Nigeria Is In Recession

Kemi Adeosun

Kemi Adeosun

Kemi Adeosun, Nigeria’s minister of finance, has alluded to the view in many quarters that the country is in recession. She said this while briefing Senators on Thursday about measures adopted to bail out the economy. But she believes the economic challenges facing the country won’t last long as countermeasures have been put in place by the federal government to reverse the trend. According to her, the federal government has released N247.9 billion in the last two months for capital expenditure while an additional N60 billion will soon follow. She added that out of the N247.9 billion, N74 billion has been allocated to works in the last two months, compared to N19 billion the ministry received for the whole of 2015. Agriculture has received the sum of N21.9 billion, compared to the N4 billion the ministry got last year. “We have been extremely disciplined around our spending, we are investing in essential infrastructure…we are doing everything possible to avert and to manage the situation which we didn’t create unfortunately but which we inherited and as a nation must all get out of,” she said, adding that progress is been made in other sectors as well.

 

By Tolu Soetan

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