Nigeria’s Economy Is On Recession, Finance Minister Finally Admits
Mrs. Kemi Adeosun, Minister of Finance[/caption]
The Minister of Finance, Mrs. Kemi Adeosun, has admitted that Nigeria’s economy is “technically on recession”.
She made the statement while briefing the senate on the economy of the country on Thursday.
When asked if the economy is on recession during the briefing, Adeosun said it was sad that the economy was technically stagnant.
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She further affirmed that the President Muhammadu Buhari led government was aware that things are tough in the country. “Things are tough and We are not ignorant of that,” she said.
She spoke on efforts of the Federal Government towards diversification of the economy towards Agriculture.
“We are working on the recapitalization of the Bank of Agriculture and we will come up with a plan in the next 30Days.
“We have spent N247.9Billion till date on Capital Expenditure”.
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Addressing Senator Godswill Akpabio question on subsidy, the Finance Minister said, “I can confirm that there is no more subsidy”.
On the Bloomberg damning reports on the rating of the Nigeria currency, Adeosun said that there was no cause to be alarm over their rating, adding that everyone is entitled to their opinion.
She said, “We cannot begin to somersault when somebody from abroad says something or gives an opinion.
“I don’t see why Nigerians should panic when someone gives their opinion which they are entitled to, we must look at the fundamentals of the Nigeria economy which are – it remains strong if we continue to do what we are doing, continue to follow path of discipline and accountability. Then the economy will come out stronger.
