Nigeria’s poverty rate will worsen with recession — Peter Obi

Former Anambra State Governor, Peter Obi, says the poverty rate in Nigeria will get worse as the nation slips into its second recession in 5 years.

He adds that solving the current economic crisis was more important than political permutations geared towards 2023.

He made the remark this evening during an appearance on Channels Television’s Sunday Politics.

Obi lambasted the current administration over its propensity to borrow for corruption and inability to cut government expenses.

“The cost of governance is not acceptable,” he said. “There is too much waste.

“This recession is going to be worst than in 2016 because the monies we borrowed then were not properly invested.

The former governor blamed President Muhammadu Buhari’s administration for not adequately preparing the country for the impact of the Covid 19 pandemic.

“Every other country is discussing the recession and how to pull their people out of poverty,” he said. “So what we should do now is to concentrate on the monetary and fiscal policies to start pulling people out of poverty.

“If you see what happened with recent protests, you could see that we are heading into a problem. And I want our energy to be concentrated in that problem. The politicians, the class where I belong, should do more seriously, across party lines, to be able to arrest the situation before it gets out of hand.

“For me, it is in discussing how do we put food on people’s table. Elections will come and we can see how to select the best. But let’s deal with the recession we have just entered before 2023.”

“What we need now is to go into a vigorous regime of formulating implementable and measurable monetary and fiscal policies to drive ourselves out of the present situation.”

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  1. Though,I dont know if Obi could have done better,but one thing is sure,he has a fundamental knowledge of macro and micro economics and what could be done at a moment like this.

    Unlike,all these incompetent,ignoramus and charlatans, in the saddle today.

    At a time like this,since no one can give what he is not having,the only thing the government can think about is how to add to the misery of the masses by increasing fuel price and electricity tariff,instead of reducing such the price or tariff ..And also reducing the cost of running the government,by significant reduction in the pay packet of the Executive,Legislators and all allied functionaries that are earning mouth watering salaries.

    And then,this is not the time to close the borders…even Britain that voted for Brexit, are now opening their borders for migrants from the mainland at a great cost…There was a story during the initial lockdown when they had to charter planes that would go and bring workers from the Scandinavians to works in their orchard farms that are rotting away due to shortages of farm hands.

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