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Nigerian president to address parliament on recession: speaker

Xinhua, September 23, 2016 Adjust font size:

Nigerian President Muhammadu Buhari will be invited by the leadership of the National Assembly to address a joint session on the recession, Speaker of the House of Representatives, Yakubu Dogara, has said.

Dogara made this known in Abuja Thursday while ruling on a motion on the economic downturn, noting that the lower chamber will liaise with the Senate to invite the president.

A member of the parliament, Olayiwola Kazzim, had blamed the recession on the government's monetary and economy policies.

Kazim said as a result of the crash of crude oil prices from over 120 U.S. dollars per barrel in the last quarter of 2014 to about 45 dollars, Nigeria had been witnessing a dramatic reduction in oil earnings.

Nigeria's economy formally entered recession in the third quarter of the year when its Gross Domestic Product in real terms declined by 2.06 percent in the second quarter year on year.

Also, the West African country's inflation rate for August increased to 17.6 percent when the National Bureau of Statistics released its report last week. Endit