Finance Minister, Kemi Adeosun, says the Nigerian economy is technically in recession.
Asking Nigerians not to panic, the Minister said Nigeria still remains Africa’s strongest economy.
The Minister, who stated this, while briefing the senate on the state of the economy at the National Assembly in Abuja, said the economy would come out of the recession strongly, with the policies being implemented by the government.
She told the Senators that militants’ attacks on oil facilities in the Niger Delta region, has affected the revenue projection for the 2016 budget, but said N247.7 billion which was cash backed had been released so far, for the execution of capital projects.
Meanwhile, the National Economic Council has predicted that the economy now in recession would pick up next year.
Budget and Planning Minister, Udo Udoma, addressing the state house correspondents after the meeting of the council at the Presidential Villa, Abuja, admitted that the outgoing year was a difficult one for Nigerians.
He, however disagreed that the economy is technically in recession, because the record so far only shows that the first quarter of the economy recorded a negative growth.
Udoma said the economy could only be classified as technically in recession if the second quarter performance also recorded a negative growth.