Mr. Adeyanju further stated that the Nigerian masses are still suffering the effects of the economic crisis when Nigeria plunged into a recession in 2016 and another recession occasioned by the COVID-19 pandemic in 2020.
The convener of Concerned Nigerians, Mr. Deji Adeyanju, has called on the federal government to buckle up and implement effective economic reforms and accountability in the management of public funds to curtail the current Nigeria economic crisis and impending recession.
Mr Adeyanju, in a press briefing following the release of a paper by Femi Falana (SAN) on the impending economic recession stated that the country is already in a terrible situation and another recession will make the current suffering of the masses due to economic crisis and poverty more excruciating.
“Currently, the Buhari regime should implement effective economic reforms and improve accountability in the handling of public funds, which is currently characterised by heartbreaking looting and corruption,” he said.
“The focal areas of the reform should be mainly fiscal policy and management, monetary policy, exchange rate management, liberalization of foreign trade, support for the private sector, management of external debt and others”.
Mr Adeyanju further stated that the Nigeria masses are still suffering the effects of economic crisis when Nigeria plunged into a recession in 2016 and another recession occasioned by the COVID-19 pandemic in 2020 .
Falana hints on another Nigeria recession as Nigeria economic crisis lingers
Femi Falana, a Senior Advocate of Nigeria and human rights lawyer, has stated in a paper delivered on Tuesday at the 50th-anniversary interactive session held by the Abeokuta Club in Abeokuta, Ogun State titled ‘Good Governance or Misgovernance: The Contract Called Democracy’, that the country under President Muhammadu Buhari’s watch will soon plunge into another recession. This is contained in a statement obtained by SaharaReporters from Tayo Soyemi of Falana and Falana Chambers, dated August 3, 2022.
According to Falana, Nigeria is bound to enter into recession with the unprecedented spending on fuel subsidy which is now proposed to gulp N6.5 trillion.
Falana said, “It is crystal clear that the economy will soon enter into another recession due to unprecedented importation of fuel and other goods from western countries and China, grand corruption, dollarisation of the economy and implementation of neoliberal economic policies the Nigerian economy.
“The mismanagement of the economy has been confirmed by top officials of the Buhari administration. While the Comptroller-General of Customs, Colonel Hamid Ali has accused the Nigerian National Petroleum Corporation and Directorate of Petroleum Resources of involvement in the smuggling of fuel into neighbouring countries the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele has blamed the NNPC for not remitting dollars into the Federation Account.
“Whereas the sum of N443 billion was provided for fuel subsidy in the 2022 budget the National Assembly has passed the supplementary budget which increased the fund to N4 trillion.
“Based on the massive devaluation of the Naira through dollarisation the Minister of Finance, Mrs Zainab Ahmed has disclosed that fuel subsidy may gulp N6.5 trillion this year.”
“Meanwhile, the NNPC has been unbundled in accordance with the provisions of the Petroleum Industry Act. But President Buhari has singlehandedly reorganised the oil and gas industry by appointing the members of the Boards of the NNPC and the new companies.
“Although the NNPC, Central Bank of Nigeria, and scores of other parastatals and enterprises were established with funds from the Federation Account they are managed by the Federal Government alone.
“The investment of Nigeria in the Nigerian Liquefied Natural Gas Limited (NLNG) was paid from the Federation Account. But the huge return of over $20 billion on the investment of the Federation in the NLNG has been cornered by the Federal Government.
“The electricity companies and other parastatals and enterprises owned by the people of Nigeria have privatised, commercialised or concessioned by the Federal Government without the consent of the state and local governments.
“Even the Federation Account is exclusively managed by the Federal Government. Thus, a token of the revenue generated by over 100 public enterprises belonging to Nigeria is remitted to the Federation Account by the Federal Government.”
