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Nigeria Needs $40 Billion Stimulus to Tackle Looming Recession -Economist

(AFRICAN EXAMINER) – A Professor of Petroleum Economics, Chijioke Nwaozuzu, has stated that the federal government would need to significantly increase its expenditure and mobilise about $40 billion to stimulate the Nigerian economy and bailout small and big businesses.

He stated that this will prevent the country’s economy from plunging deeper into recession, according to professor of Petroleum Economics, Management & Policy.

The university don urged the government to mobilise the $40 billion needed to stimulate the economy and carry out the bailout programme.

He said: “He said, “To address the issues of achievable level of recession and stimulus measures that could help reduce the Covid-19 induced recession, we have to examine some fundamental macro-economic relationships.”

He  also identified the other sectors that would need bailout to include banks, telecommunication companies, power distribution companies, (DISCO) and airlines, while he noted that Nigeria’s situation is worsened by the absence of a stabilisation fund and the fact that it failed to save during the period of high crude oil prices.

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