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We are “Technically” in Recession – Min. of Finance Kemi Adeosun

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Minister of Finance, Kemi Adeosun

Minister of Finance, Kemi Adeosun

The Minister of Finance, Kemi Adeosun today appeared before the Senate to brief the lawmakers on the Monetary/Fiscal Policies adopted by the nation.

According to the Senate’s Twitter handle, the minister said that Nigeria is technically on recession.

“Are we in recession? Technically, Yes, we are,” the senate quoted her as saying.

Read some points she made, as tweeted by the Senate:

Speaking on Federal government’s effort in diversifying the economy, Adeosun said:

We have spent N247.9Billion till date on Capital Expenditure.

We are working on the recapitalization of the Bank of Agriculture and we will come up with a plan in the next 30Days. Things are tough and We are not ignorant of that.

Our Revenues are looking well; FIRS and Customs are doing well in terms of this.

Nigeria is weathering the storm so far. We need the Public Procurement Law to be amended

Nigeria is weathering the storm so far. We need the Public Procurement and UBEC Laws to be amended.

I am not too worried about IMF projections

Everything in the Budget needs to be implemented… or else there’s no sense passing the budget.

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.

We have widened the Internally generated revenue of all states. All Agricultural equipments are coming in on Zero duties”

Speaking on the subsidy situation, she said, “I can confirm that there is no more subsidy”

The violent activities in the Niger Delta affects revenue.

The fundamental thing needed to diversity the economy is infrastructure we are attacking the infrastructure deficits.

Our focus towards economic diversification is to bridge the infrastructural gap.

The previous administration was borrowing to pay salaries. We were taking panadol when we had cancer.

I disagree that we don’t have an economic management team.

We are not immune to the sufferings of Nigerians; it affects us all and we are doing all we can to assuage it.

This economic team stands for transparency & telling the truth even if the truth is not fine we will continue telling the truth”

She said that funds for the Rio Olympics are being released.

“I spoke with the Director of Finance of the Ministry of Youths & Sports and funds for #RioOlympic are being released,” she said.

The production of fertilizers has not been paid, so there was no production of fertilizer in 2015 which is the reason for increase in food price we expect them to start reducing the price in food crops

We need a rail connected to Ajaokuta there is no aim producing steel when there is no transport infrastructure in place.

We are definitely looking at at getting private funding to help in the building of our roads

We need to engage in production of home made goods to enable our economy and productivity level grow

22 Comments

  1. zoranx

    July 21, 2016 at 5:04 pm

    We we we we who are we i laugh in yoruba

  2. Apples

    July 21, 2016 at 5:33 pm

    Nigeria has been In recession since last year….. Abegi, God help us all.

    • nwa nna

      July 21, 2016 at 6:48 pm

      Yup! Nigeria’s economy was artificially buoyed by all of the stolen government funds.. Now that the loopholes for stealing government funds are being plugged by the present administration the actual reality is setting in..
      Sovereign wealth funds in oil producing nations hedged for times when oil prices would fall driving down revenue, but in Nigeria it was looting business as usual with its lack of foresight.
      I personally don’t think that the FGN is doing enough to cut back its own overhead in the austere period! Here are couple of places the FGN needs to look within its self to cut expenditures:
      1) security votes
      2) ministry that overlap in functions should be scrapped
      3) salaries paid to the legislators is a huge drain and in my opinion give Nigeria minimal ROI..
      4) Positions like special advisers need to be scrapped! Never understood what they were advising on.. FGN, SG & LG has created so many redundant positions it makes no sense.
      5) Ghost worker’s is still an issue on both federal & I state level!

      BN please add to my list because I know there are so many more that I cannot think of 🙂

    • Mannie

      July 21, 2016 at 7:11 pm

      A recession is defined by GDP behaviour- not Government behaviour. This means that we can only be in a recession if production and consumption fall for 2 quarters consistently. The only reason why government corruption will be an issue is if it has systematically decided to inhibit/repress people’s consumption and production behaviour (which is nonsensical). Corruption affects our economy in numerous ways, but it is not a direct cause of a recession. If we are to continue blaming previous government, let’s not forget that it was during Goodluck’s time that Nigeria’s GDP was revised so that it surpassed South Africa’s to be the largest economy in Africa (note that this is not in praise of Goodluck’s administration- he has his qualms to be discussed another day).

  3. Delta geh

    July 21, 2016 at 5:36 pm

    no kiddin

  4. Duchess of Isolo

    July 21, 2016 at 5:58 pm

    The worst thing about it is that we’re never coming out!

    • Yup

      July 21, 2016 at 6:16 pm

      Thats not true, we will come out.

    • Oversabi

      July 21, 2016 at 10:24 pm

      Yeah duchess. Its another 3 effing years

  5. Engoz

    July 21, 2016 at 6:33 pm

    Nigeria has been in a state of recession since the day I was born, lol. Oh I see it’s beginning to affect the rich small small, so they feel it just started today, lol. Well welcome to our reality of no light, water scarcity, fuel hikes etc.

  6. Mannie

    July 21, 2016 at 6:39 pm

    If we’re speaking of technicalities, Nigeria has been in a recession since the start of this year. Between July 2015 and January 2016, our economy fell by 17%. Currently, it’s fallen by 23% since July 2015. 1 in 3 persons is currently unemployed in a labour force of nearly 80 million people. Watching various banks chase private borrowers recently shows that our NPL ratio is getting worse, and banks need loan repayment to function properly. We are currently experiencing a banking crisis and our government would not say anything about that as it would increase fear in the general public (the last thing they want is a run on the banks). I can go on describing the litany of stuff wrong with the Nigerian economy, but we all know what these issues are.

    Normally, I would recommend that Nigeria save a bit, but how can we save when people don’t have food to eat? So, I suggest the government continue with the structural plans Goodluck had going and even add more (especially around construction). I pray it also reduce it’s emphasis on agriculture and look into things that could bring us a competitive advantage within our region in Africa(R&D, Sustainable development programmes, technology). Our Central bank needs its independence (Mr. Presidrent should not play with our exchange rates like he did before), and it needs to be less forbearing of commercial and investment banks. This can be an opportunity for us to redefine the foundation of our economy.

  7. Diddy

    July 21, 2016 at 7:02 pm

    The nation is not technically in recession,the nation is in a state of erosion

  8. lacey

    July 21, 2016 at 7:07 pm

    Canada is in a recession! If Nigeria had planned in the years of plenty and diversified their economy, we will not be in this situation! In all we should thankful for Buhari for stalling the Chop I chop culture! Even if we think it is a lopsided fight of corruption,at least it is a fight,not the nonsensical flagrant attitude of just stealing funds indiscriminately! We all should all continue to seek God’s face for good leadership and continue to profess blessings on Nigeria,because God has helped us despite of all the flawed governance up until now, to see Nigeria still standing!God bless Nigeria!

  9. oo

    July 21, 2016 at 7:11 pm

    This woman fine sha… Definitely my older woman crush….. Kems will u be my sugar mommy??

  10. Naijatalk

    July 21, 2016 at 7:24 pm

    You know minister, I do recall another member of the cabinet who was quoted a few weeks back saying that not everything in the budget can be implemented; it’ll be good to have synchronized messaging at the federal level. I sympathize with the few of you (ministers) who know your onions, unfortunately, the rest are clowns.

  11. Jamce

    July 21, 2016 at 7:29 pm

    Where is the national economic plan for the next 5 – 10 years? Or is it just about waiting to generate revenue from oil, tax and customs and spend? Where is the national blueprint for industrial development at least for self-sustenance in the short term and export in the long term? Mschweeew

    A true leader or hero is one who stands to be counted in times of adversity

  12. Victor Adegoke

    July 21, 2016 at 10:26 pm

    The truth of the matter is that this Govt cannot solve your economic woes.

  13. Gem

    July 21, 2016 at 10:33 pm

    Are we in a recession or not??? What is technical about it??? then Godwin Emefiele says ” He said “It’s frightening the nation is experiencing an economic stagnant and inflation at the same time, And no tool is available to make it grow at the moment “. Call a spade a spade. This sugarcoating nonsense is what got us here in the first place.
    Aunty Kemi… you’re adorable with your Cockney accent but we need solutions not big grammar

  14. Okechukwu Ofili

    July 21, 2016 at 11:00 pm

    We Technically have a Minister of Finance …. Technically.

  15. tunmi

    July 21, 2016 at 11:11 pm

    I appreciate that she explained this very well so even primary school students can understand

  16. isaobi

    July 21, 2016 at 11:54 pm

    The retirees from Federal Civil Service from November 2015 have not been paid their claims due to non release of bonds by Federal Government. I wish to use this medium to appeal to Mrs Kemi Adeosun to please consider and have mercy on these veterans.Please release the funds to PENCOM. You will not suffer in your old age.

  17. ElessarisElendil

    July 22, 2016 at 12:21 am

    So despite being in a “technical recession”, we’re still blowing money on a vanity trip to Rio???

    Nigeria you’re slowly ceasing to be funny.

  18. Benson Ossai

    July 22, 2016 at 9:29 am

    I just hope that after recession,we will not enter into great depression?Hope Mrs Kemi know what she is doing.Please try and advice the government and not deceive them.I heard there a lot of crazy things you did with your husband when you were a commissioner in Ogun state.Do not shortchange Nigeria as a minister, please.The CBN governor and the minister need to work together,brainstorm and come-up with a short plan while working on a long plan to save Nigeria and Nigerians from this economic quagmire.Nigerians are dying,businesses are collapsing,people are loosing their jobs.You guys should do something before something do you guys.That is why you guys are charge with the responsibilities of the nation.

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