An economic expert has spoken up about Nigeria’s current recession, advising President Muhammadu Buhari on possible ways out.
The Nigerian Bureau of Statistics (NBS), in its Second Quarter Report released on Wednesday, said the economy contracted by 2.06 per cent to record its lowest growth rate in three decades.
A development economist and financial Expert, Odilim Enwegbara, who is the Chairman/CEO at Pan Africa Development Corporate Company (PADCC), said the government needs to inject a minimum of N3 trillion annually into the economy.
He said Buhari should leverage on its expansive revenue base and spend its way out of the recession.
In his view, President Buhari ”Buhari’s social interventionist policies too should, besides making the school feeding programme a priority, monthly stipends of not less than N10,000 (instead of N5,000) should be given to millions of our poor families, widows, elderly, mentally and physically- challenged Nigerians. This should be promoted with the rigour it requires
He said: ”To help our economy, the government needs to pump trillions of naira into infrastructure projects and trillions of naira into social intervention policies so as to make more money available to the citizens to boost their purchasing power, which will make these cash-strapped citizens start consuming, not imported goods and services, but mostly locally made goods.”
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