How government fuels economic recession, by CNPP

The Conference of Nigeria Political Parties (CNPP) has accused the government of fueling economic recession in the country through excessive spending on luxury vehicles and foreign goods.

It lampooned both the executives and legislators at all levels of “fueling endless economic recession through an insatiable appetite for foreign goods, particularly automobiles.”

In a statement signed yesterday by its Secretary-General, Chief Willy Ezugwu, the group urged President Muhammadu Buhari and the state governors to outlaw foreign vehicles as official cars through executive orders, as well as consider tax exemption for indigenous automobile manufacturers.

The CNPP explained that if funds being spent on foreign goods by the government were deployed to the local equivalents, the move would boost the country’s economy and gross domestic product (GDP).

According to Ezugwu, “the time has come for the executive and legislative arms of government to look inwards and patronise made-in-Nigeria automobiles and goods.”

He went on: “The Nigerian economy is still largely dependent on oil, and since the market for oil began to dwindle, the economy has continued to shrink.

“Recently, CNPP delegates were taken around the facilities of Innoson Vehicles Manufacturing (IVM) Company at Nnewi in Anambra State by the Sales Consultant, Chief Arthur Obi Nwandu, and it was shocking to discover that such a giant world-class indigenous vehicle manufacturing company exists in Nigeria, and still, we have continued to import cars.

“Our delegates saw that there is no type of vehicle that is not produced locally by the company, yet in February this year alone, Nigerian legislators at the House of Representatives ordered 400 foreign brands of exotic cars, rejecting Nigerian brands.”

He further queried: “How will the Nigerian economy not go into recession when the government is yet to deal with its appetite for foreign goods, including fuel importation?

“If all political office holders across Ministries, Departments Agencies (MDAs) of government and the executive at all levels, as well as the legislators, drive Innoson exotic vehicles, the huge sums of money wasted annually on foreign vehicles would have been retained within the Nigerian economy, leading to more employment and increased GDP.”