Nigeria Is Technically In A Recession – Minister of Finance, Kemi Adeosun Declares

While fielding questions from Nigerian Senators on the state of the nation’s economy on Thursday, the Minister of Finance, Kemi Adeosun, has revealed that Nigeria is “technically in a recession”.

 

The minister disclosed that Goodluck Jonathan’s administration did not adequately tackle the economic challenges faced by the country.

“Are we in recession? Technically, yes we are. The previous administration was borrowing to pay salaries. We were taking panadol when we had cancer,” she said. 

 

According to TheCable News, while disagreeing with senators that the President Muhammadu Buhari-led federal government does not have an economic plan, she said the government is not immune to the sufferings of Nigerians, as it is doing all to alleviate their sufferings.

 

The minister also revealed that federal government saves N6billion monthly through a cut down in recurrent expenditure.

 

She told the lawmakers at plenary that the move is part of federal government’s effort towards ensuring fiscal discipline in the face of dwindling oil revenues.

 

According to her, the government now spends N159 billion instead of N165 billion previously spent monthly as recurrent expenditure.

 

Recall that the lawmakers had on May 26 summoned the Minister to brief them on the 2016 budget and other economic issues affecting Nigerians.

 

The Senate agreed that the declining Gross Domestic Product (GDP) and high inflation rate clearly showed that the country’s economic policies required an urgent review to avoid a further plunge in the economy.