RECESSION: Osinbajo summons Adeosun, Emefiele over conflicting statements

The conflicting statements from the Minister of Finance, Mrs. Kemi Adeosun, and CBN Governor, Godwin Emefiele, on how an end Nigeria’s economic recession has led the Presidency to summon both officials for a special meeting with the Vice President, Yemi Osinbajo.

A presidency source told Ripples Nigeria under condition of anonymity that Adeosun and Emefiele are billed to for the meeting with Osinbajo, anytime soon.

Adeosun’s conflict with Emefiele became public when she told newsmen that unless there is a reduction of interest rate and high inflation rate, the recession would not be over, but the CBN said no to her submission during its last MPC meeting.

But in what looked like a continuation of the conflict, the minister insisted there may not be a time limit to the end of the recession, whereas Emefiele said it would be over by the second quarter of 2017.

It was learnt that the Presidency, in its bid to stop the conflicting signals from the key officials, the vice President, who doubles as the chairman of the National Economic Council (NEC) is to summon the two warring policy makers for a close-door meeting to have them debriefed, said the highly placed official.

Read also: Adeosun differs with Emefiele, can’t say when recession will end

It was gathered that the attention of the Presidency was drawn to the issue during the last NEC meeting, and that the impact of the conflicting comments by the officials in building the needed confidence of the international business community in government in resolving the recession was discussed.

The minister’s latest statement that the recession may last longer than everybody hopes is said to have called for questioning the assertions by the Agriculture Minister, Audu Ogbe, and the Solid Mineral Minister, Kayode Kayode, that the two sectors had given the country the lead over the economic meltdown, said an economist Mike Brimoh.

.She however added that more than N770bn had been channeled into the economy for various capital projects this year, and that the monitoring team in the Ministry of Budget and Planning was putting contractors on their toes to ensure that they delivered the projects.

But she still refused to put a time frame to when the recession would end.

But the CBN boss had insisted that the worst was over. According to him, “the Nigerian economy is on the path of recovery and growth”, even as he called on those still in doubt to join what described as positive train over the recession.

By Emma Eke….

 

 

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