Jonathan Planted Seeds of Recession Into Nigeria's Economy - Fashola

 

Nigeria's Minister for Works, Power and Housing, Mr. Babatunde Fashola has stated that the current recession the country's economy is facing was caused by the previous Goodluck Jonathan led administration.

Speaking recently in London, Fashola said the previous administration allocated just 15% for capital projects in most of its budgets, which is a precursor to recession.

“Sometime in March 2015, a little over a year ago, before the Buhari government, a snap survey of four construction companies which I conducted revealed that they had laid off 5, 150 workers because government was not paying these construction companies for work done.”

Fashola said upon assumption of office that he had a meeting with contractors in the sector and discovered that they were owed between two to three years, which he described as seeds of recession, planted and nurtured between 2013 and 2014.

He however said the Muhammadu Buhari led government is doing everything in its power to turn things around.

“From N4 trillion average budget in a time of plenty, this administration set an ambitious N6 trillion with a 30 per cent capex. It pays serious attention to its budget as the article of faith that defines its commitment and since the 2016 budget was passed, construction companies that had demobilised from their sites and laid off workers due to lack of payment since 2014, had been re-mobilising to rail, road, power and other construction sites, and recalling workers.