The exit of National Economic Intelligence Committee and its impact, By Eric Teniola

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Nigeria may need to take another look at some of the measures recommended by the National Economic Intelligence Committee (NEIC).

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Those within government will attest that the bond between Professor Aluko and General Sani Abacha helped tremendously in the creation of Ekiti state on 1 October, 1996. Instead of flying to Abuja via Akure or Ibadan or Lagos, while serving as NEIC chairman, Professor Aluko would drive in his Peugeot 504 station wagon car from Ode in Ekiti State, most often carrying plantain from his farm, during weekends.

In 1962, Professor Aluko was approached to serve as the economic adviser to the Western Region. His salary was to be £2,942. At that time, he was a lecturer in the University of Ife, now, earning an annual wage of £1,000. He accepted the offer on the condition that his new salary would be reduced to the level of what he was being paid at Ife, stating that he would not be more productive on the new job than what he was already doing at Ife.

In interviews, newspaper columns and public lectures, Aluko supported measures to increase workers’ productivity through better supervision and the cutting of waste, via subsidised rent and allowances to government employees. These measures are capable of increasing government revenues that could fund policies to reduce unemployment and rural development.

Professor Aluko married Joyce Amomogha from Ekpoma in Esan West Local Government Area of Edo State on Valentine’s Day in 1955. General Sani Abacha made him a member of the Federal Executive Council and always differed to him on economic issues during council deliberations. analyse the monetary guidelines issued by the Central Bank of Nigeria and monitor the implementation of all the measures enumerated therein;

Chief Paul Agbai Ogwuma from Abayi in Imo State was governor of Central Bank at that time, while both Dr. Kalu Idika Kalu from Ohafia in Abia State and Chief Anthony Ani from Odukpani Local Government Area of Cross River State served as ministers of Finance under General Sani Abacha. At that time brilliant economists were running the economy of the country.

 

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