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How we survived two economic recessions –Buhari

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Despite Nigeria’s dwindling economy, characterized by an increasing rate of unemployment and high inflation, President Muhammadu Buhari has boasted that his administration has recorded success with the handling of the country’s economy.

The President stated this in his nation-wide broadcast message to mark Nigeria’s 62nd Independence Day on Saturday, October 1st.

President Buhari said the country witnessed two economic recessions yet got out of it almost unscathed.

He said this was possible because his administration had priorized agriculture and other economic policies that helped lift many Nigerians from poverty.

“Mindful of the task before us, we took some time in settling down and we re-positioned the economy by providing strategic interventions in core areas at both the federal and sub-national levels.

“We gave priority to the agricultural sector through a series of incentives to micro, small and medium-scale enterprises that resulted in creating millions of jobs.

Read also: Nigeria used borrowings as tool for economic recovery – DMO

“Leading this initiative, the Central Bank of Nigeria’s intervention in a number of areas as well as the Anchor Borrowers Programme had created the required leverages for Nigerians towards self-sufficiency in food and the necessary attraction for farming as a business,” he said.

He added that the effective implementation of the Treasury Single Account (TSA) and cutting down on the cost of governance helped the country survive both recessions.

Nigeria’s economy slid into a recession in 2016, while it witnessed a second recession in 2020 occasioned by the COVID-19 pandemic.

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