• Business - Economy
  • Updated: November 22, 2020

Fidelity Bank Ex-Chair, Peter Obi, Tells Buhari To End Wasteful Economy

Former Fidelity Bank chairman, Peter Obi, has advised that the President Muhammadu Buhari-led government should cut government spending due to the recession Nigeria just entered following a downturn of the economy in Q2 and Q3 of this year.

Obi, who was a vice presidential candidate in 2019, said President Buhari should change the economy from a wasteful consumption-based one to a productive economy in order to exit the recent recession which will be the second in five years.

"For Nigeria to pull itself out of this economic recession, the 2nd in the last 5 years, there's a compelling need to cut the pork out of the budget and expenditure at all levels of govt and redirect the economy from a wasteful consumption-based one to a productive economy." Obi wrote on his known Twitter account.

READ ALSO: First Bank Earnings Drop In Q3 2020

Obi advice followed that of his running mate in the 2019 Presidential election, Atiku Abubakar, who suggested President Buhari tax the ultra wealthy Nigerians in order to pay the poor and vulnerable persons NGN5000 monthly.

Abubakar said this is how Buhari can protect the poor during the period of the recession. He listed luxury items that the President can tax in order to obtain capital needed to pay the monthly wages which Abubakar tagged as Poverty Alleviation Fund.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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