10 statements made by Kemi Adeosun confirming Nigeria is on recession

Reality has set in for Nigeria’s economic managers after living in self-denial about the country’s economic situation for a while.

While experts have continually raised an alarm on Nigeria’s gradual economic downfall, government officials consistently insisted that the nation’s economy was strong and buoyant even when all economic indices revealed otherwise.

But the chicken has come home to roost and the hitherto prophets of gloom are now prophets of doom.

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele set the ball rolling yesterday, July 20 during a presentation to the Nigerian Senate.

A seemingly sober Emiefiele told the senators that the country’s economy has been characterised by external shocks, sharp decline in commodity prices and geo-political tensions along important global trading routes among others.

It was the turn of his boss today, July 21. Apparently tired of the bare-faced lies she has been spewing in the last few months, minister of finance Kemi Adeosun finally agreed that the nation was in trouble.

READ ALSO: Niger Delta: ExxonMobil declares force majeure on Nigeria’s Qua Iboe crude oil

NAIJ.com lists 10 major points Adeosun made confirming Nigeria is in recession.

Read below:

1. Things are tough and We are not ignorant of that

2. The violent activities in the Niger Delta affects revenue

3. Are we on recession? Technically, Yes, we are

4. We are not immune to the sufferings of Nigerians; it affects us all and we are doing all we can to assuage it

5. Even if the truth is not fine we will continue telling the truth

6. One of the ares we faced inflation was indeed food price

7. We are definitely looking at at getting private funding to help in the building of our roads

8. We need to engage in production of home made goods to enable our economy and productivity level grow

9. Nigeria is weathering the storm so far. We need the Public Procurement Law to be amended

10. I am not too worried about IMF projections.

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