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Recession: “Cut Cost Of Governance”, SERAP Urges Buhari
NOVEMBER 22, 2020
Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to cut the cost of governance and implement bold transparency and accountability measures in response to Nigeria’s latest economic recession.
This was contained in a statement issued on Sunday by SERAP’s Deputy Director Kolawole Oluwadare.
“Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari urging him to put the country’s resources at the service of human rights, and to support the less well-off to enjoy an adequate standing of living through cutting the cost of governance and implementing bold transparency and accountability measures in your government’s response to Nigeria’s recession,” the statement partly read.
The group said the economic crisis rocking the nation provides an opportunity to prioritise access of poor and vulnerable Nigerians to basic socio-economic rights, and to genuinely recommit to the fight against corruption.
Read also: Nigeria Plunges Into Second Recession In Five Years
SERAP said: “Implementing human rights, transparency and accountability measures would save money, address projected adverse human rights impacts of the recession, and fast-track the economic recovery process.
“Decades of mismanagement and corruption, and deep-seated deficiencies in public financial management have directly contributed to higher levels of borrowing and public debts, and consequently, the economic recession. Successive governments have squandered the promise afforded by the country’s natural wealth and resources.”
The nation’s economy maintained a second consecutive negative growth after contracting by 3.62 percent in the third quarter.
The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 percent just as it recorded a -6.10 percent in the second quarter.
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