Nigeria’s economy will probably slip into a recession after a four-month delay in the nation’s budget stalled economic stimulus programs, CBN Governor Godwin Emefiele said today. This follows contraction in GDP growth figures from National Bureau of Statistics.
“One aspect that is largely contributing to the situation we find ourselves today is the delay in the passage of the budget,” Emefiele said. “You can imagine a situation where a budget is passed in May when it should have been passed in January, or even latest February.”
A “recession, which we signaled in July 2015, now appears imminent,” Emefiele told reporters in Abuja today. “Even after the delayed budgetary passage in May 2016, the initial monetary injection approved by the federal government may not impact the economy soon.”