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Nigerian president to address lawmakers on economic recession

Xinhua, October 6, 2016 Adjust font size:

Nigerian President Muhammadu Buhari will address a Joint Session of the National Assembly on steps being taken to steer the nation out of recession, the country's Senate said Thursday.

However, the Senate did not give a date on, which President Buhari is expected to brief the joint session.

Since the resumption of plenary, the National Assembly has taken deliberate steps aimed at steering the nation out of recession.

One of such steps, especially on the part of the Red Chamber, was the conduct of a two-day plenary session to discuss ways out of recession.

Nigeria's economy formally entered recession when its Gross Domestic Product in real terms declined by 2.06 percent in the second quarter year on year, after a drop of 0.36 percent in the first quarter.

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