The senate has summoned Minister of Finance Femi Adeosun and Central Bank of Nigeria Governor Godwin Emefiele to brief the senators on the state of the national economy.
This is coming a day after the CBN’s monetary policy committee met to discuss the economy. At the meeting, Mr. Emefiele said that a recession was “imminent” and advised the bank to adopt a flexible exchange rate system.
The senate made the decision to call upon the expertise of Ms. Adeosun and Mr. Emefiele after Senator Bassey Akpan of Akwa Ibom State raised a point of order under order 42 of the senate rules, which involves matters of urgent national importance, during a debate on the state of the economy. The senator stated that the economy has sunk into a recession that must be remedied immediately.
“I wish to draw the attention of this chamber to the statistics of the Nigeria Bureau of Statistics (NBS) on the state of the Nigerian economy. Statistics have shown that our economy has gone into a full-blown recession,” Mr. Akpan said.
According to the NBS, 1.5 million Nigerians became unemployed in 2016 and the inflation rate has risen to 13.7 percent.
The dates on which Ms. Adeosun and Mr. Emefiele will appear before the senate have not yet been announced.