Nigeria’s Economy in Serious Crisis—Buhari

December 17, 2018
Nigerian economy Recession

By Modupe Gbadeyanka

Nigerians have been advised to tighten their belts by President Muhammadu Buhari as the nation’s economy is currently in bad shape.

Mr Buhari gave this advice last week when he held a meeting with governors of the 36 states of the federation in the Presidential Villa.

Chairman of the Nigeria Governors Forum (NGF) and Zamfara State Governor, Mr Abdulaziz Yari, who addressed newsmen after the meeting, said Mr President told his guests to redouble their efforts in addressing infrastructural deficiencies in their respective states.

“Mr President as usual, responded by telling us that the economy is in a bad shape and we have to come together and think and rethink on the way forward.

“Mr President talked to us in the manner that we have a task ahead of us. So, we should tighten our belts and see how we can put Nigerian economy in the right direction and how we can address the nation’s infrastructural decay,” the Governor said.

He added that, “All of us as leaders, especially those that are coming to the National Assembly and those coming back as governors and the President who will be re-elected, by God’s grace, we should not think that things are going to be easy; they are going to be harder than before. This was the message of Mr President.”

According to Mr Yari, they used the opportunity of the meeting to appreciate the President for facilitating the release of the Paris Club refunds to them without any discrimination.

“You will recall for those that have been around since 2015, so many issues were raised in budget support, bailout funds, Paris-London Club refund and infrastructure development funds.

“When Mr President came on board, 27 states out of 36 could not pay salaries some for 13, 12, 8, 5 months, respectively. During our first encounter with him, he told us that we have no business of being in power if we cannot do the basic, which is pay workers.

“So, he asked that we discussed how we could support those states that cannot pay salaries so that workers will be paid.

“Those in the position then came up with the idea of bailing out the states, so that they could pay the arrears. But paying the arrears was not enough, because the performance of the economy at that time could not sustain the current salaries, that was how he paid the London Paris Club in batches until we exited last month, the payment of London Paris Club has been lingering for the past 12 years. “We came here today to thank Mr President because in bailing out states, he did not discriminate along party lines, unlike in those days when you can only get audience with Mr President if you have long legs. So, we appreciate what he has done and we prayed for him that he will succeed to return for a second term.”

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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