Finance Minister, Kemi Adeosun, has said that Nigeria is facing possibly its worst economic crisis as the economy slip into recession in the second quarter of this year ending in June.
The minister addressing the State House correspondents after the meeting of the Federal Executive Council at the Presidential Villa, Abuja, however, said the situation was not out of control.
She explained that what dragged the economy down largely was its dependence on the Niger Delta region, adding that there was the need to invest in capital projects and adjusting the monetary policy.
He said the Federal Executive Council approved a three year external borrowing programme from this year to 2019, adding that a bill will be presented to the National Assembly seeking approval for the loan programme.
The minister said much of the fund to be raised would be invested in the power, solid mineral and agriculture sectors
Meanwhile, close to five million Nigerians are jobless in the second quarter of this year ending in June, according to figures released by the National Bureau of Statistics.
The bureau on its website shows that a total of 2.6 million Nigerians entered the labour market during the period.
The agency puts the total figure of jobless Nigerians now at four million, 508 thousand and 602, following the spill over those unemployed from last year.
The figure of the jobless Nigerians carried over to this year include 1.46 million in the third quarter and 518,102 in the last quarter.