Economy Not Yet In Recession – Udo Udoma

Minister of Budget and National Planning, Senator Udo Udoma has denied reports that Nigeria’s economy has plunged into recession.
This is contrary to the comments made by the Minister of Finance, Mrs Kemi Adeosun, during a Senate plenary session on Thursday

Udoma said this while briefing State House correspondents at the end of the National Economic Council meeting presided over by the Vice President, Professor Yemi Osinbajo.
According to Udo Udoma, the first quarter of the year 2016 may have been negative, but it is only when the second quarter is negative that one can conclude that there is a recession.
He said that the federal government is doing all it can to stop the country from plunging into recession despite the fact that the year has been difficult.
He said the federal government is addressing and that Nigeria will hopefully finish the year in positive territory.
Mrs Adeosun had earlier on Thursday admitted that the nation is going through a recession.
Mrs Adeosun, who was speaking during the plenary session of the Senate said the Federal Government is aware of the sufferings the recession may have caused Nigerians but added that steps have been taken to ensure that the nation gets out of its economic challenge.
She also appealed to Nigerians not to panic over recent reports of international agencies, which puts the nation’s economy in a bad light but to believe in the policies of government geared towards achieving a stable economy.
She told the lawmakers what the government is doing to ensure fiscal discipline in the face of the recession, key amongst which is the reduction in recurrent expenditure.

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