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National Assembly Summons Buhari Over Economic Recession



The National Assembly has passed a motion to invite President Muhammadu Buhari to address the legislature on efforts being made by his administration to on the current economic recession.

The Senate passed the motion on Thursday in concurrence with the House of Representatives.

The Central Bank of Nigeria (CBN) had a month ago reported that economic activities declined faster in June, confirming that the nation’s economy formally entered into recession in the second quarter of the year.

Economic recession is a period of general decline in economic activities and it is typically defined as a decline in GDP for two or more consecutive quarters.

Nigeria’s economy contracted in the first quarter of the year, as it recorded negative Gross Domestic Product (GDP) during the quarter.

According to the National Bureau of Statistics the nation’s GDP in Q1 2016 contracted by 0.36 per cent, the first negative growth in many years.

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