The global economic recession does not actually affect Nigeria,this was declared by finance minister Babalola.

Babalola, who attended launch of Professsor Pat Utomi's book, Business Angel As Missionary, last Friday at the Nigeria Institute of International Affairs, NIIA, Lagos, in his 'personal capacity, said his involvement in revenue allocation as a Minister, rather showed that virtually all levels of government - Federal, State, and Local Government - including Ministerial Departments and Agencies (MDAs), actually got much more than what they budgeted in 2009.

According to the Minister, who disclosed the current administration of President Yar'Adua met a savings of over $20 billion, which has now risen to about $67 billion, said it would be illogical to argue that set goals were not met because of decline in revenue, as Nigeria's situation responded differently to the global crisis, especially in the area of revenue generation and allocation. He attributed the problem to issues of leadership and attitude. "There was no economic recession in Nigeria. Every tier of government got more than it budgeted. When this government came in, there was a saving of about $20 billion; the savings is now close to $67 billion," he said.

Babalola, who described himself as "a student of Professor Pat Utomi," blamed the litany of woes that has befallen the country on corruption, as well as faulty policy formulation and implementation. According to him, Corruption is a sign-off of leadership deficit in every facet of national life. "The greatest challenge is unemployment, and it is complicating the issue of poverty."

Describing the current period in national history as 'interesting, Babalola noted that the desired change in attitude would only be achieved with critical mass of people getting involved in the public space. "We need more than just a dye in the bowl. These are interesting times, especially in the last few days. But with people like Utomi, we are sure to get out of the woods sooner or later. Government will be ready to create a space for people to express themselves," he said.