The organised labour has assessed Nigeria’s present economic situation, saying the Federal Government’s social intervention programmes and misapplication of foreign loans deepened the country’s recession.
The Secretary-General, Nigeria Labour Congress, Emmanuel Ugboaja said, misuse of foreign loans, insecurity and the cash giveaways in the form of TraderMoni, MarketMoni and other cash-sharing programmes by the Federal Government worsened the recession in the country.
He also lashed out at the Federal Government saying, it had not been consulting workers despite making mistakes repeatedly. Recall that the country entered its second recession in five years under the Muhammadu Buhari regime as official figures showed that the economy shrank again in the third quarter of this year.
The latest recession is the worst in 36 years as data obtained from the World Bank indicated that the country’s Gross Domestic Product dropped by 10.92 per cent in 1983 and 1.2 per cent in 1984.
According to the National Bureau of Statistics, in its report for third quarter of 2020, the GDP, the broadest measure of economic prosperity, fell by 3.62 per cent in the three months up till September.
Speaking on the recession, Ugboaja faulted the misuse of foreign loans, which a few months ago pitted the executive against the National Assembly.