Abuja - A Senior Advocate of Nigeria (SAN), Dr. Olisa Agbakoba, has claimed that the country should set itself for a prolonged recession, predicting that citizens will wallow in economic woes until 2020.
According to a Punch report, Agbakoba advised the Federal Government to return the Treasury Single Account back to commercial banks, while creating a supervisory agency to monitor it.
In addition, the SAN claimed that the Central Bank of Nigeria to set its focus on formulating monetary policies that will benefit the people of Nigeria.
"If banks focus on lending and not trading, money will flood the system for productive value," he stated.
Also read: 10 ways to survive the recession
Maintaining that the economy has already slid from a recession to a depression, Agbakoba claimed that the Federal Government could not seriously label itself as an economic team, given the current set of circumstances, Vanguard reports.
He argued that one of the steps that must be taken in order to alleviate the situation is for President Muhammadu Buhari to set up an economic team consisting of experts or technocrats that could develop ways that money could be pumped back into the system.
"The government must be clear as to what policy it wants to pursue. There is only one way out of recession and it is massive bouncing. You have to bounce the economy," Agbakoba stated.
Read more at Punch