Abuja - Minister of Finance and Co-coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has warned of a difficult time ahead as she told the Federal Executive Council meeting in Abuja, yesterday, that “government should buckle up and prepare for a possible recession” in the economy.


Her warning came on the heels of the approval of a new visa regime by the Federal Executive Council.

Okonjo-Iweala, who gave the warning during the weekly meeting at the Presidential Villa cited the slide in the price of crude oil as well as the dire economic situation inSpainand Greeceas possible trigger for another round of global recess.

Minister of Information, Mr Labaran Maku, who conveyed the Minister of Finance’s warning quoted her as saying: “Nigeriamay not be so lucky to avoid recession this time as it did during the last economic meltdown and urged the Federal Government to put up measures that will help mitigate the effect of such economic melt down.”

According Maku, the Coordinating Minister, however, explained that occasional delays in meeting government’s obligation to creditors was not a sign of weakness in the economy, adding: “Our economy is sound.”

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