A former Vice President, Atiku Abubakar has advised the government to stimulate the Nigerian economy which has slipped into a second recession in four years through monthly cash transfer of N5,000 to account holder with less than N30,000 annual deposit.
4wardwego had reported on Saturday that a report published by the Nigeria Bureau of Statistics (NBS) had confirmed that the economy recorded a second consecutive negative growth in the third quarter, thereby officially confirming a recession.
In a series of tweets posted on his verified handle on the microblogging site, Twitter on Sunday; Atiku said the policy will help cushion the effect of the recession on the poorest of the poor.
“For example, a stimulus package, in the form of monthly cash transfers of ₦5000 to be made to every bank account-holder; verified by a Bank Verification Number, whose combined total deposit in the year 2019 was lower than the annual minimum wage.”
Further, Atiku noted that the 2021 budget proposal is no longer tenable; adding that the government should delete some non-essential items in the 2021 budget proposal.
“We cannot afford hand wringing and navel-gazing. We must act now, by taking necessary, and perhaps painful actions.
“For a start, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020; is no longer tenable. Nigeria neither has the resources, or the need to implement such a luxury heavy budget. The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately; we would go from being a broke nation, to being a broken nation.
“Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items; which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments).”
Meanwhile, Atiku disclosed that now is not the time to trade blames but to focus on ways to manage the situation; and called on Buhari’s government to “swallow its pride, and accept its limitations; so that they can open their minds to ideas, without caring who the messenger is”.