17 Views

Nigeria’s Recession May Last Till 2020 – Agbakoba

Former President, Nigerian Bar Association, NBA, Dr. Olisa Agbakoba, on Tuesday, September 6 expressed concerns about the recession currently facing Nigeria.

The legal expert said that the recession may continue until 2020, if the President Muhammadu Buhari’s government does not put measures in place to get the economy back on track.

Agbakoba while speakin in Lagos, said that he took a critical look at Nigeria’s current economic predicament and the factors contributingg seem to be inflation, high interest rates, unemployment, weak infrastructure, lower oil price and an economy with no capacity for growth.

According to Vanguard, the legal practitioner, in a statement made available to journalists, said that there was a need to develop a coherent fiscal, trade and monetary policy.

The human rights and maritime lawyer, pointed out that cohesion was needed at this point, that the tight liquidity operated by the Central Bank of Nigeria, CBN, where it jerked up its Monetary Policy Rate (MPR) to 14 per cent is ridiculous, adding that CBN’s focus on Forex management is rather encouraging round tripping and creating asymmetry in the system.

He also advised the CBN to focus on productive value of the economy and not the numerical value of the naira, saying: “The full deregulation of the forex market to allow level playing field and removing distortions such as round tripping, will ensure that at least $20 billion inflow will instantly occur.”

The former NBA Chairman, then went on to list a number of solutions for President Buhari to revive the economy saying that there was an immediate need for “a presidential proclamation at the National Assembly, switching from austerity to growth policy, the federal government needs to spend more to boost growth.”

Agbakoba, however, pointed that contrary to popular opinion, President Buhari does not need the envisaged economic emergency powers to make a turnaround. He noted that former President Shehu Shagari had it in his time and still failed, adding that the so-called economic emergency powers is also not working in Venezuela.

Agbakoba said that to revive the economy: “Nigeria must spend its way out of recession; establish a National Treatment Policy- Fiscal and trade Protection Policy, establish urgently a Development and Guarantee Bank; prepare Public Sector Borrowing Requirement, PSBR and borrow as our debt Ratio can sustain this, as well as develop Assets securitisation.”

In conclusion, the lawyer said that there is need for the Federal Government to pay-off the country’s domestic debt to inject liquidity in the system.

He suggested that FG must give the Treasury Single Account, TSA money back to the banks at single digit rates and supervise the banks, even as he recommended lending base rate of 5 per cent.

Meanwhile, earlier today, September 6, at the APC grand finale campaign in Edo state, President Buhari had expressed optimism when he spoke on the state of the economy.

“We are a nation of great human and material resources especially the youth. Please seat down and reflex and remember what I said 30 years ago. We have no other nation like Nigeria, no matter where you go,” he said in part.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Dangerous Infections You Can Get When You Bite Your Nails
Food and Health
35 views
Food and Health
35 views

Dangerous Infections You Can Get When You Bite Your Nails

Mabel - September 22, 2017

Biting your nails might seem like a minor bad habit. The frequency of the habit might lead you to believe that it's no big deal. However, it…

The University Of Ibadan Fixes Resumption Date
General
34 views
General
34 views

The University Of Ibadan Fixes Resumption Date

Mabel - September 22, 2017

The management of the University of Ibadan (UI) Chapter returns back to classrooms, the school authority has notified the students that the second semester lectures of the…

2017 WAFU Cup: Super Eagles Defeat Benin To Set Up A Final Game Against Ghana
Sports
43 views
Sports
43 views

2017 WAFU Cup: Super Eagles Defeat Benin To Set Up A Final Game Against Ghana

Mabel - September 22, 2017

The home based Super Eagles of Nigeria on Thursday advanced top the final of the 2017 WAFU  Cup of Nations defeating  Benin 1-0 in Cape Coast in the…

Checkout Photos Of Nigerian Writer, Chimamanda Adichie’s Husband
Romance and Love
51 views
Romance and Love
51 views

Checkout Photos Of Nigerian Writer, Chimamanda Adichie’s Husband

Mabel - September 22, 2017

Photos of popular Nigerian writer, Chimamanda Adichie and her husband Dr. Ivara Esege have been celebrated on social media. The husband of the award-winning Nigerian writer, Chimamanda…

Ooni Of Ife All Smiles In New Photos As He Attends Event In Abuja
General
35 views
General
35 views

Ooni Of Ife All Smiles In New Photos As He Attends Event In Abuja

Mabel - September 22, 2017

The Ooni of Ife, is definitely in a delightful mood as he was photoed recently following reports of his estrangement to Wuraola Zynab Otiti some weeks back.…

9 Health Benefits Of Sour-Sop Fruit
Food and Health
49 views
Food and Health
49 views

9 Health Benefits Of Sour-Sop Fruit

Mabel - September 22, 2017

Sour-sop is a wonder-working fruit found in the tropical regions of the world. Around the world, it is known with different names such as Graviola, Brazilianawpaw, custard…

How PDP Can Return To Power In 2019
Politics
35 views
Politics
35 views

How PDP Can Return To Power In 2019

PH - September 22, 2017

A former Minister of Education, Prof. Tunde Adeniran, has predicted that the Peoples Democratic Party (PDP) would return to power in 2019. According to him, the party…

What Some Devils in APC are Doing to Frustrate President Buhari – Katsina Governor
Politics
43 views
Politics
43 views

What Some Devils in APC are Doing to Frustrate President Buhari – Katsina Governor

PH - September 22, 2017

The Governor of Katsina State, Aminu Bello Masari, has alleged that some “devils” have infiltrated the All Progressives Congress, APC, with the aim of “pitching the electorate…

What IPOB, Nnamdi Kanu Should Do About Proscription
Politics
31 views
Politics
31 views

What IPOB, Nnamdi Kanu Should Do About Proscription

PH - September 22, 2017

Vice President of the Nigerian Bar Association, NBA, Monday Ubani has called on the Indigenous People of Biafra, IPOB, to challenge its proscription in a competent court…

President Muhammadu Buhari Now In London
Politics
37 views
Politics
37 views

President Muhammadu Buhari Now In London

Mabel - September 22, 2017

Nigerian President who departed New York from the 72nd UN General Assembly for the United Kingdom has arrived safely, Femi Adesina, the Special Adviser on Media and Publicity…

What Oritsefemi’s Wife, Nabila Said About Her Mother-In-Law Is Thought-provoking
Entertainment
39 views
Entertainment
39 views

What Oritsefemi’s Wife, Nabila Said About Her Mother-In-Law Is Thought-provoking

MT - September 22, 2017

Nigerian singer Oritsefemi recently shared a photo of his mother and wife, Nabila, together, and their resemblance was is overwhelming. Nabila then reacted after re-sharing the photo via her…

Video: Watch Mayorkun Refuting Reports That His ‘Mama’ Song Was A Copy Of Davido’s ‘Fall’
Entertainment
33 views
Entertainment
33 views

Video: Watch Mayorkun Refuting Reports That His ‘Mama’ Song Was A Copy Of Davido’s ‘Fall’

MT - September 22, 2017

  DMW artiste Mayorkun has responded to claims that his hit song “Mama” was a copy of Davido’s hit song “Fall” with similar beats. According to him, people shouldn’t be fast to judge as they…

Actress Eniola Badmus Finally Forgives Davido’s Babymama: ‘Go And Sin No More…..’
Entertainment
42 views
Entertainment
42 views

Actress Eniola Badmus Finally Forgives Davido’s Babymama: ‘Go And Sin No More…..’

MT - September 22, 2017

  Eniola Badmus has finally forgiven Sophia Momodu, and this comes days after the mother of Davido’s daughter took to SnapChat to body-shame the actress. It all…

Peter Okoye Goes Solo? Read His Latest Tweet Here.
Entertainment
50 views
Entertainment
50 views

Peter Okoye Goes Solo? Read His Latest Tweet Here.

MT - September 22, 2017

  Amidst speculations that the PSquare twin brothers, Paul and Peter Okoye are fighting again, Peter has unveiled his solo Youtube channel. Peter Okoye announced on his…

Kemi Olunloyo Directly Shades Tonto Dike’s Estranged Husband Churchill – “You Can Hang Out With 2000 Women”
Entertainment
61 views
Entertainment
61 views

Kemi Olunloyo Directly Shades Tonto Dike’s Estranged Husband Churchill – “You Can Hang Out With 2000 Women”

MT - September 22, 2017

Miss Kemi Olunloyo in her pursuit for a no domestic violence society, addressed Tonto Dikeh’s ex husband Oladunni Churchill in a recent post on her IG. According…

Top 10 Nigerian Artistes That Have Lost Their Musical Touch, Do You Agree With The List?
Entertainment
48 views
Entertainment
48 views

Top 10 Nigerian Artistes That Have Lost Their Musical Touch, Do You Agree With The List?

MT - September 22, 2017

Undoubtedly the Nigerian music industry is west Africa’s biggest depot of young/old talented, creative, successful and wealthy musical artist that have taking the art of singing music…

Triple MG boss, Ubi Franklin Did The Unthinkable For One His Female Staff, Nicole.
Entertainment
36 views
Entertainment
36 views

Triple MG boss, Ubi Franklin Did The Unthinkable For One His Female Staff, Nicole.

MT - September 22, 2017

Triple MG boss, Ubi Franklin shared this Photos of his female staff, Nicole who was proposed to by a lady in his Abuja office. Her boyfriend sent…

See Why You Could Be Beaten Black And Blue In Ondo State If You Mention Or Defend Asiwaju Tinubu’s Name
Politics
76 views
Politics
76 views

See Why You Could Be Beaten Black And Blue In Ondo State If You Mention Or Defend Asiwaju Tinubu’s Name

MT - September 22, 2017

The mention or the defense of the name of the celebrated national leader of the APC, in the person of Asiwaju Bola Ahmed Tinubu, the Jagaban of…

Loading...