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Experts Seek Effective Fiscal-Monetary Policy To Tackle Recession

Published

3 years ago

November 14, 2022

Some economists in the North-East have urged the Federal Government to formulate effective fiscal and monetary policies to prevent Nigeria from sliding into recession.
The experts including academics and financial analysts said the measure was imperative towards building a vibrant economy and sustain the gains recorded in the agriculture sector which enabled the country to withstand current global recession.
The experts spoke while responding to a survey by The Tide source on global economic recession in Bauchi, Damaturu, Gombe, Maiduguri and Yola.
Recession is a period of persistent economic downturn or low level of productivity.
Dr Binta Yahaya, an economist in Damaturu, Yobe, said several factors indicated that the world is sliding into recession.
She said, “in the UK and the U.S., rapid decline in productivity and high inflation rates have been reported.
“In Nigeria, there is too much money in circulation with low productivity level.
“Inflation is characterised by low per capita Gross Domestic Product (GDP). The GDP drops for two consecutive quarters and may last for about 10 months”.
She suggested that fiscal and monetary policies which might not have immediate benefits must be formulated to control recession.
The expert said such policies and plans must envisage natural disasters such as floods and pandemics, adding that over reliance on importation must be checked.
Yahaya noted that failure to properly manage recession would lead to low wages, high unemployment rate and borrowing.
“If you look at the current debt profile and ratio in the country, it is alarming and can lead to more recessions in the future,” she warned.
Yahaya, however, noted that all economies experience recession from time to time, but what matters is the ability to adapt through effective plans and policies.
Prof. Ibrahim Hassan, Department of Economics, Modibbo Adama University (MAU), said the Russia-Ukraine war subjected many countries to recession.
According to him, the disruption in the global food and energy supply chain, low production and the loss of investors’ confidence exposed many economies to recession.
He noted that investors were withdrawing their potfolios due to the crisis which negatively affected world economy.
“In this country; we are battling with inflation which has to do with dwindling oil revenue and lack of stable prices in the international oil market.
“Presently; there is crisis in currency market and it is responsible for the hike in prices of food commodities,” he said, stressing that proactive measures are necessary to guard against plunging the country into recession.
He urged government to improve oil and energy supply to meet increasing demands, encourage productivity and boost its revenue base.
Also, Jorome Jaimu, a lecturer, Department of Economies, Adamawa State Polytechnic, Yola, said the redesigning of the Naira note would affect the economy and escalate pressure on the Foreign Exchange (FOREX) in the country.
“This will not be good for the economy of the country at the moment.
“However, people are bringing out hoarded Naira notes printed since 2015. So, in other away it is going to help the economy,”
Similarly, Alhaji Babagana, a Senior Lecturer, Borno State University, Maiduguri, opined that insecurity and oil vandalism posed serious threat to sustainable economic growth in the country.
The trend, he said, resulted to comatose economy and investment constrained, low productivity unemployment and poverty.
The don listed inflation; rising energy costs, FOREX scarcity, and Naira depreciation as factors bleeding the Nigerian economy.
In the same vein, Mr Usman Dutse, Dean, School of Business, Federal Polytechnic, Bauchi, said the trend exposed Nigeria’s economy to frigile condition as major economic indicators showed negative signs.
“Unemployment rate has increased to about 33.3 per cent and inflationary rate 20.7 per cent with N41 trillion debt profile.
“Poverty level has increased between 43 and 46 per cent and Naira is trading N850 to a dollar at parallel market.
“The cost of living has gone up and cost of production is also high,” he said.
To salvage the situation, Dutse advocated a consistent economic policies, reforms and plans by the government.
“All these things are happening because of the persistent neglect or lack of consistency in implementation of policies.
“There should be serious reform and attitudinal change from individuals, organisations and government agencies,” he said.
Corroborating the stance, Dr Mustapha Kabara, a Lecturer, Department of Economics and Development Studies, Federal University Kashere (FUK), Gombe, advocated austerity measures to cut domestic spending and ensure policy continuity to avert recession in the country.
This, he said, are part of the short term measures to improve the economy by ensuring effective control of the government’s spending.
According to him, with the dwindling income as a result of the different factors affecting oil production, it became imperative for the government to take adequate financial measures to avert recession.
“It is also imperative for the government to ensure harmonisation of fiscal and monetary policies.
“Unfortunately, what we have is a vibrant and strong monetary policy but the fiscal policy is not working.
“Government should come up with a good synergy between monetary and fiscal policy so that the policy will be able to touch positively the demand and the supply side,” he said.
In the long run, Kabara said as the country prepares for election, it was desirable to ensure continuation of good policies of the incumbent administration for sustainable social and economic development.
“Inherited policy that are good can be fine-tune but not to be discarded as creating new ones is not healthy for the country, especially in an emerging economy like ours”.
He, therefore, suggested implementation of consistent policies, reforms and plans by the government.
For his part, Dr Abdulmajid Jamal, observed that Nigeria is moving towards self sustained economy in terms of food production.
According to him, with the country moving towards self-sufficiency in food production, it wasn’t going into recession anytime soon.
Jamal, who is a Chief Lecturer, Economic Department, School of General Studies, Abubakar Tatari Ali Polytechnic (ATAP), Bauchi, decried heavy dependence of the country on importation of many items.
He said: “We are lucky becasue food is excluded from our importation. In most cases, we only import few things in food items.
“The major import that consumes our money was rice and now the economy is producing enough for local consumption. The import is far less even though it’s through smuggling.
“So, the country is moving towards self sustained economy in terms of food production but in terms of other things, we are not.
“We are moving towards food sufficiency but if care is not taken, we will lose that because the farmers are now heavily in use of herbicides, insecticides and chemicals”.
He noted that heavy application of chemicals would deteriorate soil fertility and make it barren not to produce effectively.
The practice, he said, contributed to global warming, devastating effects on the ecosystem and low production output.
He further attributed the inflation in the country to importation of raw materials for manufacturing industries due to high FOREX.

News

NDLEA Intercepts Drugs Hidden In Winter Jackets, Cream At Lagos Airport

Published

1 day ago

March 23, 2026

The Tide

Operatives of the National Drug Law Enforcement Agency (NDLEA) have foiled attempts by drug trafficking syndicates to smuggle illicit substances concealed in carton walls, winter jackets, and body cream containers through Murtala Muhammed International Airport and a Lagos-based courier firm.

The agency said two consignments bound for Italy were intercepted at the Lagos airport, leading to the arrest of suspects linked to the shipments.

In a statement released yesterday, the agency’s spokesman, Femi Babafemi, said one of the suspects, 37-year-old Friday Ehianuka, was intercepted on Friday, March 20, 2026, while attempting to board an Ethiopian Airlines flight to Rome, Italy.

The statement partly read, “Two of the consignments heading to Italy were to be moved through the Lagos airport where two suspects linked to the shipments were promptly arrested.

“One of them, 37-year-old Friday Ehianuka, was going to Rome, Italy on Friday, March 20, 2026, when he was intercepted while attempting to board an Ethiopian Airlines flight with 2,698 pills of tramadol 225mg concealed in containers of skin-lightening body cream, all packed in the suspect’s luggage.

“In his statement, Ehianuka, who is a resident of Milan, confirmed that he was to be paid a negotiated fee in Euros if he had succeeded in trafficking the consignment to Italy.”

In another operation on Wednesday, March 18, Babafemi said NDLEA officers at the departure hall intercepted another passenger, Christian Agbonhese, attempting to board a Lufthansa flight to Milan.

A search of his luggage uncovered 23,150 pills of tramadol 225mg, 4,000 tablets of tapentadol 250mg, and 1,320 pills of tramadol 100mg concealed in two large winter jackets.

“No fewer than 23,150 pills of tramadol 225mg; 4,000 tablets of tapentadol 250mg; and 1,320 pills of tramadol 100mg, all concealed in two large winter jackets, bringing the total number of opioids recovered from him to 28,470 pills. The 38-year-old Agbonhese is also a resident of Milan,” the statement added.

In a separate operation at a courier firm in Lagos, Babafemi said NDLEA officers on Monday, March 16, intercepted two parcels of Loud, a strong strain of cannabis weighing 1kg, hidden in a carton shipped from the United States.

“Also thwarted was an attempt to export 158 grams of methamphetamine concealed in the walls of a carton to New Zealand,” he said.

In Kano State, operatives arrested Abdulkadir Mamuda, 35, with 102.5kg of skunk at Dan-Tsalle, while another suspect, Uche Johnson Festus, 47, was nabbed at Naibawa Gabas with 95.5kg of the same substance.

Babafemi said the agency also recovered 21,737 bottles of codeine-based syrup during a raid at Otto, Ijora area of Lagos on Wednesday, March 18, adding that two suspects, Chidiebere Anigbogu and Paul Nwagbara, were arrested the same day on the Third Mainland Bridge while conveying 8,380 bottles of the syrup.

In Edo State, operatives recovered 97.5kg of skunk from the residence of Akeem Idde, 37, in Ojah, Akoko-Edo Local Government Area on March 16.

In the FCT, officers intercepted a commercial bus along the Gwagwalada Expressway on March 18, recovering 91,840 pills of tramadol hidden in body compartments of the vehicle. The driver, Aminu Ali, 27, was arrested.

In Oyo State, a suspect, Bankole Bari, was on Tuesday, March 17, arrested at Oke-Oyan, Ibarapa LGA, with 71.2kg of skunk, which he smuggled into Nigeria from Benin Republic through the Oyan River.

In a similar development, “Not less than 586,000 pills of tramadol and Exol-5 were recovered by NDLEA operatives from Lawal Anas, 28, along Kaduna-Zaria Highway, Kaduna, on Tuesday, March 17, while 7,290 tablets of tramadol 225mg were seized from Musa Shuaibu, 22, at the same location on Friday, March 20,” Babafemi said.

In Taraba State, officers intercepted Aliyu Adamu, 26, along the Takum-Jalingo Highway with 77,660 capsules of tramadol, while in Adamawa State, six suspects were arrested in connection with the seizure of 82.8kg of tramadol in a truck in Yola.

The suspects include Ramatu Aliyu, Jungudo Abdullahi, Najid Abdullahi, Musa Mohammed, Usman Abdulrahim, and Musa Mohammed.

The agency said its commands across the country also intensified War Against Drug Abuse sensitisation campaigns in schools, worship centres, and communities during the week.

Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (retd.), commended officers of the MMIA, DOGI, Lagos, Kano, Kaduna, Edo, Oyo, FCT, Taraba, and Adamawa commands for the arrests and seizures, urging them to sustain the balanced approach to drug control efforts.

News

RSG Applauds FRSC, NDLEA For Enhancing Security In Rivers …As NDLEA Pushes For Drug Tests In Schools, NYSC Camps

Published

1 day ago

March 23, 2026

The Tide

The Rivers State Government has commended the dedication and collaboration of federal government agencies in sustaining security in the State.

Speaking during a courtesy visit by the State Commander of the Nigerian Drug Law Enforcement Agency (NDLEA), CN Bature Dawa, in Port Harcourt, last week, the Secretary to the State Government, Dr. Dagogo Wokoma, said Governor Siminalayi Fubara appreciates the strong synergy between the agencies in promoting his administration’s vision of peace, prosperity and progress in the State.

Wokoma urged residents to remain law-abiding, noting that respect for the law is essential for good governance and sustainable development in all parts of the state.

He stated that the governor has remained committed to initiatives that promote peace and social order, stressing that the administration will continue to support programmes of federal agencies aimed at strengthening security and public safety.

“Our governor is committed to peace, progress and prosperity in Rivers State. I therefore encourage all residents, especially young people who are often targeted by those involved in drug abuse, to stay away from drugs, crime and reckless driving,” he said.

In his remarks, the State NDLEA boss, Dawa, disclosed that the agency has arrested 39 suspects in the state from December 2025 to date, including 16 new cases currently under investigation.

He explained that the NDLEA, through its Drug Demand Reduction and Drug Supply Control Units, has intensified efforts to curb the spread of illicit drugs and ensure offenders are brought to justice.

Dawa also called on parents and guardians to closely monitor their children, while urging hotel owners and managers to remain vigilant and prevent their facilities from being used for drug-related activities.

He further advocated the introduction of drug integrity tests in schools and within the National Youth Service Corps (NYSC) scheme as part of measures to discourage drug abuse among young people.

In a related development, Dr Wokoma received the Sector Commander of the Federal Road Safety Corps (FRSC), CC Inyang Umoh, during a courtesy visit, and urged residents to abide by road safety laws and drive in consideration of other road users.

In his remarks, the FRSC boss expressed appreciation to Governor Fubara for the continuous support to the Corps.

News

Rivers Muslims Laud Fubara’s Dev Strides

Published

1 day ago

March 23, 2026

The Tide

Muslims in Rivers State have commended Governor Siminialayi Fubara for his dedication and commitment to the development of the state.

They also lauded the governor for promoting peaceful co-existence among various religious groups in the state.

Vice President General of the Nigerian Supreme Council for Islamic Affairs ,Alhaji Nasil Awhelegbe Uhor, gave the commendation last Friday during the Eid-el Fitri prayer to mark the end of Ramadan fasting period, at the Port Harcourt Central Mosque, Niger Street, Port Harcourt.

Speaking to newsmen shortly after the prayer, Alhaji Uhor said Governor Fubara has shown exemplary leadership in the affairs of the state.

Uhor who is the leader of the South South Muslim Ummah of Nigeria, called on Muslims to remain committed to the ideal of peace and fear of the Almighty Allah.

According to the Rivers State Islamic leader, the message is for Muslims to imbibe and allow the lessons of Ramadan to sink into their lives and shape their ways of doing things.

He urged Muslims to imbibe the culture of love and respect for one another.

“My message is that all Muslims should imbibe and allow the lessons of Ramadan to sink with them,” he advised.

Uhor stressed the need for Muslims and all Nigerians to remain patriotic, while avoiding all forms of anti-social behaviours.

He also called on the political leaders to put the country first, stressing that there is no need for Nigerians to continue to wallow in abject poverty when the country is so rich with natural resources.

Also speaking, the Chief Imam of Rivers State, Alhaji Ibrahim S Yalo, urged Muslims to fear God, and speak the truth always.

According to him, time has come for Nigerians to cultivate the habit of peaceful coexistence, speak the truth and be each others keeper.

“Nigerians own a duty to ensure peace, live together in fear of God and speak the truth always,” he said.

By: John Bibor