Recession To End Before December – Udo Udoma

Recession To End Before December – Udo Udoma

The Federal  Government revealed some hopeful news on Wednesday to long-suffering Nigerians, saying that the recession that has crippled economic activities in the country will end by December, The Nation is reporting.

According to the minister of Budget and Planning, Udoma Udo Udoma, the proposed 2017 budget will see to it that the recession becomes a thing of the past by the end of the year.

Speaking to State House correspondents at the end of the Federal Executive Council (FEC) meeting on Wednesday the minister said the budget is structured to specifically end the recession.

“So that is why we are anxious to get the budget passed so that we can begin the implementation and begin to take all the steps we need to get the economy out of recession.”

“I also informed council of the release of the Economic Recovery Growth Plan which is already on the website of the ministry of budget and National Planning as well as the Budget Office,” Udoma said, adding:

“With regards to the NBS report, as you are aware, the fourth quarter of the economy contracted by 1.3 per cent, which is  a lower level of contraction than the previous year and which indicates that we are already turning and we are beginning to recover even though we are still in recession.

“And the overall result was better than what many people projected. The IMF report had thought the GDP for 2016 was going to be -1.8 per cent and it turned out -1.5, so that’s better than expected but we are not out of the woods.

“It is encouraging but we have to do and continue to do more to make sure that we get the economy out of the recession this year.

He concluded by saying, “We are encouraged but we are even more energised to put in more effort in agriculture, which is doing very well to do even better. To put in more efforts in solid minerals to make sure that our infrastructure is revamped because that is what will stimulate our economy, if we continue in this way.”

This is not the first time the government will talk about ending the recession. Last month Acting-President Yemi Osinbajo, also promised that the recession will soon end.