The Buhari Media Organisation (BMO) has lambasted Governor Abdulaziz Yari of Zamfara State for warning that the country risks another recession in the few years.
The governor had in his address at induction for new and returning governors held last Monday, cautioned his colleagues to brace up for another recession in 2020 if nothing was done to diversify and reposition the country’s economy.
Reacting in a statement signed by its Chairman Niyi Akinsiju and Secretary, Cassidy Madueke, BMO described the comments by Governor Yari as wrong and misguided.
“Nigerians should dismiss the false alarm raised by Governor Yari because the Buhari administration runs the Nigerian economy on an economic template of Economic Recovery and Growth Plan (ERGP) with a robust roadmap towards sustainable growth,” it said.
The group said although Nigeria’s population growth currently outpaces Nigeria’s economic growth, recent indices had also put the economy on the trajectory of growth.
It added that just like the CBN forecast shows, the country’s GDP will record a sustained growth trajectory from its present 1.9 per cent to 3 per cent in 2019 and attain the single digit inflation target encapsulated in the ERGP.
“How can Nigeria slip back into recession when there is a tight monetary policy which has seen an increase in the nation’s foreign Reserves to $44.3 billion dollars from $22 billion dollars left by the PDP administration?
“How can Nigeria slip back into recession when there are deliberate attempts at revamping Nigeria’s rail system, deepening road networks and giving facelifts to airports across the country?
“How can Nigeria slip back into recession when reforms like Treasury Single Account (TSA) have been actively pursued to cut down on the leakages from the public treasury?
“How can Nigeria slip back into recession when the Nigerian Sovereign Wealth Fund (NSWF) managed by the Nigerian Sovereign Investment Authority (NSIA) grew by $350 million?” it stated.