House Of Rep Says Nigeria’s Economy A Disaster

The meeting also include engagement with Manufacturers Association of Nigeria (MAN),captains of industries, trade union asso­ciations, boards of directors, amongst other stake holders in the Nigerian economy.

Presenting the motion at ple­nary, A lawmaker stated, “Un­fortunately, this is still the lowest decline Nigeria’s economy has experienced since 1983. What does this mean for the average Nigerian? Not too farfetched, because life has become increas­ingly difficult for many Nigeri­ans, especially the low-income earners, unemployed youth, other vulnerable people, those on fixed incomes such as the pensioners and others.

he said “the prices of food items, com­modities, goods and services have skyrocketed by as much as 100 percent in many parts of Nigeria in the last one year attributed largely to mone­tary policy, border closures, COVID-19 containment mea­sures, and insecurity, causing Nigeria’s inflation rate to rise in geometric progression in August 2021.

“Price index in the past months has increased astro­nomically owing to many con­trollable and uncontrollable fac­tors with inflation at a 48-month high, posing the challenge for increased spending on hous­ing, shelter, medicals, clothes, baby food and even cooking gas, because our nation’s local production still falls short of our local demand, minding the population, climate change, and hunger, a major future issue looms if, immediate remedial action is not taken care of soon, by this House.