Econ­omy: Se­nate wor­ries, sum­mons Adeo­sun to­day

Daily Trust - - BUSINESS - By Is­mail Mu­dashir

The Se­nate Pres­i­dent, Bukola Saraki, has de­cried the in­abil­ity of the Min­is­ter of Fi­nance, Kemi Adeo­sun, to ap­pear be­fore the Se­nate yes­ter­day, say­ing she must do so to­day.

Adeo­sun was ex­pected to brief the Se­nate yes­ter­day on the mon­e­tary/fis­cal poli­cies adopted to sal­vage the eco­nomic sit­u­a­tion in the coun­try and the level of im­ple­men­ta­tion of the 2016 bud­get.

But at the mid­dle of yes­ter­day’s ple­nary, the Se­nate Leader, Se­na­tor Ali Ndume, moved a mo­tion for step­ping down her ap­pear­ance, say­ing that she was at­tend­ing the Fed­eral Ex­ec­u­tive Coun­cil (FEC) meet­ing.

Se­cond­ing the mo­tion, the Se­nate Mi­nor­ity Leader, Se­na­tor Godswill Ak­pabio, how­ever, said: “I won­der why she did not re­mem­ber that the FEC meet­ing would take place to­day (yes­ter­day) when she as­sured the Se­nate on Tues­day of her ap­pear­ance.”

It would be re­called that the In­ter­na­tional Mon­e­tary Fund (IMF), Tues­day, fur­ther down­graded the growth pro­jec­tions of Nige­ria’s econ­omy to neg­a­tive in its lat­est World Eco­nomic Out­look (WEO).

The out­look pro­jected that Nige­ria’s Gross Do­mes­tic Prod­uct (GDP) would now grow at -1.8 per­cent from the 2.7 per­cent pro­jected in April, 2016. The Fund said that the neg­a­tive growth pro­jec­tion was nec­es­sary as the econ­omy ad­justed to for­eign cur­rency short­ages as a re­sult of lower oil re­ceipts, low power gen­er­a­tion and weak in­vestor con­fi­dence.

With the new pro­jec­tion, Nige­ria would now join the league of coun­tries like Rus­sia and Brazil who were al­ready at neg­a­tive growth due to fac­ing sim­i­lar chal­lenges.

At the same time, rate of in­fla­tion climbed to 16.5 per­cent in June, the high­est in the last 11 years.

Records in­di­cated that many busi­nesses suf­fered the ef­fects of the FOREX scarcity with some clos­ing.

In his re­marks, the Se­nate pres­i­dent said that the com­ments made by the mi­nor­ity leader were apt

“The min­is­ter must un­fail­ingly ap­pear be­fore us to­day (yes­ter­day) or to­mor­row (to­day) be­fore we pro­ceed on our long re­cess be­cause the is­sue at stake cen­tres on mon­e­tary and fis­cal poli­cies be­ing adopted by the fed­eral gov­ern­ment to sal­vage the cur­rent eco­nomic sit­u­a­tion,” Saraki said.

Min­is­ter of Fi­nance, Mrs Kemi Adeo­sun

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