₦airaland Forum

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.

https://m.guardian.ng/category/news/nigeria/

Buhari is synonymous with bad luck.
Recession in 80's when he truncated our Democracy and came in as a head of State.

Another Recession in 2016 .

Then this latest one now..


Only one man leading Nigeria into recession three times since the creation of Nigeria... This is no more a coincidence.

If only these men knew that Nigerians, except their followers understand the polity more, they would have keep their mute. Yari should note that the even if they like, let the crude be sold at $200pd, if there are no robust policies and of course implementation, the economy will still not be working.

For the records, if he can be sincere to answer the following posers, then we can get something out:
1. What is Nigeria's current oil output per day i.e how many barrels of oil are we drilling/exporting per day?
2. What is the benchmark used for our 2018 budget?
3. Are we running on surplus or deficit?

Answering the above will elicit the next round of posers.

Sias the Governor that rules from Abuja

It is already. Don't wait till it is announced on television.

Did we get out of the one they led us to before? Keep deceiving yourself. The 'incorruptibles

What does Mr.Yari know about the economics of Nigeria?I am certain that he knows next to nothing.

Sai Buhari

If there's one thing you can guarantee under Buhari, it has to be recession.

1985 recession under Buhari
2015 recession under Buhari
2019 recession loading again under Buhari

Nigeria has had 2 recessions in her history, and it all occurred under Buhari's reign.

[color=#27408B]Recession on recession? Obviously, Nigeria is hell.[/color]

Hmmnn

Afospecialk:
Nigeria have every opportunities to diversify nd save for the raining days like this when oil price sells above $112 per barrel but they all squandered nd looted as many as they could nd we ar now expecting BUHARI to perform miracle over night with the current $75 price

[b][/b]One thing is certain. Let this sound clear to all our poloticians, including the current nd ex and just elected nd all millionaires nd billionaires in this country that If we face further or another recession they ar all dead and all their children nd their investments home nd abroad will go for it. We will show them that an hungry man is angary man. Bokohram nd militants nd bandit ar just child play compare to what. will happen if face further depression

[b][/b]

The bolded is great

Wen our president resides in d UK

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”.

.....we hope they listen.

Who tell you sey recession don finish before

Let's go there... Next level

see prophecy

Yari and Bello. I don't even know which is better.

Ask him?
Tell him

Are we out of recession

Slip back kwa?
We comot for recession before?

nicepoker101:
Yari and Bello. I don't even know which is better.

You mean who is worse?

E get when them dey ever blame bad administration?

Now na oil price Dem dey blame

No comment.

Ijawwomaninoyo:
You mean who is worse?

you mean both of them are that bad?

South east states cannot survive without FG monthly allocations. They contribute almost nothing to the economy. Their IGR is the lowest after the war ravaged North east states.
Therefore, it is extremely hard, asking such low IGR generating states with muddy and barren land capacity to boost their revenue base.

-Lion

Ijawwomaninoyo:
Slip back kwa?
We comot for recession before?

Same question here...

because all the things in that recession haven't left ..

So when did we leave recession