Professor Patrick Utomi, a renowned economist has commended the recent bailout by President Muhammadu Buhari’s led Federal Government to all tiers of government towards offsetting outstanding salaries of workers, saying the move will stimulate the economy.
Speaking on Saturday July 11, 2015 at the public unveiling of a book: “Integrity in Governance, The Nigerian Experience”, authored by Mr Arinze Echeta, a lawyer.
Utomi said, “Anybody who does not see the bailout as justice for the people whose salaries have been owed, the person has a moral problem.
“Secondly, if they understand economics, they would know that if they don’t have salaries and they do not spend money they are killing the entire economy of the state because the woman who sells roasted plantain by the roadside will not have customers, she and her family are then in trouble.
“So it is important for stimulating the economy, the money is going into the pockets of those people. So if it’s established that is morally of value to do that, the question is therefore, how you do it.”
While saying he was not privy to the details of the structure of the so called bailout in which some governors have claimed it’s their money, “whatever it is, there was need to stimulate the economy.”