Buhari’s choice of cabinet may lead to another recession- Adebajo

Tilewa Adebajo, popular economist who made a statement concerning the recently appointed 43 ministers President Muhammadu Buhari appointed on Wednesday, said the president’s choice may lead the economy of the country into a recession.

In an interview on Channels Television on Thursday, Adebayo in his words,“With the way Nigeria’s economy is going, if caution is not taken, as the CBN has said we will be heading for a recession.

“It is important that the government take a look at its economic recovery growth plan.”

To justify the above statement, he said, “The key economic indicators are not very positive. Right now, we are about over $70billion in debt. We are using 65% of our revenues to service debts, clearly, this is not sustainable.

Adebajo, who is also the CEO of CFG Advisory, said the government needs to run with a clearly defined economic goal to revive the nation’s economy.

Further describing the latest ministerial appointment as ‘heavily political’, he said the political cabinet is dominated with ex-governors and ex-senators, and what is more important now is for the government to put together a clearly defined policy that will stimulate growth in the Nigerian economy.”

Adebajo also stressed the need for the federal government to get back to the drawing board to strategize and build the nation’s economy, to avoid a recession.

Adebajo added that there is a need for the government to tell Nigerians their plan on how the economy will be handled, and the need to face-lift Buhari’s administration’s economic plan is important.