Another cycle of recession coming, Yari warns

Besides, Yari pointed out governors have unanimously agreed that borrowing is not a reliable alternative to solving the country’s economic problems.

Yari spoke on Monday at the opening of the three-day retreat for returning governors and governors-elect in Abuja.

Yari, who is the chairman of Nigeria Governors Forum, said that the current economic reality should prepare governors ahead of the possibility of another recession by mid-2020.

He however declared their good spirit and preparedness will enable them contain the situation.

He therefore urged the governors to work in unity to boost the economy.

Yari also advised on the needs for the governors to look inward by boosting their revenue generation base and utilise them effectively.

Speaking on the backdrop of the country’s dependence on crude oil which price has been fluctuating in recent times, Yari said: ” This scenario is a wake-up call for all of you to come amply prepared to face these kinds of challenges especially since we are expecting the possibility of another cycle of recession by mid-2020 and which may last up to the third quarter of 2012.”

“Your good spirit of stewardship will make you contain the situation should there be one.

“As members of the National Economic Council (NEC) you must work hand in hand to boost the economy in tandem with the global best practices.”