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We will not pray our way out of recession – Fashola

27 November 2016 National


The Minister of Power, Works and Housing, Babatunde Fashola, SAN, has said rather than Nigeria to solely depend on spiritual solutions, Nigeria should develop its own plan capable of effectively tackling the ongoing economic downturn in the country.

Fashola, who spoke at the 42nd convocation of the University of Benin, Edo State, while delivering a lecture on “Freedom from Fear, Choices before the New Generation” said that Nigerians must overcome fears and use their natural resources to create solutions and improve their lives.

The Minister said Nigerians should not use God as an excuse for failure. He added that one must not attribute to God that which God has left for one.

Also speaking at the event, the Emir of Kano, Muhammadu Sanusi II, said that the right monetary, fiscal and structural policies would address the biting recession.

According to him, young Nigerians must, free their minds from fear, rather than depend solely on spiritual answers to the problems facing the nation.

The emir, who is the chancellor of the university, said, “If you want to deal with a recession, there are things you have to do, which are set out in economics. You (should) go and do them. Put in the right monetary policy; put in the right fiscal policies; put in the right structural policies and the economy will grow.”

Meanwhile, latest reports from the National Bureau of Statistics, says Nigeria’s Gross Domestic Product, GDP,  has shrunk by 2.24 percent in the third quarter of 2016.

According to the report, the depreciation had worsened the country’s chances of getting out of recession in 2016.

 

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