Buhari begins second year with economic recession

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President Buhari joined the likes of Vice President Yemi Osinbajo, as he President Buhari signs the 2016 budget into Law in Statehouse on 6th May 2016

There are indications that further negative trend awaits the economy in the horizon as President Mohammadu Buhari enters his second year in office as a democratically elected president this week. Already economic reports have pointed to stagflation and recession as present realities. Stagflation is in place when inflation comes with stagnation, and Nigeria’s inflation trend has been in the up-tick for several months now hitting 13.7 per cent last month, while economic activities have stagnated across virtually all sectors over the period.

On the other hand recession is when an economy records negative growth in two consecutive quarters.

Nigeria’s growth rate had slowed down steadily in the past six quarters sliding into negative of -4 per cent in the first quarter of 2016 while analysts including monetary authorities are projecting further slide both in the current quarter and through to year end.

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