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MAN, LCCI fault Yari’s call on govs to prepare for possible recession
Published
April 30, 2019
Olusola Fabiyi, John Ameh, Nike Popoola, Anna Okon and Ifeanyi Onuba

The Chairman of the Nigeria Governors’ Forum, Abdulaziz Yari, has told the newly-elected governors to prepare for another cycle of possible economic recession by mid-2020.

The recession, according to Yari, who is also the Zamfara State governor, may not end until the third quarter of 2021.

Yari spoke in Abuja on Monday at the induction of new and returning governors which was organised by the NGF.

But the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry disagreed with Yari on the looming recession that he predicted.

They questioned the basis on which Yari based his prediction that the country might go into another cycle of recession from 2020 to mid-2021 on.

However, Yari told the new governors that their tenure might not be a smooth ride due to paucity of funds to execute projects and also pay salaries in their respective states.

He said, “As some of us are exiting as helmsmen of our various states, let me quickly remind the new and returning governors that it may not totally be a smooth ride.

“On our part, we made a lot of achievements in infrastructural development and provision of social services because we enjoyed a relatively high oil price of about $100 to $114 dollar per barrel between 2011 and the middle of 2014.

“However, by mid-2014, the price of crude oil, which is sadly the main driving force of government’s expenditure, dropped to $75 per barrel. It, therefore, became very difficult for many states to even pay salaries of their workers.

“This scenario is a wake-up call for all of you to come amply prepared to face this kind of challenge especially since we are expecting the possibility of another cycle of recession by mid-2020 and which may last up to third quarter of 2021.

“Your good spirit of stewardship will make you contain the situation should there be one.”


Source: https://punchng.com/man-lcci-fault-yaris-call-on-govs-to-prepare-for-possible-recession/

Are we really out of recession ?

If another recession hit this country ,he only show that this government is not serious with his claim of diverting the economy and that both the state and federal government are wasteful and inexperience about economy development and management
.

N

I must comment first in jesus name.

Keep faulting till another minister tells us that recession is just a word

K

Dee9977:
I must comment first in jesus name.

See ya lyf

Your honor student got an English degree and is spending all their time on Nairaland.

So which mean as if d south don't have oil now, this people won't be paying salary right?? Okay
He good

So long as oil stays below our break-even price of 140usd, there will be a recession.

Though with sanctions on Iran, and Venezuela and Libya in trouble, oil may yet rise again

Tintinnoty:


The recession, according to Yari, who is also the Zamfara State governor, may not end until the third quarter of 2021.


“On our part, we made a lot of achievements in infrastructural development and provision of social services because we enjoyed a relatively high oil price of about $100 to $114 dollar per barrel between 2011 and the middle of 2014.

The two portions emboldened shows why the upnorth will always be a proponent of one Nigeria. Not because of genuine love for the southerners, but their avarice for it's resources.

Possibly he is preparing to siphons some money and use recession as back up

What do I know self...

K

Who cares

Apc miscreants and buhari will never take precautionary measures.

It will affect..........

This is just the summary

On our part, we made a lot of achievements in infrastructural development and provision of social services because we enjoyed a relatively high oil price of about $100 to $114 dollar per barrel between 2011 and the middle of 2014.

“However, by mid-2014, the price of crude oil, which is sadly the main driving force of government’s expenditure, dropped to $75 per barrel. It, therefore, became very difficult for many states to even pay salaries of their workers.

Buhari’s govt is the undisputed king of recession.

It's not a coincidence that anytime Buhari is in power there's bound to be recession. Dude will blame everybody but his economic policies.

Hmm

Yet another government is somewhere working on lifetime pension for his lawmakers. Smh

Men long sleeve shirt from India for sale at #2000. Check link https://www.nairaland.com/5159718/clearance-sales-nice-colors-men

Instead of telling them to do everything in their power to avoid the possibility of another recession in their tenure.

His saying prepare for a recession!!!

And that's the Chairman of all our governors!


BUHARI SHOULD ASK FOR HIS RESIGNATION IMMEDIATELY!

I too foresee danger linked to this salary increase

Government was already borrowing to pay at N18,000, what will happen at N30,000?

I read that the salary increase will cost the FG only N300bn. If that was so, one to some extent can be complacent.

IBut another analyst suggests it will lead to an increase in salaries by 66% which will translate to an increase of N1.2trillion as the FG currently spends 165b on salaries monthly.

If that were true, expect trouble. First, it will increase inflation or inflationary pressure and secondly, cause the Naira to depreciate.

It is this depreciation that trigger a recession. Why?

Buhari, like in 2915, will resist a depreciation of the rates and this will lead to scarcity of forex and pressure will mount at the black market and a huge spread will open between the official and black market.

The scarcity of forex like in 2015 will lead to a closure of many companies and before long, a recession will rear it's ugly head.

Yari doesn't know his fate yet there is question mark on his electoral victory.

tactius:
So long as oil stays below our break-even price of 140usd, there will be a recession.

Though with sanctions on Iran, and Venezuela and Libya in trouble, oil may yet rise again

oga,
We still have EXCESS crude oil revenues!

What is the government doing with it?


Nigeria can be prosperous with crude at $50/bbl
It is BAD MANAGEMENT AND STEALING WE ARE SUFFERING FROM

And both are fosterred by NORTHERN protectorate!