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Recession: Stop feeding the rich, starving the poor — Amadi tells Buhari govt

Former Nigerian Electricity Regulatory Commission (NERC) Boss, Dr Sam Amadi says the government of President Mohammadu Buhari should stop feeding the rich and starving the poor.

He advised that the government should instead focus on taxing luxury goods.

He made the comment in a tweet on Sunday in response to Nigeria’s slip into its 2nd recession in 5 years, adding that the Buhari government had gotten Nigeria into a second recession under its regime and should take the country out of it.

Amadi says, “Since @NGRPresident has got us into a second recession, it has a responsibility to get us out quickly. To start, it should refocus from feeding the rich and starving the poor.

“It is now time to tax luxury items, reduce salaries and allowances of the upper level and reduce tax on poor.”

Former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia on his part adds that Nigeria relapsed into another recession because the people had lost confidence in the system.

He noted that because of the high level of insecurity, people in the North-West, North-Central and North-East had abandoned their farms.

He added that the same problem was in the South, leading to the rise in inflation.

According to him, investments in the country have dropped, thus jobs are not being created.

The former CBN deputy governor, therefore, advised government to restore people’s confidence by addressing insecurity so that people could go back to farms.

He warned that unless this is done, things will get worse next year.

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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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