The Minister of Finance, Mrs Kemi Adeosun, has admitted that Nigeria’s economy is going through a recession.
Speaking during plenary session at the Senate, the minister explained that the Federal Government is aware of the sufferings the recession may have caused Nigerians, adding that the steps have been taken to ensure that the nation gets out of its economic challenge.
Adeosun the lawmakers what the government is doing to ensure fiscal discipline in the face of the recession.
She advised Nigerians not to panic over recent comments by International Monetary Fund (IMF) on the economy.
Explaining further, the Minister disclosed that N14 billion has been released for the Social Intervention Programme, while a total of N247 billion capital releases has been made and expressed confidence that these will stimulate economic activities nationwide.