Kemi Adeosun, the minister of
finance, says that Nigeria is
“technically in a recession”.
While fielding questions from
senators on Thursday, Adeosun
explained that the previous
administration did not
adequately tackle the economic
challenges faced by the country.
“Are we in recession? Technically,
yes we are, “she said. “The
previous administration was
borrowing to pay salaries. We
were taking panadol when we
had cancer”.
While disagreeing with senators
that the government does not
have an economic plan, she said
the government is not immune
to the sufferings of Nigerians, as it
is doing all to alleviate their
sufferings.

Source: https://www.thecable.ng/just-in-nigeria-technically-in-a-recession-says-adeosun

Check a tweet on this by the Senate: https://www.twitter.com/NGRSenate/status/756098473930424320?p=v

na waaaaooo

Technically ke?

Are the signs not obvious to even the worst doubting Thomas?

Nigerian military should do the needful and rescue this country for inept and parochial leaders.

When 15 million Nigerians decided to bring in a clueless president with a trainee cabinet what then do we expect. I pity the 165million who have been dragged into this mess.

We have been in recession since the beginning of this year, at this point even the "jantamanta" figures and the propaganda can't lend support anymore.
Dogs are now eating roast corn and pear, people are starving in their dreams even madmen are facing stiff competition from sane people at the dumpsites, what is technical about this.

@sinkhole, kindly edit the source as provided by the poster above me.

We bloody technically know that, for a while now, ma'am...

The question is what technically are you bloody chaps doing da devil about the situation??

What do you expect?When Nigerians elected a NEPA certificate holder as a president and expect a B.sc holder leadership. You an't seen nothing yet.Apc go shock una.



They should keep blaming the past adminstraction
They should keep chasing their political enemies in the name of fighting corruption.
Maybe when people start dropping death on the street,then the economy will go into recession.

I think we need that aunty that gave one tyrannic president Apple to come and give this president, Apple again.

NavierStokes:
When 15 million Nigerians decided to bring in a clueless president with a trainee cabinet what then do we expect. I pity the 165million who have been dragged into this news.

We have been in recession since the beginning of this year, at this point even the "jantamanta" figures and the propaganda can't lend support anymore.
Dogs are now eating roast corn and pear, people are starving in their dreams even madmen are facing stiff competition from sane people at the dumpsites, what is technical about this.

Hmmmm

I think at this juncture our collective effort and ideas both spiritually,mentally and scientifically are needed to save our sinking economy,she can not do it alone.where are the economists?

Technically we are in reccession. In fact we are in full blown reccession. It is only here on Nairaland that i still see some people ignorantly saying otherwise when the signs on ground are obvious.

But what is this small, inexperience Yoruba girl called Kemi Adeosun doing to salvage the situation？Can’t she resign if she has no solution to our current economic tsunami to allow a competent person to take over that office？ Kemi is the worst Nigeria’s Finance Minister since 1960

10 Months ago, Canada an industrialized nation, announced that Canada is in a Technical recession as their economy (GDP) shrink by negative value for two consecutive quarters.
The reason for this is as a result of falling oil price.

Markshevy:
I think at this juncture our collective effort and ideas both spiritually,mentally and scientifically are needed to save our sinking economy,she can not do it alone.where are the economists?

Consultants do not make inputs without formal request for their services. APC govt must accept that they need help to run the govt. Many economists are crying everyday because of crass ignorance of the present economic team to salvage the nation. Unfortunately PMB does not believe the need to put the nation above narrow interest. He sees many economists as enemies or what he called 5percenters. That is the beginning of the national woes.

All the media celebrated recovered corruption money is more than enough to resurrect the economy save it was all lies?

"Tecknikwally" again?
Nigerians will now be like, have you eaten today? Technically No.
This seems to be the term of change. Technikwally ko, economikwalky ni.

Sorry Kemi, what the IMF said recently is that the train wreck hasnt even started yet...the recession that will fire Nigeria is still doing bench press in the gym.

Technical government

dechriscool:
What do you expect?When Nigerians elected a NEPA certificate holder as a president and expect a B.sc holder leadership. You an't seen nothing yet.Apc go shock una.



They should keep blaming the past adminstraction
They should keep chasing their political enemies in the name of fighting corruption.
Maybe when people start dropping death on the street,then the economy will go into recession.

I think we need that aunty that gave one tyrannic president Apple to come and give this president, Apple again.

Kemi, kemi, kemi! Dis geh wan kill persin with clueless blubbers delivered in Cockney accent!

Don't mind them. Dey keep blaming past administrations but fail to admit their own failings by which they also callously aggravated the situation to this precarious level.

If they dont stop the blame game and get proactive, they'all go down in history as a Trainee Cabinet of failed dummies!

This woman too Na dullard.

govt of technicality

technically we know.

This government has failed technically and they will receive a technical knockout in 2019

hopilo:
This government has failed technically and they will receive a technical knockout in 2019

technically Nigerians cannot survive current slide if it persists till 2019 so if there is turnaround by 2017, Nigerians will sing praises of this govt in 2018/2019

..........when you put a technical fool in office. We are technically F**ked!

Complain full these guys stomach.
look at the gaps in the macro economic indicators before and now.

Well that's comforting coming from the finance minister. And of course she is obviously going to blame the previous administration its now a norm for Pmb and his apc goons.

Almost 14 months in power and yet nothing to show for it other than we are fighting corruption and the talk of "everybody else is responsible for our stupidity and incompetence"

mazichika:
Technical government

APC is technically tired of lies and propaganda.

Too bad

deji15:
10 Months ago, Canada an industrialized nation, announced that Canada is in a Technical recession as their economy (GDP) shrink by negative value for two consecutive quarters.
The reason for this is as a result of falling oil price.

The mosquito economic team and trainee minister of finance have several said they wanted to diversify the economy from oil. That oil is losing its importance. These points were support by zombies

Yet our budget, expenditure and economy is still tied to oil

Nagasaki7:


The mosquito economic team and trainee minister of finance have several said they wanted to diversify the economy from oil. That oil is losing its importance. These points were support by zombies

Yet our budget, expenditure and economy is still tied to oil

To diversify the economy will takes time. To diversify the economy, our infrastructure deficit has to be addressed. Money is required for this

Those who made huge profit from oil sales squandered the income, left our infrastructure worst than they met it.

Not withstanding, the non oil revenue has started to pick up. An individual like yourself can take up farming, make some income rather than shouting zombie all over the place.

Govt revenue rises by N301bn, FAAC allocates N559bn
Ifeanyi Onuba, Abuja
For the first time in the 2016 fiscal year, the monthly allocation from the Federation Account crossed the N500bn threshold with the Federation Accounts Allocation Committee distributing a total sum of N559.03bn to the three tiers of government on Thursday.
This is even as the gross revenue accruing to the federation increased by N301.32bn, the highest in a long time.
Addressing journalists shortly after the FAAC meeting, which was held at the headquarters of the Ministry of Finance in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, attributed the increase in revenue to efficiency in collection by the revenue generating agencies.
Specifically, she said there was an increase in non-oil tax collection by the Federal Inland Revenue Service, as the agency recorded an increase of N165bn in tax collections, while the Nigeria Customs Service raised its revenue by N12.6bn
Adeosun said, “The big cause of the increase is the improvement of non-oil revenue from the FIRS. The FIRS improved its performance between last month and this month by N165bn. And that accounted for the change in revenue; and also, there was an improvement of N12.6bn by the Nigeria Customs Service, as well as the exchange rate gain of N79.2bn
“This is a significant improved performance, especially by the Customs that was able to do so despite the scarcity of foreign exchange and the restrictions on the 41 items. So, we are quite encouraged by that because it means that some of the reforms that we have started around collection improvement are beginning to bear fruit.”
This increase in revenue, according to her, led to an improvement in the amount allocated to the three tiers of government from N305.12bn in May to N559.03bn for the month of June.
Giving a breakdown of the amount shared, the minister said N412.3bn was distributed under statutory allocation; N67.4bn under Value Added Tax revenue; while the balance of N79.27bn was allocated from the gain made from exchange rate differentials.
Out of the N412.3bn shared under statutory allocation, Adeosun said that after deducting the costs of collection to the Customs and the FIRS, the Federal Government received N199.75bn; the states, N101.3bn; local governments, N78.11bn; while the sum of N17.12bn was shared to oil producing states based on the derivation principle.
For VAT, she said the Federal Government received N9.7bn; states, N32.35bn; and local governments, N22.67bn.
The minister said, “The gross statutory revenue of N538.78bn received was higher than the N237.46bn received in the previous month by N301.32bn. The average price of crude oil increases from $32.26 in February to $38.64 in March, resulting in $92.99m increase in federation export revenue.”

That was how they technically defeated boko haram.