Senate wants Adeosun and Emefiele to explain why the economy is in a mess

The Senate has requested the presence of the Minister of Finance, Kemi Adeosun and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele before it to explain the current state of the country’s economy to the senators.

The Senate today discussed the current state of the country’s economy after the Chairman, Senate Committee on Gas, Bassey Akpan raised a point of order concerning the economy as a matter of urgent national importance yesterday.

Senator Akpan, who represents Akwa Ibom north-eas, had declared that the economy of the country had plummeted into a full blown recession and there was an urgent need for solutions.

“I wish to draw the attention of this chamber to the statistics of Nigeria Bureau of Statistics (NBS) on the state of Nigerian economy. Statistics have shown that our economy has gone into a full-blown recession,” he said.

The Senate President, Bukola Saraki stood down the matter yesterday until today when the motion on the economy was discussed.

Yesterday, the CBN announced that the foreign exchange market would be made more flexible in coming times so that the forces of supply and demand can work on the value of the naira instead of a fixed value by the government even as it noted that a recession was around the corner.

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