Federal Government Assures Nigerians Recession Will Soon End


Mrs. Kemi Adeosun, Finance Minister assures Nigerians that the recession will end soon.

Adeosun assured Nigerians that the current economic recession the nation was experiencing will not be prolonged.

The Finance Minister gave the assurance on Friday in Abuja while addressing a news conference.

She stated that there was a strategic plan by the administration to see that the recession ended soon.

Adeosun also disclosed that the plan was also to ensure that the economy recovered fully.

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According to her, the federal government has a strategic plan that will takethe country out of the recession.

She stressed that the federal government wants to make sure the recession is as short as possible.

Mrs Adeosun said:

“From what we are looking at we do not think that it will be a prolonged recession.

“We think that some of the initiatives that we are working on will now begin to bear fruits.

“We are on course and are confident that the plan we have put together will work and put the economy back on track.

“It is a long term plan that would reposition the economy so that we do not go into this boom and burst circles that are driven by the oil price.

“The economy has to be more resilient than that so that we do not find ourselves back where we are.’’

The minister also informed that measures put in place by the FG showed that the end of the recession had begun and Nigeria would come out stronger.

She further listed some of the measures taken by the administration to address the situation.

She also disclosed that since the budget was released in May, over N420 billion had been released and cash backed for capital projects.

Finance Minister Assures Nigerians Recession Will End Soon

The finance minister also revealed that the sector that received major chunk of the money was Power, Works and Housing.

She also said that a lot had been done in the defence sector to rebuild the capacity of the military.

Particlulary with respect to the efforts in combatting insurgency in the North East.

The minister also metioned that the Ministry of Agriculture has received significant funding because of the time sensitivity of agriculture and because of the fact that food prices were rising.

Finance Minister Assures Nigerians There is Hope

Mrs Adeosun also commented on recovery of assets, saying that the committee was in the process of collating the non-cash assets like farmlands, vehicles and houses.

She disclosed that a fixed asset register would soon be opened to determine their value.

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She also said that recovered jewelries items were being brought together to determine the market value.

The next line of action, she said, would be decided by the committee.

She admitted that issues around infrastructure were the biggest problems of Nigeria which resulted in high cost of living.

Accordig to her:

“The biggest problem we have is not wages but the cost of living which is too high. So, it is not how much money you have but it is what it costs you to live.

“The problem we have is that many of the things that people are spending money on are the things government should be doing like roads, power and so on.

“So we have to address these things because that is what will really make impact for the average working Nigerian.

“And so when you address the infrastructure you address the cost of living and that is what this government is working on.’’

The finance minister assured Nigerians that though the times were tough, there was hope.