RECESSION: CBN acknowledged failures in a number of monetary and fiscal policies - Makarfi

RECESSION: CBN acknowledged failures in a number of monetary and fiscal policies - Makarfi



Senator Ahmed Mohammed Makarafi, chairman, Caretaker Committee, Peoples Democratic Party, PDP has stated that the issues that built up to land the country in the present economic recession predated the present administration of President Muhammadu Buhari, as such, Buhari should not be entirely blamed for the current economic recession that is biting the country hard. 

Makarfi described the present economic situation in the country as a product of collective governance failure which builds up over the years. He however, said Buhari’s government has also contributed to the economic downturn, but warned against politicizing the problem.

He said, “If you politicise the problem, we at the high level, it may not affect us personally but it will continue to affect our followers in whose interest we say we are doing politics.

"Of course if you come to the current administration, even the CBN has acknowledged that there is failure in quite a number of monetary and fiscal policies. I have not heard a strong statement from the executive on what is its own failure. But again, blame game is a major factor. 

"You solve half of the problem when you acknowledge that the problem exists, shifting the problem in order to apportion blame to your opponent is unhealthy and it is not going to make us come out of the woods,” he said.

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