An islamic scholar from the department of Languages and Linguistics, Bamidele Olumilua University of Science and Technology Alhaji Olayiwola Qudus has advised the Federal Government to adopt some of the core islamic financial principles and policies to address the current economic woes
Alhaji Qudus gave the advice while delivering the Ramadan lecture organised by the Nigeria Union of Journalists, NUJ, Ekiti State Council with the theme, “UNLOCKING ECONOMIC STABILITY IN NIGERIA, LEVERAGING ON ISLAMIC PRINCIPLE”.
According to him, despite the fact that Nigeria is blessed with numerous natural resources, it is still among the struggling nation of the world just because the right policies and principles have not been applied.
He highlighted some of the islamic principles which should be applied to include, free interest loan, zakat and sadakat which mandates the rich to pay certain percentages to the poor, mandatory debt repayment system, prudence management of public fund among others.
The scholar noted that if Nigeria continues with the current pattern, the economy may get worse.
He highlighted some of the factors killing the economy to indiscipline, corruption, extravagant spending, lack of mercy for one another, greed and lack of fear of Allah.
Alhaji Qudus noted that Federal Government must also establish more industries to create employment for more youths.