Abuja (WorldStage Newsonline)--  Nigeria’s Minister of Finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, on Wednesday warned against profligacy, even as the Minister of Information Labaran Maku, said that the nation’s economy is sound and stable.

Maku said Okonjo-Iweala gavethe warning during her brief to Council on global economy where she hinted that the difficult moment in the international economics, citing situation in Spain and  Greece called for caution.

She also urged government to buckle up and be prudent in managing finances to  prepare for a possible recession especially with downward price in oil.

He said the Coordinating Minister warned that Nigeria may not be so lucky to avoid recession this time as it did during the last economic meltdown and urged Federal Government to put up measures that will help mitigate the effect of such economic meltdown.

She noted however that occasional delays in meeting government’s obligation to creditors is not a sign of weakness in the economy, adding "Our economy is sound."

Maku on his part said the country was not expecting any form of economic crisis as the nation’s economy was growing at an appreciable level.

He also linked the inability of some Federal Government workers to receive their monthly salaries as at when due, to the ongoing Integrated Payroll and Personnel Information System (IPPIS).

“Presently we have no problem in terms of our finance management. There has been rumour here and there, especially because of delay payments, because of the new electronic payment system being implemented by the federal ministry of finance.

“There has been occasional delay in payments, in some departments. But, that has nothing to do with Nigerian financial position. Our economy is sound, our economy is growing, the fastest in the continent and we also know that our own external reserve has gone up to about 35billion (dollars) now.”

He further assured that government would continue to improve upon the nation’s external reserve through probity and prudent management of the economy.