Sheriff Balogun in Abeokuta
The Minister of Finance, Mrs. Kemi Adeosun, has said the country is gradual getting out of economic recession.
She said the pragmatic approaches the federal government was taking to reverse the trend have shown that the country would soon overcome its economic challenges.
She therefore, said since the problems had been identified, and steps were already being taken to block wastages, the road to recovery was sure.
Adeosun disclosed this to journalists yesterday at the end of a two-day National Council of Finance and Economic Development conference held in Abeokuta.
She said: “We are already getting out of recession because of the actions the federal government is taking. If you are in a problem, the day you start to step towards progression, you are already getting out of it, we are getting out of it.
“We are investing more in capital than we have ever invested. We are sorting out infrastructure, we are stopping wastage and so the sign of recovery already there.”
Adeosun, however, advised Commissioners for Finance and the Accountants-General in the states to compute their balance sheets, which would show their assets and liabilities.
According to her, “What are your assets, what are your liabilities? Know you position, it might not be pleasant reading but you must know it. What are those pension liabilities, contractors liabilities that are hidden? Bring them out, compute them, know them.
“It is very important because one of those things we have realised in the federal level is that if that had been done, we would have probably made better decisions in the past.
“Because if you don’t have the data, you can carry on spending as if all is well only for a problem to come out as it has done in our own case to affect us.”