Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Nigeria will remain in recession until 2020 - Agbakoba

07 September 2016, 08:20

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

- News24

Tags recession

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...