Governor of the Central Bank of Nigeria, (CBN) Mr. Godwin Emefiele, and managers of the nation’s economy, Senator Udoma Udo Udoma, Minister of Budget and Planning; and Mrs. Kemi Adeosun, Minister of Finance, on Sunday, said the nation’s economic crisis will soon come to an end, insisting that “the worst is over.” Disturbed by the despair in the land over the nation’s declining economy, the Federal Government, last night, released what looked like a formula to steer the economy out of recession and make the people heave a sigh of relief.
Governor Central Bank of Nigeria Mr. Godwin Emefiele, said that the worst situation of the recession that hit the economy was over, stating that by December, the economy would be fully out of recession and be on the part of growth. He said this while playing host to Nigeria Newspaper Proprietors Association, NPAN, at the CBN Lagos office. He said the federal government was on top of the situation, adding that it was doing everything possible to lessen the burden of the recession on Nigerians. Emefiele said it was the multiplying effect of the hike in petrol pump price that was causing the general rise in the prices of goods and services in the country. He said the federal government and the CBN had taken proactive measure to stabilize the economy.
Giving assurance to Nigerians and asking them to have faith in the efforts of the government and the CBN to move the economy out of recession, Emefiele said: “I repeat, the worst is over, the Nigerian economy is on the path of recovery and growth. Trust me, if you are standing as a bystander, you are losing by being a bystander. Join the train now before the bus leaves the bus station. Let me repeat myself, we are already in the valley, the only direction for us to go is up the hill. Government is doing everything possible to ensure we move up the hill as quickly as possible. I am optimistic that with the action being taken by government, the monetary and fiscal authority, by the end of the fourth quarter of the year, Nigerians will see that the economy has started to move up the hills, out of recession.”
Senator Udoma and Mrs. Adeosun, told Vanguard in separate interviews that the government was taking active measures to bail the economy out of recession. Budget and National Planning Minister, Senator Udoma Udoma, said apart from taking immediate steps to end recession, the government was also undertaking what he called major structural reforms to ensure that the country doesn’t relapse into recession. “Therefore, this government is committed first, to implementing measures to get Nigeria out of recession, and, secondly, implement major structural reforms to ensure that we do not experience this situation again,” Udoma said. The minister said although the administration had not been able to meet its revenue target set in the 2016 budget as a result of falling oil prices and disruption in output arising from attacks in the Niger Delta, the government was pushing ahead with its plan to make life better for Nigerians and attract necessary investments into the country.
On her part, Finance Minister, Mrs. Kemi Adeosun, announced that the administration was also intensifying efforts at providing what she called “Quick Wins” for Nigerians so as to mitigate their economic burden by funding the social intervention programme introduced by the Buhari administration. Adeosun said: “We are funding the social intervention programme and I think that is very important. That is money in people’s pockets. A-meal-a-day for pupils in Primary 1-3 pupils in the states is something that means a lot to some vulnerable families in the country. Again, the payment of the N5000 to some persons in the country is also another programme to put some money into the hands of the poor and change their fortunes. The employment of primary school teachers will also start soon as thousands of Nigerians have already registered online to be engaged under the programme”.