Nigeria technically in a recession, says Adeosun

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.

“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.

“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.

“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.”