MINISTER of Finance, Mrs. Kemi Adeosun Thursday, painted a gloomy picture of the economy when she appeared before the Senate, saying the country was at the moment in tough place and in recession.
Finance Minister who briefed the Senate Thursday on the state of the economy and issues relating to the implementation of 2016 budget as well as the Monetary/ Fiscal Policies adopted to salvage the current economic situation, stressed that the President Muhammadu Buhari led government inherited negative reserves and heavy salary and wage bill of N165 billion.
"Technically, we are in recession, but I don't think we should dwell on definitions, I think we should really dwell on where we are going.”
The Finance Minister who expressed optimism that Nigeria as a country would get out of the recession because Nigeria is not the only country experiencing that at the moment, said, ” I think if we are in recession what I will like to say is we are going to come out of it and it would be a very short one because the policies that we have would ensure that we don’t go below where we need to go and I think with what we are doing, we would begin to turn the corner I believe by quarter three.
” I can confirm there is no more subsidy, it is a market driven price and indeed one of the good things that we are now seeing is that prices have actually come down, there is now competition between filling stations for market share which is a good thing which means overtime the market would continue to correct itself.”
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