2017 Budget and lifting Nigeria out of recession by Sesan Michael B Johnson

I am writing this piece as a Nigerian, who alongside millions of other Nigerians, is currently experiencing and lamenting the pervading economic recession that started this year. Coupled with this, I am writing as a historian through the lens of economic history. An analysis of Nigeria’s situation shows that this is not the first time Nigeria will be experiencing recession. One could recollect the recessions of 1925-1945, 1965-1972, 1980-1989 and 2008-2009. However, aside the recession of 1980-1989, it is becoming worrisome that the current recession may end up becoming the most devastating of all. Considering all indices and abortive attempts by the government to arrest the situation, it’s becoming clear that the government has no idea.

On a practical term without bothering yourself with the nuances of economic terms and explanations (GDP, recession, inflation, etc), any visit to the market will evidently tell you that the economy is in danger. The worrisome situation is best articulated by President Muhammadu Buhari’s statement while presenting the 2017 budget a few days ago to the National Assembly. He said: “we continue to face the most challenging economic situation in the history of our nation. Nearly every home and nearly every business in Nigeria is affected one way or the other.” No doubt, the president is right in his judgment. It is disheartening to say that it is becoming practically impossible to do viable business, to pay school fees, and to eat in millions of homes in Nigeria.

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