₦airaland Forum

AN economist, Chika Onuegbu, has said that the economic indicators in the country for 2019 were unfavourable to Nigeria, adding that the year will be very tough for the country.

Onuegbu, who is the Chairman, Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Staff Association Committee on Petroleum Industry Bill, warned that Nigeria must change its system of fiscal federalism to be able to be free from the fear of another economic recession.

Speaking in a telephone interview with our correspondent on Wednesday, Onuegbu observed that the Nigerian economy was still fragile, adding that all sectors of the nation’s economy were still in recession except the oil sector.

He pointed out that since the country’s survival was still dependent on the price and production level of oil, Nigeria was at risk of sliding back to full recession, adding that the 2019 budget will not be realised.

“The fact remains that 2019 is going to be a very difficult year for Nigeria and not favourable to Nigerians. I pray that it should not happen. But all economic indices point to this fact. The 2019 budget will not be realised based on the available indicators.

“So, things are going to be tough in 2019. Until as a country, we are ready to change our system of fiscal federalism; we are ready to really diversify and restructure our economy, we will not make progress. That is the painful reality.

“As long as we continue to practise that approach, Nigeria will not grow and all the efforts at diversification will not work because you cannot say you want to get healed and you refuse to take the bitter pill that will help you get healed.

“The Nigerian economy is still fragile. As a result of that, if oil price goes down or oil production goes down or both of them, then the Nigerian economy will be back to recession,” Onuegbu stated.

He maintained that Nigeria came out of the last recession not because it addressed the structural problems affecting its economy, but because the country, at a point, produced more oil and sold at a higher price.

Onuegbu cautioned that a system where federal, state and local governments shared oil money every month-end while the natural endowments in each state were abandoned was unacceptable and an indicator that the economy may face another round of recession.
source:https://thebiggestgists..com/2019/01/2019-will-be-tough-for-nigeria-economist.html
cc lalasticala, myndd, seun, fynestboi

Buhari is a disaster

Things are tough, but are getting better.

We wont destroy our future by voting someone who does not care abt us but only about his personal benefits

Things will be better when we move to the next level

I agree with Mr Onuegbu, but we are already diversifying. Agriculture, manufacturing and mining contributed 3% to our GDP in quarter four of 2018, we just need to continue in that direction.

That's why we can't allow the Poverty development party to come back and loot everything all over again

Deathstroke00:
Things are tough, but are getting better.

We wont destroy our future by voting someone who does not care abt us but only about his personal benefits

Things will be better when we move to the next level

I can forgive a government that looted in abundance, but what do you call a government looting in scarcity?

Things only get better when u work towards it, this government is working in the interest of the cabal and not the masses.

An economist or The Economist?

Bloggers and lying. What is the purpose of The Economist logo in this report? To mislead people?

Since when has it not been tough since Buhari came to office?

It is amazing Nigerians actually enjoyed small small woth GEJ. Now nothing. Only Buhari, his family and the few who align with them are enjoying and making off like bandits.

Sirjamo:
I agree with Mr Onuegbu, but we are already diversifying. Agriculture, manufacturing and mining contributed 3% to our GDP in quarter four of 2018, we just need to continue in that direction.

That's why we can't allow the Poverty development party to come back and loot everything all over again

You diversified to Agriculture by looking for more oil in Chad right?


What and what did Nigeria manufactured? Where and when did we mine even a coal

Well, I don't blame you. You must work for your 30k salary sha.

Vote for Buhari in 2019 so Nigeria will turn to Dubai.


Next level oriburuku.

Are people God, who says when the Lord has not spoken?

That's cos everything in Nigeria is tied to oil and oil has no back up that can cover even 20% of its impact in our lives.

Where is Buhari's diversification. He only intensified oil search up north and that isn't a real diversification if you ask me.

How bad will it get before it gets better?

Buhari must go

Ejike Mbaka-ogu my man