Nigeria had gradually slipped into a recession in the past few weeks but it was made official on Wednesday, 31st August when the National Bureau of Statistics (NBS) released the figures.
The Gross Domestic Product shrunk by -2.06 percent at the end of the second quarter of 2016, the Buhari administration has admitted that the country needs all the help it can get and the minister of Finance, Kemi Adeosun has assured Nigerians that this is only a phase that will soon pass.
From Wednesday till now, it is only right that we bring you a summary of some of the activities of the presidency geared towards saving Nigeria from the Recession.
1. The e-wallet fertilizer scheme has been revived: This policy was introduced by former President Goodluck Jonathan’s administration to address the menace of middlemen in the distribution of fertilizers to farmers. The policy was suspended by the Buhari administration a year ago as they called it unsustainable, but it now has to fall back on it to save the economy from plunging further. The e-wallet fertilizer scheme was a notable success in the past administration and it already had about 10 million farmers on its records. Minister of Agriculture, Audu Ogbeh who made the announcement on Wednesday said the policy will be adjusted to suit the current situation.
2. A 3-year borrowing plan has been approved: The Buhari administration has decided to seek external help by applying for loans at the World Bank, African Development Bank, China Exim Bank and a few others. According to finance minister, Kemi Adeosun, the plan to borrow externally is in line with government’s strategy to focus on concessional debts. She added that the loans would be used to develop strategic sectors that will revive the economy. The sectors to benefit mostly are the power, health and agriculture sectors. We are not sure if this a long or short-term measure but we hope that this will alleviate the economic crisis.
3. President Buhari has personally appealed to Nigerians to exercise patience: At the inauguration of Osogbo Government High school in Osun state on Thursday, President Muhammadu Buhari urged Nigerians to persevere through the hard times. He also gave a reassurance that his change mantra is still on track and his administration is working hard to deliver on all its campaign promises. He attributed the economic situation to the drop in oil prices.
4. Blame games are being played as usual: Since the recession officially became a thing, the two major political parties in the country have been involved in a war of words. The ruling party APC has blamed the previous administration’s recklessness for the current state of the economy. They have demanded that the PDP apologizes to Nigerians for mismanaging the country and “choosing the path of economic sabotage.”