Recession will end soon - Minister says

chika ebuzor

September 16, 2016 6:40 PM

Adeosun said the Federal Government has put measures in place to bring the economy back on its feet.

Kemi Adeosun

The Minister of finance, Kemi Adeosun has assured Nigerians that the recession will end soon.

She said the Federal Government has put measures in place to bring the economy back on its feet.

According to her, the government has released over N420b, which was invested in the power, works and housing sector of the economy.

Adeosun also said “We have a strategic plan that will take us out of the recession we have found ourselves in; we want to make sure the recession is as short as possible because we do not want a prolonged recession.

“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 said the agricultural sector has received funding, adding that the government is also planning to release another N350b into the economy.

She added that “The focus is going to be similar, however, there would also be funding of about N60 billion for the Special Intervention Programme and that is very important in putting money into people’s pockets.

“The school feeding programme and the N-Power teachers corps we will cash back today as part of the N350 billion additional release which would take our total capital spending to about N700 billion.”

Kemi Adeosun recently revealed that the current administration did not anticipate the impact of the economic recession.

chika ebuzor