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Business News of Tuesday, 17 March 2020

Source: www.mynigeria.com

Nigeria must not slip into recession- Atiku tells FG

Ex-Vice President of Nigeria, Atiku Abubakar Ex-Vice President of Nigeria, Atiku Abubakar

Former Vice President of Nigeria, Atiku Abubakar has told the Federal Government to do everything humanely possible to prevent the country from falling into recession, a second time.

This warning is coming on the back of coronavirus that has greatly affected the nation's economic fortunes which is totally oil-dependent.

Atiku said the aftermath of coronavirus was not just about human beings but economies. He advocated a few steps the Federal Government could take to boost the economy of the country.

"Every action that can be taken to ease the cost of doing business in Nigeria and reduce the cost of living, while promoting consumer confidence must be implemented," he stated.

Advocating for decisive leadership and disciplined management, he recommended the removal of stamp duties on all types of accounts as well as ploughing back profits of Premium Motor Spirit to the people.

"I recommend that policies like the Stamp Duty on all types of accounts be temporarily suspended, until a time when the nation’s economy has turned the tide in the fight against this virulent scourge.

"Furthermore, as the landing cost of Premium Motor Spirit, also known as petrol, has reduced significantly, it is strongly recommended that the government should not absorb the savings, but should pass it on to the Nigerian people by way of reducing the pump price of PMS to reflect the current prevailing market costs.

"In addition to these measures, the government is urged to request large scale industrialists and employers of labour not to disengage workers. Definitely, this scourge will affect their production and profitability," he admonished.



The Chieftain of the Peoples Democratic Party asked for unity, love, and support for everyone. He asked the Government to restore its people's confidence in them.

"These are extraordinary times, and we, as a nation, must take extraordinary measures to protect the entire nation.

"Nigeria is our collective home, as such, we must suppress every partisan disagreement and think and work patriotically to ensure our national survival amid global uncertainty. May God bless Nigeria at this critical hour and always," he concluded.