Nigeria slips into recession, weighed down by COVID-19 and oil prices

23 Novembre, 2020, 11:25 | Auteur: Auguste Feret
  • Nigeria slips into another recession under Buhari

Africa's biggest economy is in recession for the first time since 2016.

Atiku said he received the confirmation of another recession, the second time in five years, with a heavy heart.

President Muhammadu Buhari [PHOTO CREDIT: @theasovilla]"Yes, the COVID19 pandemic has exacerbated an already bad situation, however, we could have avoided this fate by a disciplined and prudent management of our economy. We have the confidence that the Nigerian economy will bounce back very promptly".

"The more we borrow, the more we will need cash to make interest and principal payments, and the less cash we will have to make necessary investments in our economy and our people". The recession four years ago was its first in a generation, and the country emerged from it the following year. Oga Atiku advice say make goment invest for pipo wey poor well and how dem fit do am na to dash everybody wey get Bank Verified Number N5,000 each every month. By more profligate borrowing? No. Luxury tax go dey on every goods and services wey only rich pipo dey enjoy. "A tax on the ultra wealthy to protect the extremely poor". How dem go do dis na to put 15% tax on all Business and First Class tickets wey dem dey sell to and from Nigeria, tax all luxury vehicle imports and sales, tax on private jets imports and service charges, tax on all jewellery imports and sales, tax on all designer products imported, produced or sold in Nigeria, and on all other luxury goods whether manufactured, or imported into Nigeria.

"The proceeds of this tax should be exclusively dedicated to a Poverty Eradication Fund, which must be managed in the same manner as the Tertiary Education Trust Fund, or the Ecological Fund".

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The former presidential candidate pointed out that it is inhumane for the government to increase the cost of goods and services that affect the poor masses, while keeping the cost of luxuries fairly stable.

"I further propose that a 1% poverty alleviation tax should be legislated by the national assembly on the profits of every worldwide oil company operating in Nigeria, and global airlines doing business in Nigeria, which should also go towards the proposed Poverty Eradication Fund".

And above all, Nigeria must stop borrowing for anything other than essential needs.

He reiterated that the country must stop borrowing to pay salaries or fund white elephant projects, as it is important for the resuscitation of the battered economy. "We must be our own saviours".

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