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Another recession could happen, Yari warns governors-elect

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CHAIRMAN of the Nigerian Governors’ Forum (NGF) and Governor of Zamfara State, Abdulaziz Yari, has urged newly-elected governors to be innovative and creative about how to improve the internally generated revenue of their states as Nigeria could be headed for another recession by mid-2020.

Yari said this during the opening of an induction programme for newly-elected and returning governors at the State House in Abuja.

He said the time has gone when governors relied solely on the funds that accrued to their states from the federation account, especially now that the price of crude oil, Nigeria’s sole foreign exchange earner, is coming down at the international market.

“This scenario is a wake-up call for all of you to come 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 2021,” Yari said.

“Your good spirit of stewardship will make you contain the situation should there be one. Also, as members of the National Economic Council, you must work hand-in-hand to boost the economy in tandem with the global best practices.

“Experience, they say, is the best teacher. Ours has been a challenging experience of managing state economies that are totally dependency on accruals from the federation account rather than exploring viable alternatives to run the economy.

“For most of the states, internally generated revenue (IGR) are nothing to write home about. You must, therefore, look inward by boosting your revenue generation base and also utilise them effectively for the execution of projects that would touch the lives of your people.

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“You must not forget the high expectations of our people on us; now that the democracy is maturing day-in-day-out, the challenges of governance and service delivery are more demanding.”

The induction ceremony was attended by top government officials including Vice President Yemi Osinbajo, and Senate President Bukola Saraki.

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