Can Somebody Tell Me What Is Happening!!! On Paper, We Are Getting Out Of Recession, But Practically We Are Not – Adeosun Explodes

By Post-Nigeria June 3, 2017 09:43

Can Somebody Tell Me What Is Happening!!! On Paper, We Are Getting Out Of Recession, But Practically We Are Not – Adeosun Explodes

Finance Minister, Kemi Adeosun, has revealed that available records show that Nigeria is getting out of recession statistically, but in the real sense, the nation’s economy is still trapped in the woods.

Adeosun who seemed confused, spoke while featuring on a Channels Television breakfast show, Sunrise Daily.

Recall, that Nigeria had been bedeviled with numerous economic challenges, since President Muhammadu Buhari took over power in 2015.

In March 2016, after two quarters of consecutive negative growth, the National Bureau of Statistics, NBS, confirmed that Nigeria was in a recession, the nation’s first since 1991.

The NBS, reported in its consumer price index for April, that the country’s inflation rate slowed at 17.2 percent, although it remained at almost double the upper limit of the CBN’s 6 to 9 percent target.

In January, inflation rate had risen to about 18.72 percent, before dropping for the first time to 17.78 percent in February, and 17.26 percent in March, and 17.24 in April.

However, Mrs. Adeosun who assured that the economy would soon be in the right shape, urged Nigerians to be resilient, and support the government in its developmental plans.

She said: “I think we are getting out of recession, all the statistics seem to suggest that, but more importantly, we are getting on the part of the growth that will be sustainable, so we can see a future for Nigeria.

“So, I think it is getting better”, the Minister said.

Adeosun argued that the Muahammadu Buhari administration inherited several problems when it took office, many of which serve as impediments to attaining its goals of facilitating development across every sector of the nation.

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In spite of the challenges, the nation was getting on the path of sustainable growth, she said.

“We inherited a lot of problems”, the Minister said, adding that: “the Nigerian economy didn’t just need a little bit of fix here and there, but needed radical surgery, and to heal, it will take a little bit longer.”

The Minister explained further that prices of food commodities were high, because of the cost of transporting the produce from the local to the urban areas, adding that, the government was working to cushion then effect of these challenges.

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