Nigeria Economy is in recession – Minister of Finance

…Nigeria’s economy is “technically in a recession”-Adeosun

Minister of Finance, Kemi Adeosun disclosed that Nigeria is “technically in a recession” bu there is no need to be panic because there are measure in place to solve it.

Kemi who made this disclosure while fielding questions from senators  explained that the previous administration did not adequately tackle the economic challenges faced by the country.

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

While disagreeing with senators that the 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.

She said,”we lost a lot of money indisrimination of waiver we are coming out with new policy of waiver. We will come out with comprehensive policy on waiver.

“Producers of fertlizer has not been paid since 2014, they were owning N65 billion. The big fertalizer producer has not been paid for two years.

“Our focus is to get nigerians back to work. We are revisitting a lot of PDP projects, your information may not be correct. We 

“We should not panic IMF projection but focus on what we are doing, we are subsidizing 45 million liters per day.

“We are working hard to solve the problem of ND, we are committed to resolve ND prob. NASS will be carried along. An suprised that any director will warn anybody not to bid for const project. We remain bigest economy in Africa.

“We av not lent any money to state. All agriculture equipment on zero percent duty.”

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