News Minister: Nigeria is heading towards recession

-

- Advertisment -

Minister: Nigeria is heading towards recession

News Minister: Nigeria is heading towards recession

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday met with the leadership of the National Assembly to intimate it with an Executive proposal to establish a N500 billion COVID-19 Crisis Intervention Fund.

Nigeria’s Finance Minister, Zainab Ahmed, has revealed that the coronavirus pandemic and falling oil prices are set to force the county’s economy into recession.

Ahmed made the comments after the National Economic Summit meeting in Abuja on Thursday.

“On the economy, COVID-19 has resulted in the collapse in oil prices,” she said. “This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings.

“Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion. This represented a shortfall of N125.52 billion or 31% of the prorated amount that is supposed to have been realized by the end of that first quarter.”

She added that the economic contraction will multiply the misery of the poor.

“The crisis will only multiply this misery,” she said.

“The economic growth in Nigeria, that is the GDP, could in the worst case scenario, contract by as much as –8.94% in 2020. But in the best case, which is the case we are working on, it could be a contraction of –4.4%, if there is no fiscal stimulus.

“But with the fiscal stimulus plan that we are working on, this contraction can be mitigated and we might end up with a negative –0.59%.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recent Updates

INEC: 1.7 million to vote in Edo election

No fewer than 1.72 million persons are eligible to vote in the September 19, Edo governorship polls while 483,796...

Edo election: PDP Reps condemn ‘siege’ on opposition governors

The Peoples Democratic Party (PDP) caucus in the House of Representatives has condemned alleged siege on opposition governors by...

Governor Zulum: Boko Haram now recruits children in Borno

Governor Babagana Zulum of Borno State says Boko Haram insurgents have started recruiting children in the state due to...

Nigerian Institute unveils new virus testing machine

The Nigerian Institute of Medical Research (NIMR) on Friday unveiled the first SARS-CoV-2 Isothemal Molecular Assay (SIMA) machine in...
- Advertisement -

Bayern thrash Schalke 8-0 in Bundesliga opener

Serge Gnabry hit a hat-trick as holders Bayern Munich romped to an historic 8-0 rout of Schalke on Friday...

Edo election: Prices of livestock increase in Benin markets

University of GeorgiaThe prices of livestock in Benin have increased due to the governorship election holding on Saturday in...
- Advertisement -

You might also likeRELATED
Recommended to you