By Augustine Akhilomen
Nigerians have reacted to the recent data released by the National Bureau of Statistics, NBS, which showed that the nation is officially in a recession, the worst since 1987.
Figures released by the NBS on Saturday reveal that Nigeria is officially in a Recession. The nation has recorded a contraction of 3.62 percent in the third quarter of 2020.
This is the second consecutive quarterly GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020, therefore, is at -2.48 percent.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent. The nation’s inflation rate is currently astronomic evidenced by the high prices of commodities in the market.
But Nigerians, while reacting to the development on social media noted that the recession was not new as the country has been in recession since 2016.
This is also the second time in President Muhammadu Buhari’s administration that Nigeria will be experiencing a recession.
While some Nigerians blamed the recession on the incompetence of the President’s economic team, others faulted the government’s frequent borrowing as responsible for Nigeria’s economic woes.
@LAGOZCITYNEWS wrote, “Yes, it’s expected Looking at Buhari cabinet..Just mention one intelligent person that knows what he is doing orknows about Economy. Even the CBN gov is Just doing trial &errorBetter to give or surrender our economy FOR clerics to manage.its not funny. CABINET FULL OF DULLARDS”
@OlalereAfolabi2 said, “NBS is only reminding us that we are in recession. Since 2016 that we enter into recession, I don’t think we can come out of it under this Government. The necessary economic policies are just not there. This Government radiates incompetency like fire.”
@KanteeIsere said, “As disheartening as this is, sometimes I laugh when I see all these because we knew what he was as a military head. We knew there was hardship, high level of insecurity, nepotism, inflation and all what not but we still went to the poll to bring him back.”
@KanteeIsere wrote, “He said he was going to make 1 naira equal a dollar something GEJ administration couldn’t do, he was going to crush BH in two weeks, there would be good supply of electricity and so on and we cheered like kids been given lollipop. Shebi our eyes don clear.”
@okike_c wrote, “From common sense, you should all know by now. Borrowing left, right and center to cover up. Wear your white Agbada when you get to Asorock stand with the tree and snap, that’s what government is all about.”
@Diji_O also said, “What exactly is/was Buhari’s plan for Nigeria and how did he plan to actually achieve it?
I’m genuinely asking, cos I really don’t understand what is going on again.Nothing is literally working. It looks like it’s working in press releases but not in reality.”
@dscribe said, “His plan is not for Nigeria but for Niger and Chad D-Rebellion Freedom-Fighter.”
@FreedomRebelion wrote, “Nepotism is 1 of d reason 4 d fall of Nigeria economy. We are in a situation where d government of d day have chosen only people from his own circle rather than looking out 4 d best experts 2 head & managed all institutions around d country. What has dis produced so far = failure.”
@Moralevitaes said, “A Monkey & a Gorilla may claim oneness but a monkey is still a monkey & a gorilla is still a gorilla, a case of Butterfly seeing himself as a Dragon. Lai Muhammed, u wanted to question the credibility of @CNN when you could barely manage ur little borrowed money @BashirAhmaad”
@AbiodunGbada wrote, ” Bubu merely wanted the position to gallivant to the Uk Flag of United Kingdom and other countries at will. A clear and people inclusive governance wasn’t really in his head. The people he now chose to surround himself with sef are all clowns. Now nepotism is the height of the day.”
@Oracle_GF said, “Nigeria has been plunged into recession since 2015. Buhari and his team are clueless about economic and monetary policies to project and move Nigeria.”
@ned_ogb wrote, “Congratulations to both the government and those who still have reasons to support them… Meanwhile Punch be careful before Lai Muhammed sanctions ur organization Face with tears of joy.”
“We’ve Been Here Since 2016”- Nigerians React To Worst Recession In 33 Years
PDP Accuses Buhari of Plunging Nigeria Into Recession
By Augustine Akhilomen