Nigeria will experience another recession by mid 2020 till 2021 - NGF warns
- Nigerians have been alerted of another economic recession by the Nigeria Governors’ Forum
- According to the forum's chairman, the recession would last between mid 2020 and the third quarter of 2021
- Governor Yari of Zamfara called for more hard work among all the tiers of government to multiply the nation's revenue generation bases
The Nigeria Governors’ Forum (NGF), the umbrella body of the thirty-six state governors, has warned that Nigeria as a country should get prepared for another cycle of recession by mid 2020 and the third quarter of 2021.
Vanguard reports that the forum asked state governors to work hand in hand to boost the economy in tandem with the global best practices.
Legit.ng gathered that while speaking in Abuja at the induction of new and returning governors, the governor of Zamfara state and NGF's chairman, Abdulaziz Yari, told the newly elected and returning governors to prepare for the possibility of another cycle of recession.
Yari also urged state governors to work harder to boost their Internally Generated Revenue (IGR) to enable them to execute more projects and reduce over-dependence on the federation account as the means of promoting the social well being of their people.
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According to him, the NGF and the National Economic Council (NEC) led by Vice President, Yemi Osinbajo, have agreed that borrowing was never a reliable alternative to solving economic problems, urging the incoming ones and other ties of government to multiply revenue generation bases as that would help change the course of doing government business for the overall interest of the people.
The NGF chairman said: “Borrowing is never a reliable alternative to solving our economic problems. We must work hard among all the tiers of government to multiply our revenue generation bases so that together we change the course of doing government business for the betterment of our people.
“In so doing, key revenue agencies like the Nigeria National Petroleum Corporation, Federal Inland Revenue Service, the Nigerian Customs Service, and other sister agencies must be made to work more effectively now that Mr. President has signed the much awaited national minimum Wage law, which pegs the minimum workers salaries at N30,000 per month."
He urged the incoming governors to strengthen tax laws to encourage Nigerians to pay their taxes and also called for full diversification of the nation’s economy which means a shift from reliance on export of commodities which include oil, gold or any agricultural produce.
It would be recalled that Nigeria had officially entered a recession for the first time in more than two decades, in August 2016, according to figures which showed that economy had contracted for a second consecutive quarter.
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Governor Yari also reminded the governors and incoming ones that it will not be a smooth ride as they begin new administration against the backdrop that while the crude oil price was over $100 from 2011-15, the price noise dived to less than 75 percent from 2015 leading to recession.
According to him, in today’s free market, sustainable growth and genuine development could only be achieved when there is attention on industrialization rather than the export of primary commodities.
Meanwhile, Legit.ng had previously reported that the Nigeria Governors’ Forum (NGF) secretariat said it concluded arrangements for an induction programme for newly-elected and returning governors.
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Source: Legit.ng
