Federal Government admits recession in Nigeria’s economy
Written by Morenike Adebayo on July 22, 2016
The Federal Government has confirmed that the nation’s economy is now in recession, following two consecutive quarters of negative growth. The Minister of Budget and National Planning, Udoma Udoma, stated this at the end of the National Economic Council (NEC) meeting in Abuja, on Thursday.
He however assured that the economy will be marginally pick next quarter and assume much better growth next year. He also allayed workers’ fears on payment of salaries, saying the difficult economic situation will not affect salaries as tax collection is improving.
The Minister of Finance, Mrs Kemi Adeosun, who appeared at the Senate plenary on Thursday, also said that the recession will be a very short one as the government has put in place measures to reverse the trend.
She also disclosed that the government will start borrowing abroad in the third quarter and called on Nigerians to, henceforth, patronize made-in-Nigeria goods to enhance local production and strengthen the Naira.