest in the real sector of the economy, we will also solve the problem of unemployment, and when the problem of unemployment is solved, then the problem of circulation and misery index is also solved.
