Mrs Adeosun briefed the Senate on the state of the economy and issues relating to the implementation of 2016 budget, as well as the Monetary/ Fiscal Policies adopted to salvage the present economic situation. She also said President Muhammadu Buhari’s government had inherited what she explained as negative reserves and salary and wage bill of N165 billion.
She said: “Technically, in economic terms, if you have two periods of negative growth, you are technically in a recession. But I don’t think we should spend too much time on that, we are in a tough place. “Whether you call it recession or not, we are in a tough place, but the most important thing is that we are going to get out of it. Technically, we are in a recession, but I don’t think we should dwell on definitions, I think we should really dwell on where we are going.