The Minister of Finance, Mrs. Kemi Adeosun, yesterday explained why the federal government did not bow to pressure to sack workers during the last recession despite the drop in its revenue.
She said that sacking workers at a time of economic downturn would have made it difficult for the country to come out of recession.
Adeosun, who disclosed this at the fourth Ogun State Investors’ Forum attended by Vice President Yemi Osinbajo; Ogun State Governor, Senator Ibikunle Amosun; former President of Mexico, Mr. Felipe Calderon; and eminent persons as well as captains of industries, said the government had two options during the recent economic recession.
According to her, the first option was either to re-balance its books by cutting down on expenses through massive sacking of workers, or to invest massively in infrastructure and the economy.
She stated, “If we had gone for the first option of cutting down on our costs, it means we would have laid off workers. But we chose to stimulate the economy with massive investments in roads, power, rails and other infrastructure as part of deliberate efforts to grow the economy.
“We have invested over N2.5tn in infrastructure, especially capital projects, between 2015 and 2017. If you move round the country, you will see ongoing works in roads, power, bridges, rails and other projects. These are important building blocks for the Nigerian economy.”
