Tinubu says Nigeria’s economy remains weak despite exit from recession

Tinubu cautioned against criticising the cost of governance, saying spending is necessary but should only be done on things that'll benefit Nigerians.

Bola  Tinubu cautioned against criticising the cost of governance, saying spending is necessary but should only be done on things that'll benefit Nigerians. (Punch)

Tinubu said this in Kaduna on Saturday, March 27, 2021, while delivering a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of late Sir, Ahmadu Bello, former premier of northern Nigeria.

The former governor of Lagos State while speaking on the topic, ‘Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era’, said though the administration of President Muhammadu Buhari put measures in place to reduce the impact of the country’s economy still remained weak with “too much unemployment”.

Tinubu, however, cautioned against criticising the cost of governance, saying spending is necessary but should only be done on “things that bring the requisite economic returns for the nation”.

He said, “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic.

“Commendably, however, President Muhammadu Buhari has been carefully steering the country through the pandemic such that the negative impact on us and the economy has not been as harsh as it might have been. The economy’s relapse into recession has ended but we must admit the economy remains weak with too much unemployment and resources left idle.

“The economy relapsed though into recession. It has ended but we must admit the economy remains anaemic and weak — too much unemployment, and resources are left idle.

“Cost of governance is always a key factor in socioeconomic development of any nation, but it is also one side of that important coin. We must not look at the cost alone; we must weigh the cost against the benefits derived.”

The APC chieftain extolled the virtues of Tafawa Bello, Obafemi Awolowo, and Nnamdi Azikiwe, for their efforts in laying the foundation of Nigeria, and also urged political leaders in the country to build upon the foundation of the founding fathers of Nigeria.

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