Nigeria will remain in recession until 2020 unless the Federal Government takes hold of the banking sector and exerts more regulatory control, warns a senior advocate of Nigeria, Dr Olisa Agbakoba, adding that the nation's economy has already slid from recession to depression and calls on President Muhammadu Buhari to act. The Nigerian government is currently under pressure over its handling of Nigeria's troubled banks, which have been mired in bad loans for years. He also believes that Nigeria's only way out of recession is for the government to put more money into the system rather than adopting austerity measures: “We must spend our way out of recession,” Agbakoba said.
Nigeria will remain in recession until 2020 unless the Federal Government takes hold of the banking sector and exerts more regulatory control, warns a senior advocate of Nigeria, Dr Olisa Agbakoba, adding that the nation's economy has already slid from recession to depression and calls on President Muhammadu Buhari to act. He suggested the Federal Government returns the Treasury Single Account to the commercial banks and create a new supervisory agency to watch over them, while the Central Bank of Nigeria should focus on formulating monetary policies. He also believes that Nigeria's only way out of recession is for the government to put more money into the system rather than adopting austerity measures: “We must spend our way out of recession,” Agbakoba said.