The business mogul urged the president to introduce “stimulus” that could help to stimulate the manufacturing and industrial sectors of the nation’s economy.
He said, “The president should push for an emergency law that would help to stimulate economic growth and bring the country out of recession.
“The moment the manufacturing sector attains full-capacity production, there will be less dependence on importation and this will shore up the value of the naira.”
Kalu observed that the activities of Niger Delta militants further aggravated the nation’s dwindling revenue, leading to a full-blown recession.
He said, “At that time, I raised the alarm that Nigerian economy had gone into recession but nobody believed me, instead, I was abused and castigated.”
Kalu, who founded Progressives Peoples Alliance, PPA, after defecting from the Peoples Democratic Party, PDP, in the twilight of his administration, said that the party was still relevant in the nation’s politics.
He said, “PPA is not struggling, it is as good as other parties in the country.”
In another development, Federal Government is set to release the sum of N350bn for capital projects captured in the 2016 budget.
The Minister of Finance, Mrs Kemi Adeosun, said the additional N350bn will bring the total capital releases by the government to N760bn.