Nigeria Is In Depression, Not Just Recession – Issa Aremu

Channels Television  
Updated September 7, 2016

Issa AremuA member of the National Executive Council of the Nigeria Labour Congress (NLC), Issa Aremu, on Wednesday disagreed with latest report on NIgeria’s GDP that showed the nation’s economy is in recession.

He says Nigeria’s economy is in state of depression not just recession, hinging his claims on long outstanding payment of salaries.

“The minimum wage of 18,000 Naira was less than $45. Inflation has gone up and the minimum wage has collapsed,” Mr Aremu pointed out.

Speaking as a guest on Channels Television’s Sunrise Daily on Tuesday, Mr Aremu urged the Federal Government to reform the economy.

The labour union member believes that one of the key areas in which the economy could be reformed was through data gathering and planning which, in his opinion, was missing.

He also sought a return of the Ministry of Planning, saying that “it is the first step in getting out of recession”.