Abdulaziz Yari, Zamfara State governor, who also doubles as the chairman of the Nigerian Governors’ Forum, has warned that Nigeria may head for another economic recession due to the decline in oil price.
Yari projected that the vital oil industry maybe hit by another weaker global prices, which has fallen from highs of about $112 a barrel in 2014 to below $75 at the moment.

Yari, while speaking at the opening ceremony of an induction programme for newly-elected and returning governors in Abuja, said “this scenario is a wake-up call for all of you to come amply prepared to face these kinds of challenges.”

“We are expecting the possibility of another cycle of recession by mid-2020 and which may last up to third quarter of 2021,” he added.

Similar thoughts was also shared by the monetary policy committee of the Central Bank of Nigeria in December 2018.

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said the economy had started showing signs of weakness.

According to Emefiele, the slowdown emanated from the oil sector, with strong linkages to employment and growth.

Yari, therefore, advised that governors to “look inward by boosting your revenue generation base” and also use the revenue judiciously.

The Zamfara State governor said the outgoing governors have agreed that borrowing is not a good means of solving economic problems.

He urged the incoming governors to multiply revenue generation base so as to “change the course of doing government business for the betterment of the people”.

Nigeria’s economy exited recession in 2017 after suffering contraction for five consecutive quarters.

Critics say government policies made a bad situation even worse. The decision to delay devaluing Nigeria’s currency meant many businesses struggled to get foreign currency to pay for imports, which had a worse effect on the entire economy.

The slump in global oil prices hit Nigeria hard with the government getting about 70% of its revenues from oil sales.

DON'T MISS

Three (3) Things Every Lady Wants From Her Man But Are Shy To Tell...

Three (3) Things Every Lady Wants From Her Man But Are Shy To Tell Them In as much as we know that getting a lady as your second and partner to belong in future, you...

I know we have wronged you, please forgive us-Senator Florence Ita-Giwa goes on her...

I know we have wronged you, please forgive us-Senator Florence Ita-Giwa goes on her knees to beg protesting residents in Cross Rivers state Senator Florence Ita-Giwa has appealed to Nigerians, particularly residents of Cross Rivers...

Enough Is Enough’ – IGP Orders AIGs, CPs, PMF, CTU, SPU Commanders To Reclaim...

Enough Is Enough’ – IGP Orders AIGs, CPs, PMF, CTU, SPU Commanders To Reclaim Public Space The Inspector-General of Police (IGP), Mohammed Adamu has ordered the immediate mobilization of all police organizational assets and resources...

Military Officer confronts policemen for shooting at crowd

Military Officer confronts policemen for shooting at crowd A military officer has been seen in a viral video confronting policemen for shooting at the crowd. The officer was heard telling the supposed head of the policemen...

NBC Fines Channels, AIT, Arise TV N9m Over #EndSARS Coverage

NBC Fines Channels, AIT, Arise TV N9m Over #EndSARS Coverage The National Broadcasting Commission (NBC) has fined Channels Television, African Independent Television (AIT) and Arise TV N3m each over their “unprofessional coverage” of the EndSARS...

If You’re Still Adding This Ingredient While Boiling Your Meat, Then You’re Damaging Your...

If You're Still Adding This Ingredient While Boiling Your Meat, Then You're Damaging Your Kidney When we buy meat from the market, we tend to wash it and then boil it to make it soft. But...
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments