The Minister of Finance Mrs Kemi Adeosun on Thursday confirmed that the country is currently experiencing Economic Recession.
The minister gave the confirmation when responding to questions from Senators after briefing the lawmakers on the monetary and fiscal policies adopted to salvage the current economic situation in the country. “Techniccally we are on recession but with what we are doing, it will help us to get out of the situation” Adeosun said.
She assures that the country still remains the biggest economy in Africa and the present members of economic management team are working hard to maintain the position. “The current economic management team are honest and transparent and we would continue to say the truth even when it not palatable” she said.
The minister said the economy is in a bad shape due decline in oil price and over reliance on oil as the country’s major source of revenue. She assure the lawmakers that everything in the 2016 budget including the constituency project would be implemented.
On the latest rating of Naira, the minister said she is not border about the report and urged Nigerians not to panic about such opinions. “I am not bordering about negative reports and I am not thinking Nigerian is moving toward that direction” Adeosun said.
On the situation of foreign reserve handed over to the current government by the previous administration, the minister also confirm that the government inherits foreign reserve that is not positive. She said the current government inherit $5 billion cash core for oil companies and N390 billion debt owned local contractors.