The Minister gave this indication when he addressed participants at the public hearing on the 2017 Budget at the National Assembly complex in Abuja.
In another presentation; a former Deputy Governor of the Central Bank of Nigeria, OBADIAH MAILAFIYA, observed that the current recession in Nigeria was due to over dependence on foreign exchange earnings from oil, corruption and weak economic policies.
MAILAFIYA also noted that the period of recession was not the best time to keep increasing interest rates.
He warned about imminent financial crisis and political disorder if the current trend continues; just as he made a case for the budgetary process to be structured to ensure rapid recovery, stimulation of the economy and growth.
OBADIAH also urged the government to go after the promoters of the MMM scheme; which he observed was negatively impacting the banking system in Nigeria.
Also speaking; Professor NAZIFI ABDULAHI of Economics Department of the University of Abuja, traced the beginning of the recession in Nigeria to the failure to effectively coordinate the national development plan to guarantee continuity.
Professor ABDULAHI called for a review of the Vision 20-20 Agenda of the past, and align same with the Sustainable Development Goals to meet Nigeria’s development needs.
