Bukola Saraki - Thinking Out Loud On Recession

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Thursday, September 22, 2016 4.00PM / Abubakar Bukola Saraki

In the absence of a robust economic plan that would set out clear engagements, interventions and milestones to take Nigeria out of the current recession; stakeholders have been offering thoughts, opinions, and advice to the executive.

Yesterday, the Senate President, Senator Abubakar Saraki, in an 8.55am social media post, shared some of his recommendations on what the Executive needs to do immediately to get us out of recession.

Here they are: 

On Leadership: The Executive should immediately put in place leadership-level engagement platform with the private sector. This must be one that is pro-business and shows unequivocally that government is ready to partner with the private sector towards economic revival.”

On Assets: The Executive should raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilize the economy.

On Pension Funds: The Executive should consider tweaking the pension funds policy within international best practice safeguards to to accommodate investment in infrastructure and mortgages.

On Monetary Policy: The Executive and CBN will have to agree on a policy of monetary easing to stimulate the economy we must ensure local government borrowing does not crowd out credit for the private sector.

On Export Incentives: The Executive must retool its export promotion policy scheme with export incentives such as the resumption of the Export Expansion Grant (EEG); and introduce export-financing initiatives.


On the Niger-Delta Avengers: The Executive is urged to engage in meaningful dialogue with those aggrieved in the Niger Delta and avoid an escalation of the conflict in the region. The National Assembly is very ready to play any role in the process and offer ideas on approaches that will deliver quick win-win in order to move the region and the economy forward.


On Release of Funds: “The Executive must as a deliberate response consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.

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