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IMF Reps Interface On Recession

The House of Representatives yesterday met with a delegation of the International Monetary Fund (IMF) led by its Senior Resident Representative, African Development, Mr Amine Mati, to interact on the efforts of the federal government in tackling the economic recession in the country. Mr Mati, who led the discussions with the committees on Finance, Appropriation and Debts, Loans and Aids, informed the committees that the organisation was concerned about the current economic situation in Nigeria, hence its decision to assess the situation by engaging relevant stakeholders with a view to compiling a report which should be useful to both IMF and the Nigerian government.

I am pleased to inform you that the IMF normally carries out assessment such as this at least once in a year on countries going through one form of economic challenge or the other.

To compile our reports, we usually meet with governments, members of parliaments, civil society groups and other bodies to get their views. The report we intend to do on the Nigerian situation will probably be in March this year. 
Therefore, to assist us in this task, we urge you, the members of the House of Representatives, especially those of you in the relevant committees, to provide us with your own assessment of the economic development in Nigeria. 

We will also want to know government priorities in addressing recession in Nigeria,   Mati said.

In his response, the chairman, Committee on Finance, Hon. Babangida Ibrahim, said the government was prioritizing diversification of the economy as a means of revamping the ailing economy, job creation and youth empowerment. On his part, the chairman, Committee on Appropriation, Hon. Bala Dawaki, stated that government had, in the 2017 year’s budgetary estimates, earmarked N52 billion for the promotion of export processing zone to help boost local and foreign export.

Dawaki also informed the visitors that as part of efforts to revive the economy, the government had further budgeted N500 billion for youth empowerment in the areas of agriculture, health and education.

Similarly, the chairman of the Committee on Loans, Debts and Aids, Hon. Adeyinka Ajayi, asserted that the government was committed to data collection for the purpose of national planning, infrastructural development, security, power and regulation of external borrowings

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