It Is Deceitful To Claim We Exited Recession – Onovo

The former Presidential candidate blasted the ruling party for their deceitful act insisting that Nigeria ‘s economy is beyond recession.

National Conscience Party (NCP) former presidential party candidate Martin Onovo has described the words of the presidency that Nigeria is out of recession as deceitful.

News circulated yesterday that the country is exiting recession which has taken a toll on the country but Onovo disagrees saying Nigeria has only gone out of a “technical recession”

Speaking on Channels television program Politics today, Onovo said Nigeria can’t exit recession with the high rate of unemployment in the country.

ALSO READ:   90 Million Nigerians Lack Electricity – Fashola

“Obviously, the ruling party is playing with words. Now, when you have a recession that is complicated by rising unemployment and rising inflation, that is stagflation. So it is deceitful in the first instance to claim that we exited the recession,” he told Channels Television on Tuesday.

“When you have a GDP decline in two consecutive quarters, that is a recession. What has happened in Nigeria is that we have had the decline consistent for five quarters, that in the minimum is not a recession but a depression.”

ALSO READ:   The Economist: Lagos Is The 2nd Worst City To Live In The World

“it is very clear the government does not have any clear plan because if you look at the one you want to refer me to, [you are going to say the Economy and Recovery Growth Plan (ERGP)] if you look at that document, that document is worthless.”