The Nigeria Governors Forum (NGF) yesterday has warned the returning and newly elected state governors that recession may come in 2020 and so they should prepare ahead for tough times in their respective states.

The chairman of the group and governor of Zamfara State, Abdulaziz Yari, warned that there may be another cycle of recession from mid-2020 to the third quarter of 2021, the Guardian reports.

He gave the advice at the induction programme organised for the old and new governors at the NGF Secretariat, State House Conference Center, Abuja yesterday.

The NGF chairman told his colleagues that it would not be a smooth ride when they begin a new administration in their states.

“On our part, we made a lot of achievement in infrastructural development and provision of social services because we enjoyed a relatively high oil price of about $100 to $114 per barrel between 2001 and the middle of 2014.

“However, by the mid-2014, the price of crude oil, which is sadly the main driving force of government’s expenditure, dropped to $75 per barrel. It, therefore, became very difficult for many states to even pay salaries of their workers.

“This scenario is a wake-up call for all of you to be prepared to face this kind of challenge, especially since there is the possibility of another cycle of recession by mid-2020 and which may last up to the third quarter of 2021. Your good spirit of stewardship will make you contain the situation should there be one. Also, as members of the National Economic Council (NEC), you must work hand-in- hand to boost the economy in tandem with the global best practices.

Speaking further, he said:

“Experience, they say, is the best teacher. Ours has been a challenging experience of managing state economies that are totally dependent on accruals from the federation account rather than exploring viable alternatives to run the economy.

For most of the states, internally generated revenues are nothing to write home about. You must, therefore, look inward by boosting your revenue generation and also utilize them effectively for execution of projects that will touch the lives of your people. You must not forget the high expectations of our people from us; now that the democracy is maturing daily, the challenges of governance and service delivery are more demanding,” Yari said:

“Borrowing is never a reliable alternative to solving our economic problems. Key revenue agencies like the Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS) and the Nigeria Custom Service must be made to work more effectively now that Mr. President has signed the much awaited national minimum wage law, pegging the minimum workers salary at N30,000 per month.”

He urged the incoming governors to strengthen tax laws to encourage Nigerians to pay.

https://lailasnews.com/prepare-for-tough-time-recession-may-come-in-2020-ngf-to-governors/

Hahahaha, these people will not fail to amuse me.
Is that all he have to say?
Instead of him to tell his friends and the in-coming ones to stop looting and concentrate more in developing infrastructures and reviving agriculture in their respective states and also tell Buhari to bring onboard competent hands as quickly as possible, he is there telling stories.

Statements from outgoing Gov Yari should not be taken seriously in as much as he has not spoken against the fraudulent security votes they launder, then he is unfit to advise anyone. At every instances, he must bring up the minimum wage brouhaha up

Sai Buhari
Next Level Recession

Kuku kill us o

Not again, Buhari want to kill us all before he die. May God help us.where are the people that voted this man pls? They should talk to him, people have suffered enough.

Na people wey vote for Buhari again I dey pity because these time around dem no go, go free

This thieves should keep shut and get busy. Instead of looking for ways to provide jobs and increase their IGR, they are busy gallivanting around the country. All they do is sit down fold their arms and expect free launch from Abuja.

So the hard times we are facing now is just a picnic compared to the one to come in 2020

Why is Nigeria getting worse??

Recession gba gbuo gi NGF

Next Level thing....

We are in recession

Thanks to bad economics as well as the fact that for us to run a balanced budget, we need oil at $139 per barrel.

Instead, govt looks for more oil, while opposition looks for more oil money for it's constituents a LA restructuring

No one wants to talk about industries and scientific development

With Buhari at the helm of affairs



Recession is a sure thing


Zombies are walking dead people who dwell in darkness and hardship

Abeg are we not in recession now

As usual

If dis isnt cluelessness in all its glory den I dont know what is. A govt came in took d country into recession, blamed d past govt and den claimed to have taken us out of it and now we are headed right into d ditch again. Since d govt blamed d previous govt for d last recession, who will dey now blame for d coming one?

Summary; no employment

Everything was going smoothly until I saw the name Governor Abdulaziz Yari the failed governor of unlucky Zamfara State. I mean what really qualifies him as an adviser to incoming governors. SMH

Despite the rebound, oil prices remain lower than they were back in 2014, before the price crashed from about $114 per barrel down to $38.

Analysts however believe the country is not out of the woods yet. Unless oil price hits $139 per barrel, Nigeria cannot fund its budget effectively without resorting to borrowing. According to Fitch Ratings Report Nigeria has the highest breakeven oil price $139 a barrel to balance its budget placing the country in the worst situation among 14 major oil exporting nations in the Middle East, Africa and emerging Europe.

Countries such as Kuwait at $45; Qatar at $51; the Republic of Congo at $52; Abu Dhabi, United Arab Emirates, at $60; Iraq at $61; Gabon at $66; as well as Azerbaijan at $66; Kazakhstan at $71 and Russia at $72 have already hot their breakeven oil prices while Saudi Arabia at $74; Oman at $75; Angola at $82; Bahrain at $84 are not too far behind their breakeven prices unlike Nigeria at $139 per barrel. Sauce

See the problem?

And we have to pay new minimum wage, keep paying subsidy, keep importing fuel, erc

the shithole will remain doomed as long as the redundant /serial recessionist remains in aso!

The preparation should start from the governors.... Cut down your expenditures and security votes .

Another recession


By the way We have Farmlands for sale in Ilorin at various locations Check my Signature for more details

Of a truth we were never out of recession before. With the level of hardship in the land, preparing for more hardship means a journey to the beyond. Funny thing, our politicians who give this warning, don't prepare for anything except for more looting and enjoyment.

why won't there be recession when you are stealing your state money at an alarming rate. but judgement is coming soon.

Imagine the Kunu Guzzling drunkard predicting how the economy will be next year? He's now an economist! Na wah ooooo!

I am not surprise because nothing good comes from a black man. Being a black man is a disease itself..

It's clear the APC led administrationis toying with Nigerians