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, September 18 confirmed that the nation’s economic crisis will soon come to an end with a strong conviction that “the worst is over.”
In separate interviews, the two ministers said that the government was taking active measures to bail the economy out of recession.
Speaking in a similar vein, the CBN governor, Mr. Godwin Emefiele, said the worst is over as far as the recession was concerned, stating that by December, the economy would be fully out of recession and be on the path of growth.
As a confidence building measure, the federal government has asked Nigerians not to panic over the recession, as it was not the first time it had occurred, assuring that everything was being done to check it and alleviate the impact on Nigerians.
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.
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 programmes 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. It is a tough time but we are doing everything possible to ensure that we come out of this in a way that is sustainable so that we never get back here again. If you remember, we have been here before. But this time, we want to come out of it in a way that is more sustainable by addressing the infrastructure challenges. We need transport to be able to move the goods. That is why you see that the government is making investments in rails, roads, power and airports. I think from the signs we see, Nigeria is going to come out of this and we are going to come out of it stronger.