Friday, April 21, 2017

Recovered Loot Will Save Us From Recession- Adeosun



Nigeria’s Minister of Finance, Kemi Adeosun, has said the nation plans to get out of recession by boosting government non-oil revenues and cracking down on corruption.

Reuters reports that Mrs. Adeosun made the remarks while fielding questions from reporters at the World Bank conference in Washington on Thursday. 

Analysts said the Nigerian government’s anti- corruption war received a boost recently when the government suspended the Secretary to the Government of the Federation, SGF, David Lawal, and ordered an investigation into the allegations of violations of law and due process made against him in the award of contracts under the Presidential Initiative on the North East, PINE. Similarly, the government also ordered a full scale investigation into the discovery of large amounts of foreign and local currencies by the Economic and Financial Crimes Commission, EFCC, in a residential apartment at Osborne Towers, Ikoyi, Lagos, over which the National Intelligence Agency (NIA) has made a claim. The Director General of the NIA, Ayo Oke, was also suspended. 

There are insinuations that these and other funds recovered from similar anti- graft operations would be ploughed back into the economy. Meanwhile, Mrs. Adeosun said the government will also issue more international debt to pay for infrastructural projects. 

Nigeria is in its second year of recession, brought on by lower oil prices, which have slashed government revenues, weakened the currency and caused dollar shortages. The development has stifled investment initiatives and frustrated businesses and households.

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