A South West group, Yoruba Ronu Leadership Forum, yesterday, warned that Nigeria is heading into a severe recession following the recent alarm raised by the International Monetary Fund (IMF).

President of the Forum, Akin Malaolu, in a statement, said the position of the group followed IMF’s warning that Nigeria’s economic growth would face a reversed direction from 3.6 per cent growth in 2025 to 3.0 per cent and 2.6 per cent by 2026 due mainly to prices of crude oil in the international market and fiscal discipline that have remained non-existent to date.

The group, therefore, advised the Federal Government to put some programmes in place to save the future of the nation from getting to the level of gloomy foreboding.

The statement read in part: “First, subsidies must be restored back to all tertiary institutions. Government should consider reducing the cost of governance within the next three months if not too late. National budgets and those of the states must be revisited immediately to block unnecessary spending.

“Insecurity and banditry must be tackled to ensure sanctity and security of lives and property. Serious food production with comparative advantages must be pursued with strong vigour. Food security is very key.”

“Machine tools’ factories must be set up in all states of the federation and in companionship with new technical colleges for maximum effect on industrialisation rejuvenation.

“President Bola Ahmed Tinubu should take this warning and solutions seriously.

“Our leadership forum has gone further to measure and make comparisons between discipline and effectiveness of policies, and we found out that the government of Tinubu has lost its bearings and is leading the nation into a severe recession. There are so many issues involved in Nigeria’s economic decline, which are directly linked to the crude oil prices and cost of production.”