THE Vice-President Prof Yemi Osinbajo on Monday disclosed that Nigeria was plunged into economic recession between 2016-2017 because the previous managers of the nation’s resources failed to save for the rainy day during the era of the boom.
Osibanjo made the remarks while declaring open a 2-day Legislative Summit titled ”Legislative Framework for Economic Growth and Sustainable Development” organized by the House of Representatives Tactical Committee on Economic Recession.
He also said that the country was plunged into recession because of an unstable economic structure that was largely import based, saying that the nation’s import bill stood at $1 billion before the recession.
Speaking further he said that corruption contributed to the slide into economic recession and added that it is the most dangerous cause of the problem, saying that, “if N20 million is expanded on a road project that ought to go for N10 million, there is no way we won’t be plunged into recession”
To better the economy, he however called on National Assembly leadership to expedite action for a speedy passage of annual budgets.
He also noted that proper taxation and increase in power transmission are necessary conditions that would guarantee steady progress for the nation.
Earlier in an address, the Speaker of the House of Representatives Hon Yakubu Dogara said that democracy cannot survive in the 21st Century unless the nation’s economic managers eliminate hunger and poverty.
He added that the Legislature has committed to fashion a framework that would guarantee economic growth and sustainable development.
The Speaker said that the House will ensure that the House would ensure that the gains already made in this regard are not eroded.
Similarly, Chairman of the Tactical Committee Hon Bode Ayorinde said that the nation’s vision 2020 to become one of the leading twenty economies in the world is being threatened by the economic recession in Nigeria.
The lawmaker said that the vision appears non realizable because other less developed countries like Brazil are growing their economy faster than Nigeria.