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Business

Recession: Senate attributes recovery to it’s cordial relationship with Executive

The cordial Executive-Legislature relationship is said to be one of the factors responsible for Nigeria’s quick exit from recession.

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The National Assembly has attributed the recent growth of Nigeria’s economy and its quick exit from recession to the “cordial and harmonious” relationship between the Executive and National Assembly.

This was disclosed by the Senate in a statement issued by Ezrel Tabiowo, Special Assistant (Press) to President of the Senate, and seen by Nairametrics.

The statement was issued after the leadership of the National Assembly met the Minister of Finance, Zainab Ahmed, and her team to appraise the performance of the capital component of the 2020 budget which is expected to run till the end of March this year.

READ: Nigeria’s oil sector contracts by 13.89%, as covid-19 plunges economy into recession

President of the Senate, Ahmad Lawan, explained that the meeting was specifically for the principal officers of the National Assembly to interact with the Minister of Finance, Budget and National Planning on the continued implementation of the 2020 capital budget.

He said, “It is important that we interact with the ministry of finance to know how far we have gone with implementation. The cordial and harmonious relationship between the Executive and National Assembly was largely responsible for the recent growth in the nation’s economy and Nigeria’s quick exit from recession.

“Let me congratulate the Federal Government of Nigeria, the Legislature and the Executive arm of government for getting it right by first passing the budget at the right time by the National Assembly.

READ: Aviation’s real GDP contracts by 36.98% in 2020

“The President’s assent to the budget at the right time, and of course, the Ministry of Finance for having to implement the budget as done remarkably well so far, that today our economy has shown significant improvement and we are technically out of recession.

“Our economy has grown – the Gross Domestic Product – by 0.1 per cent and that is remarkable. I want to take this opportunity to tell everyone who cares to listen that this is the dividend of the National Assembly passing the budget before the end of the year.

“That is to say that the implementation of the budget from January to December, gives you this kind of dividend, and of course the harmony that exists in ensuring that Nigerians always first, and Nigeria remains the focus of both the National Assembly and Executive arm of government.”

READ: FG launches SRGI 2.0, as it targets revenue to GDP of 15% by 2023

According to him, the legislators’ intention was to ensure that by 31st March, the implementation of the 2020 capital budget or the extension would have been completed, and it would have achieved 100% implementation.

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In case you missed it: Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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