Zamfara State Governor Abdulaziz Yari has warned of an impending recession by the mid-2020.
Besides, Yari pointed out that the governors have unanimously agreed that borrowing cannot be a reliable solution to the country’s economic problems.
Yari, who is the Chairman of the Nigeria Governors’ Forum (NGF) spoke yesterday at the opening of a three-day retreat for returning governors and governors-elect in Abuja.
In his remarks, the NGF chair said that the current economic reality should prepare the mind of the governors ahead of the possibility of another recession by the middle of next year.
He, however, said the governors’ good spirit and preparedness will enable them to contain the situation.
Yari urged them to work in unity to boost the economy and to look inward by boosting their revenue generation base.
Speaking against the backdrop of the country’s dependence on crude oil which price has been fluctuating in recent time, Yari said: “This scenario is a wake-up call for all of you to come amply prepared to face these kinds of challenges especially since we are expecting the possibility of another cycle of recession by mid-2020 and which may last up to the third quarter of 2012.
“Your good spirit of stewardship will make you contain the situation should there be one. As members of the National Economic Council (NEC) you must work hand in hand to boost the economy in tandem with the global best practices.”
On the issue of borrowing, Yari said: “It is imperative to note that the NGF, under my chairmanship, and the National Economic Council under the chairmanship of His Excellency, the Vice President, had agreed that borrowing is never a reliable alternative to solving our economic problems.
“We must work hard among all the tiers of government to multiply our revenue generation base so that together we change the course of doing government business for the betterment of our people.”
The Zamfara governor also challenged key revenue agencies, including the Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Services, the Nigerian Custom Services and other agencies on the need to work more effectively, especially now that the N30, 000 minimum wage bill has been signed into law.