The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has given Nigerians something to cheer about as he has suggested that recession might soon be over.
Emefiele who was speaking to media executives during the weekend in Lagos, noted that the worst is over.
He said: “Naturally, let me say this, if you are in a recession, basically what you do is to spend your way out of recession. I will tell us what has happened between January and now. I will tell you what actions have been taken to send us out of this situation.
“Budget, like you know was approved in May 2016 and, of course, by that time, we had started to see signs that this was going to happen. Unfortunately, the procurement process is such a long one in the Public Service and, of course you dare not breach, or break the rules of procurement and I give you an example.
“The social spending will kick in; other payments for capital expenditure will also kick in.
“Those are the things that government is doing and I must confess to you that I’m optimistic that we have turned the bend and going forward we will still spend more that will stimulate the economy.”
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