Tinubu bemoans weak Nigerian economy despite exiting recession

The All Progressives Congress (APC) chieftain, Bola Tinubu, has lamented the weak state of the Nigerian economy despite being out of recession.

Tinubu made this call in Kaduna on Saturday, March 27, while delivering a speech as chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir, Ahmadu Bello.

Ripples Nigeria had revealed that the National Bureau of Statistics said that Nigeria’s Gross Domestic Product recorded a slight increase of 0.11 per cent at the end of 2020.

This development signalled an end to the recession which bedevilled Nigeria in 2020.

Tinubu spoke on the topic, ‘Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era.’

READ ALSO: Tinubu builds 2023 bridges, to speak at annual Arewa House lecture

According to the former governor of Lagos State, though the administration of President Muhammadu Buhari put buffers in place during the recession, the country’s economy still remained weak with “too much unemployment”.

He said, “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic.

“Commendably, however, President Muhammadu Buhari has been carefully steering the country through the pandemic such that the negative impact on us and the economy has not been as harsh as it might have been. The economy’s relapse into recession has ended but we must admit the economy remains weak with too much unemployment and resources left idle.”

He also advocated for an “equitable wealth redistribution and meaningful use of resources.

“This means government must not be afraid to embark on an active fiscal policy to create jobs, build infrastructure and develop our industrial sector as well as continue to improve agriculture. This means government must spend money but spend it on those things that bring the requisite economic returns for the nation.”

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