This recession is going to be worse than 2016 because the monies we borrowed then were not properly invested

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This recession is going to be worse than 2016 because the monies we borrowed then were not properly invested - Peter Obi

Former Vice Presidential candidate of the Peoples Democratic Party (PDP), Peter Obi has stated that the current recession Nigeria is currently in is going to be worse than that of 2016. 

 

Obi who appeared on Channels Television’s Sunday Politics, said solving the current economic crisis was more important than political permutations geared towards 2023.

 

The former Governor blamed President Muhammadu Buhari’s administration for not “adequately preparing” the country for the impact of the pandemic.

 

He said; 

 

“Every other country is discussing the recession and how to pull their people out of poverty. 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.”

 

Obi also stated that the current recession is going to be worse than that witnessed in 2016 as the money the current administration borrowed was not properly invested. 

 

He added; 

 

“The cost of governance is not acceptable. 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.

“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.”

 

The Anambra-born politician further averred that Nigerian leaders “need to take very difficult decisions” if they are to turn the tide and put the economy back on the track of positive growth.




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