Politics

Recession: Nigeria Must Stop Borrowing – Atiku

Former vice-president Atiku Abubakar says Nigeria needs to stop borrowing to avert sliding into a further recession.

Atiku, on Sunday, in a series of posts on his official Twitter handle reacted to Nigeria’s economic slip into recession.

In his statement titled, ‘We Must Exit This Recession With Precision,’ Atiku said it is a very heavy heart that he received the news which confirms that for the second time in five years, Nigeria has entered into another recession.

He said the nation must stop borrowing for anything other than essential needs adding that, the more the country keeps borrowing, the more it stands the risk of defaulting.

“The more we borrow, the more we will need cash to make interest and principal payments, and the less cash we will have to make necessary investments in our economy and our people.

“If we keep borrowing, we stand the risk of defaulting, and that will make recession a child’s play because we will lose some of our sovereignty,” he said.

Atiku also called on President Muhammadu Buhari to heed to the patriotic counsel given by himself and other well-meaning Nigerians on cutting the cost of governance.

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