Kemi Adeosun, the minister of finance, says that Nigeria is “technically in a recession”.
While fielding questions from senators on Thursday, Adeosun 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.
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“This government is not immune to the suffering of Nigerians, it affects us all and we are doing all we can to assuage it. It is our collective duty to solve the problems, I am not painting a rosy picture but we will get out of it,” Adeosun said.
When asked about the executive’s plan not to implement the N60 billion constituency projects of the federal lawmakers, the minister said everything put into the budget must be implemented.
“I am very surprised that contractors have been told not to bid for projects put in the budget,” she said.
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“Everything put into the budget must be implemented, or there is no sense passing the budget. We take constituency projects seriously, these are projects that impacts directly on the people.”
She explained that in the bid to the diversify the economy, Nigeria needs to bridge its infrastructure gap.
Adeosun also assured the senate that the economy of the country is in good hands, as spending has been reduced to enable the government embark on necessary projects.
She added that she was not worried about the report that the naira is the third worst performing currency in the world, saying: “I am not bothered about that; everyone is entitled to their opinion.
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“We cannot begin to summersault when somebody from abroad says something or gives an opinion. Nigerians should not panic. We are still the biggest economy in Africa and we will still get better.”
6 comments
She loves to blame past administrations. Rather, she should use the time to focus on building up our economy.
Hon finance minister, kindly enumerate the characteristics of a recessionary economy and link at least three of them to the Nigerian economy.
Recession caused by your and your colleagues’ inefficiency. You should hide your face in shame instead of keep blaming the past administration even after about one and a half years into your administration. What is the present administration doing (or has done) to come out of the recession. That is what you should be telling us instead of this constant blame game!
Now is not the time to play the blame game and I’m surprised that the Finance Minister is being blamed for the recession hmmm. If you listened to the presentation you would know that she has outlined plans to take us out of it. and by the way she never blamed the past administration. stop being part of the problem and focus your energy on being part of the solution. The recession was not caused by The Finance Minister. Get your facts right.
Journalist wont get their facts right. First the minister never said they do not have an economic plan, google E-Unit (Efficiency Unit). Our current situation was not caused by the present administration, it was caused by all Nigerians, we refused to save and choose to spend spend spend, when America went into recession, that should have been a wake-up call for use but we went on a spending spree, borrowing to pay back loans and salaries, we didnt save or invest in agriculture, mining or even tourism. Now she has listed out ways for us to get out of our current situation, what we should do is work hand in hand with her to move the country forward.
Lets patronize our brothers are sisters who manufacture goods and services in Nigeria, lets encourage growth of other parts of the economy and not sit down in our bedrooms and expect manners to fall from above.
Look guys even if it’s you it would difficult to strengthen the economy thy has been bastherdise by so called unpatriotic Nigerian whom dose not want to see average poor Nigerian enjoy like their counterparts in the developed nation activily enjoying,please we should blames the young woman’s she is trying her best we should all join hand and help her to make Nigeria features bright for our children’s.