BREAKING: Oye Blasts Government Over Rising Debt, Salary Loans

According to a report by The Sun on Friday, April 24, 2026, Nigeria’s economic policy framework was examined at the 10th Bullion Lecture 2026 held in Lagos, where discussions centred on the direction of national fiscal management and its impact on development.

The Chairman of the Alliance for Economic Research and Ethics and former President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Kelvin Oye, presented a critical assessment of prevailing economic strategies, focusing on spending choices, reliance on imports and structural inefficiencies affecting growth.

The event was organised by the Centre for Financial Journalism and brought together participants from banking institutions, regulatory bodies and the manufacturing sector.

The central theme, “From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Industrial Renaissance,” guided conversations on how the country could better leverage its natural endowments to achieve stronger industrial output and long-term economic transformation.

Oye expressed concern over economic policies that allow unchecked importation, arguing that such measures are weakening domestic production systems.

He maintained that the current structure of trade and fiscal decisions is creating an environment where locally produced goods struggle to compete, thereby reducing incentives for farmers and manufacturers.

According to him, the continued openness to foreign products without sufficient protection for local industries is contributing to a decline in productivity and undermining efforts to build a self-sustaining industrial base within the country.

He further noted that farmers and indigenous producers are increasingly experiencing financial strain as a result of these policies.

Oye explained that many agricultural stakeholders are recording losses due to their inability to compete with imported alternatives that dominate the market.

This situation, he said, is discouraging local production and creating uncertainty within the agricultural sector, which remains a critical component of Nigeria’s broader economic stability and food supply chain.

The economic expert also warned that if the current pattern continues, the country could face serious challenges related to food availability.

He highlighted that foreign exchange reserves are being used to support importation rather than being channelled into strengthening domestic production capacity.

This approach, according to him, risks creating dependency on external markets and may eventually lead to shortages in essential food items if local production systems are not adequately supported and expanded.

Oye also drew attention to the divergence between monetary and fiscal policy implementation, noting that while monetary measures appear relatively stable and predictable, fiscal decisions lack consistency and alignment with development objectives.

He argued that this imbalance has contributed to inefficiencies in governance and economic planning, making it difficult for long-term strategies to take root.

He emphasised the need for more coherent policy coordination to ensure sustainable economic progress.

“We keep borrowing and borrowing even to pay salaries. We are not prioritising”, he stated.