Economic recovery: SDP says it is not yet time for celebration

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The Social Democratic Party (SDP) says it is not yet time for celebration as the country is reported to be out of economic recession.

The party made the observation in a statement issued by its National Publicity Secretary Mr Alfa Mohammed, on Wednesday in Abuja.

Mohammed said that the party had taken notice of the reported growth in the country’s GDP as indicated by the report of the National Bureau of Statistics (NBS).

He said that while technically Nigeria was out of recession as the report showed that the  GDP quarterly growth was no longer negative, economic hardship still continued and unemployment remained.

“Hence, we are of the view that it is not celebration time yet, as the interest rate which determines the amount of money available for investment is still high.

“Also the 16.25 per cent inflation rate reported in the month of May is still not a good enough indicator.

“We are however of the opinion that if the growth in the non oil sectors are improved upon and capital spending is increased through effective budget implementation, then we can begin to have a sigh of relief soon.”

He also stressed the need to see the reflection of the achievements in the welfare of the common man on the street.

According to him, there are unpaid civil servants, pensioners and the students are out of the classes as well as none appreciable decrease in the unemployment rate.