23 C
New York
Tuesday, June 25, 2024

Recession: Osinbajo, Governors Back Adeosun, Udoma On Economy

Must read

The National Economic Council, NEC, made up of the 36 governors and the central bank governor, and chaired by Vice President Yemi Osinbajo has expressed its support for the plans and proposals of Kemi Adeosun, minister of finance, and Udo Udoma, minister of budget and national planning to take Nigeria out of the recession.

The council on Thursday, September 22 2016 approved the plans of the federal government to beat the current economic recession. It also said the two ministers were working assiduously to steer Nigeria out of the current economic recession driven by a plunge in crude oil prices, the mainstay of the economy.

“While acknowledging the current economic challenges and difficulties, state governors at the meeting also endorsed the work of the president’s economic management team and specifically commended the budget and planning and finance ministers,” Laolu Akande, special assistant to the vice president, said in a statement.

The duo were subject of heated discussions at the national assembly on Wednesday and Thursday, September 21 and 22, 2016 respectively, as some senators called for their removal.

Ike Ekweremadu, deputy senate president, and Dino Melaye, senator representing Kogi west, called on President Muhammadu Buhari to remove or redeploy both ministers.

The move, which was seen as largely political, was immediately rebuffed by Shehu Sani, senator representing Kaduna central, who said their removal will not get Nigeria out of recession. the senate went on to support Adeosun’s call for a cut in interest rate to drive growth in the economy.

“We must cut interest rates, start diversification of the economy, empower small businesses so that they will be able to produce and export. The key to getting out of this is export of goods and services,” Sani had said.

“Removing the minister of finance will not be able to get us out of this problem because this recession is not Nigeria’s alone. It is all countries that are dependent on oil revenue”. Sani concluded

More articles

- Advertisement -The Fast Track to Earning Income as a Publisher
- Advertisement -The Fast Track to Earning Income as a Publisher
- Advertisement -Top 20 Blogs Lifestyle

Latest article