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Atiku Blames Nigeria’s Impending Recession on Govt’s Lavish Spending

Atiku Blames Nigeria’s Impending Recession on Govt’s Lavish Spending

Nigeria faces another wave of economic recession, experts have said, but the country may have escaped it if government had not been reckless in spending on nonessential luxury lifestyle.

Former Nigeria’s vice president, Atiku Abubakar, who said this on Sunday, explained in a statement by his media office that the current recession could have been avoided had present administration taken heed to patriotic counsel on cutting the cost of governance, saving for a rainy day and avoiding profligate borrowing.

He counseled that in lieu of the current economic recession, the federal government should remove every nonessential item in the 2021 budget proposal to give room for the necessary things.

He said estacodes, non-emergency travel, feeding, welfare packages, overseas training, new vehicle purchases, office upgrades and non-salary allowances should be expunged.

“Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items, which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments),” he said.

“We must focus on solutions. Nigeria needs critical leadership to guide her back to the path of economic sustainability,” Atiku said.

He said the proposed 2021 budget was no longer tenable as “Nigeria neither has the resources nor the need to implement such a luxury heavy budget.

“The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation, to being a broken nation.”

Similarly, the PDP in a statement by its National Publicity Secretary, Kola Ologbondiyan, urged the present administration to allow competent, transparent and honest hands to effectively manage the nation’s economy.


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