FG urged to tighten purse strings

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Ngozi Okonjo-Iweala warns of a looming global economic recession

Ngozi Okonjo-Iweala, the Coordinating Minister of the Economy, on Wednesday, warned of a possible recession in international economics.

The finance minister told the Federal Executive Council that their was need for the government to prepare for a possible recession, citing the situation in Spain and Greece.

Briefing journalists after the FEC meeting, the Minister of Information Labaran Maku, said the finance minister raised an alarm over the falling price of crude oil, and urged the federal government to be more prudent in the management of its finances in case there is an economic melt down.

According to Okonjo-Iweala, Nigeria may not be so lucky this time to avoid the recession as it did during the last economic meltdown.

She also said the occasional delays in meeting government’s obligation to creditors is not a sign of weakness in the economy, adding that as at present, the nation’s economy is sound.

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