2017 Budget will not bail Nigeria out of recession - Expert

The 2017 budget may not bail Nigeria out of its economic recession if adequate measures are not put in place.

This is the submission of a senior lecturer at the University of Abuja Agriculture Department, Professor Park Idisi.

In an interview with the News Agency (NAN) in Abuja on Thursday, December 22, Idisi urged the federal government re-organise the system and cut down emoluments of public office holders, lawmakers and political aides in Nigeria.

"The National Assembly members still collect their allowances as if there is no recession; there is no way Nigeria can come out of recession if this continues.”

He advised the government to:

1. Set up industries that would produce heavy equipment, such as cars, caterpillars among others in order to reduce the countries over dependence on foreign goods

2. Give adequate financial support to the small-scale industries so as to boost the economy and create more jobs for the youth and

3. Demonstrate sufficient commitment to research and development the same way it is fighting corruption to move the nation forward.

“The Nigerian government must be serious about the growth and development of small-scale industries and it must be genuinely handled, monitored and managed,” he added.

Meanwhile, the federal government has approved the closure of nine foreign missions as part of its measures to reduce the cost of running Nigeria’s foreign representations due to the economic recession.

Similarly, Nigeria is looking for financial and legal advisers and trustee firms as preparations are in top gear to organise the country's first Islamic bond in the domestic market.

The Debt Management Office (DMO) is working on a debut sovereign sukuk (the Islamic bonds), but has yet to determine the size of a potential deal.

Nigeria needs to raise funds to plug a budget deficit as the economic recession in the country bites harder.