Why current recession worse than 2016 – Peter Obi

The vice presidential candidate of the Peoples Democratic Party, PDP, in the last election, Peter Obi, has revealed that the current recession will be worse than in 2016 because the monies borrowed were not properly invested.

Obi further blamed President Muhammadu Buhari’s administration for not adequately preparing Nigerians for the impact of COVID-19.

The former governor of Anambra State therefore called on his fellow politicians to put issues of 2023 aside and focus on how to rescue the country from the current economic crisis.

Obi said that solving the economic problems of Nigeria was more important than political permutations geared towards the next general elections.

Obi who featured on Channels Television’s Sunday Politics, insisting that the next election has no impact on people’s current livelihoods.

“The cost of governance is not acceptable, Obi stated.

“There is too much waste. This recession is going to be worse than in 2016 because the monies we borrowed then were not properly invested,” he added.

“Every other country is discussing the recession and how to pull their people out of poverty.

“So what we should do now is to concentrate on the monetary and fiscal policies to start pulling people out of poverty.

“If you see what happened with recent protests, you could see that we are heading into a problem.

“And I want our energy to be concentrated in that problem. The politicians, the class where I belong, should do more seriously, across party lines, to be able to arrest the situation before it gets out of hand.

“For me, it is in discussing how do we put food on people’s table? Elections will come, and we can see how to select the best. But let’s deal with the recession we have just entered before 2023.”