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Recession exit should boost purchasing power of Nigerians – Experts

Dr Augustine Ayuba, an accountant with Kaduna State University (KASU), says Nigeria is practically still in recession because the purchasing power of Nigerians is still low.

Abuya who was reacting to the declaration by the National Bureau of Statistics that Nigeria was out of recession, said the issue would only make impact when it translates into better life for the common man.

“Peoples income must correspond with the prices of goods and services in the market,” he said in an interview with newsmen on Wednesday in Kaduna.

“In our case, prices of goods and services are still very high compared to peoples’ income; most people still find it difficult to afford a square meal a day, nobody is even talking about three square meals now.

“There might have been an increase in the country’s GDP, but how does that translate to economic improvement of the common man. Nigerians are still suffering.”

On his part, Mr Abdulrauf Aliyu, a development economist and public analyst, said government must now focus on improving the quality of life of Nigerians.

“Government emphasis should be more on improving the quality of life of the people.

“Yes there could have been growth in the country’s GDP, but social services are still poor, income inequalities have widened and thousands of people have lost their jobs in the last one year, “he said.

According to him, the Federal Government should focus on human development that would improve the livelihood of Nigerians.



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