Kemi Adeosun, the minister of finance, says that Nigeria is “technically in a recession”.
While fielding questions from senators on Thursday, Adeosun explained that the previous administration did not adequately tackle the economic challenges faced by the country.
“Are we in recession? Technically, yes we are, “she said. “The previous administration was borrowing to pay salaries. We were taking panadol when we had cancer”.
While disagreeing with senators that the government does not have an economic plan, she said the government is not immune to the sufferings of Nigerians, as it is doing all to alleviate their sufferings.
The Minister said that President Muhammadu Buhari’s government inherited salaries and wages of N169 billion and now reduced to N159 billion.
According to her, a total of N247.7 billion has so been released as capital expenditure, with plans to release N70 billion very soon, adding that the government will continue to release as soon as the nation’s stimulus improves.