The organised labour has attributed the country economic fall into its second recession in five years to the Federal Government’s social intervention programmes and misapplication of foreign loans.
Recall that the country on Saturday entered its second recession in five years under the Muhammadu Buhari administration as official figures showed that the economy shrank again in the third quarter of this year.
The latest recession is the worst in 36 years as data obtained from the World Bank indicated that the country’s Gross Domestic Product dropped by 10.92 per cent in 1983 and 1.2 per cent in 1984.
The Secretary-General, Nigeria Labour Congress, Emmanuel Ugboaja, who made this statement in an interview with PUNCH on Wednesday, said misuse of foreign loans, insecurity and the cash giveaways in the form of TraderMoni, MarketMoni and other cash-sharing programmes by the Federal Government worsened the recession in the country.
He criticized the Federal Government, for not consulting workers despite making mistakes repeatedly.
The NLC secretary said, “We have been going about managing our economy wrongly. That is the truth. We have tended to act as if we are an industrialised country when we are not. We have a huge population, we should encourage and do things that take into cognizance our youthful strength.
