Naija News reports that Nigeria on Saturday officially went into recession for the second time under President Buhari‘s administration, but this time, the worst since 1987.
Figures released by the National Bureau of Statistics (NBS) on Saturday, November 21, reveal that Nigeria is officially in a recession, with the West African country recording a contraction of 3.62 percent in the third quarter of 2020.
This online news platform understands that the development shows that this is the second consecutive quarterly GDP decline since Nigeria’s 2016 recession. The cumulative GDP for the first nine months of 2020, therefore, stood at -2.48 percent.
Reacting in a statement on Sunday on Twitter, Atiku Abubakar urged the present administration to swallow its pride, and accept its limitations.
Atiku, a former Peoples Democratic Party (PDP) presidential candidate, accused Buhari’s government of failing to heed to his advice and that of other well-meaning citizens.
“This could have been avoided had this administration taken heed to the patriotic counsel given by myself and other well-meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing,” he said.
Despite COVID-19, the former vice president pointed out that a second recession could have been avoided through the practice of disciplined and prudent management of the economy.
Atiku said it is inhumane for the federal government to increase the cost of goods and services that affect the poor masses while keeping the cost of luxuries fairly stable.
He warned the government against further borrowing for anything other than essential needs or to engage in White Elephant projects.