It’s official: Economy in recession – FG

Minister of Finance, Mrs. Kemi Adeosun, yesterday, painted a gloomy picture of the economy when she appeared before the Senate, saying the country was already in recession.

This came as Minister of Budget and National Planning, Senator Udo Udoma, gave a ray of hope on the current economic quagmire, noting that there were strong indications that the economy would rebound from later this year to early next year.

Adeosun briefed the Senate on the state of the economy and issues relating to the implementation of 2016 budget, as well as the Monetary/ Fiscal Policies adopted to salvage the present economic situation. She also said President Muhammadu Buhari’s government inherited what she described as negative reserves and salary and wage bill of N165 billion…