Global economy is witnessing a steep in recession and the effect permeates all sectors of the society. Libraries and particularly public libraries are vulnerable to these changes in world economy because of greater reliance on public funding which makes them easy targets for information resource budget cuts, layoffs, foreclosures and job freezes. An investigation into the position of public libraries in this credit crunch stirs up a pragmatic mix of tension between decrease funding in the face of overall cut in public expenditure and increase demand for library services forcing staff to develop new strategies with very limited resources to respond to the information needs of people during recession and explore means to buffer the financial storm. In Nigeria, public libraries suffer chronic neglect which impairs them to display the librarian’s axiom characterized by decrease funding and increased usage in times of fiscal crisis. This paper recommends a redirection of government policy towards the sustenance of public libraries even during recession and a retooling of library human resources for better value.