We Are Facing Terrible Growth, Nigeria is heading Towards Recession – Minister of Finance

We Are Facing Terrible Growth, Nigeria is heading Towards Recession – Minister of Finance

The nation’s finance minister, Zainab Ahmed, says the coronavirus pandemic and falling oil expenditures are set to pressure the financial system into terrible growth.

Ms. Ahmed made the remarks after the National Economic Summit assembly in Abuja on Thursday.

“On the economy, COVID-19 has resulted in the cave in in oil prices,” she said. “This will affect negatively, and the affect has already started out displaying on the federation’s revenues and on the overseas changeearnings.

“Net oil and fuel income and inflow to the federation account in the first quarter of 2020 amounted to N940.91billion. This represented a shortfall of N125. 52billion or 31% of the prorated quantity that is supposed to have been realized through the cease of that first quarter.”

She brought that the financial contraction will multiply the distress of the poor.

“The disaster will solely multiply this misery,” she said. “The financial increase in Nigeria, that is the GDP, ought to in the worst case scenario, contract viaas an awful lot as –8.94% in 2020. But in the nicecase, which is the case we are working on, it ought tobe a contraction of –4.4%, if there is no fiscal stimulus. But with the fiscal stimulus graph that we are working on, this contraction can be mitigated and we would possibly give up up with a bad –0.59%.”

READ ALSO>> FG To Dispatch Experts To Re-Engage Kogi’s Government On COVID-19

0 0 votes
Article Rating

Notify of
Newest Most Voted
Inline Feedbacks
View all comments
2 years ago

[…] We Are Facing Terrible Growth, Nigeria is heading Towards Recession – Minister of Finance […]

them g
2 years ago

I am sure this post has touched all the internet visitors, its really really fastidious article on building up new

g some
2 years ago

Hi to every single one, it’s actually a fastidious for me to pay a quick visit this web page, it contains precious Information.

g https://tinyurl.com/rsacwgxy
2 years ago

Hi there, I found your website by the use of Google even as searching for a related topic,
your website came up, it seems great. I have bookmarked it
in my google bookmarks.
Hello there, simply changed into aware of your weblog through Google, and located that it is truly informative.

I am going to watch out for brussels. I will be grateful should
you proceed this in future. A lot of other people might
be benefited from your writing. Cheers!

web hosting service
2 years ago

Thank you for the auspicious writeup. It in fact was a amusement account it.
Look advanced to far added agreeable from you! By the way, how can we communicate?

best web hosting sites
2 years ago

I was recommended this blog by my cousin. I am not sure whether this post is written by him as nobody else know such detailed about my trouble.
You’re wonderful! Thanks!

web hosting sites
2 years ago

Thanks for the good writeup. It if truth be told was a
enjoyment account it. Look advanced to far brought agreeable from you!
By the way, how could we keep in touch?

web hosting providers
2 years ago

Howdy fantastic blog! Does running a blog such as this require a lot of work?
I’ve very little understanding of programming however I
was hoping to start my own blog soon. Anyways,
should you have any ideas or tips for new blog owners please share.
I know this is off topic nevertheless I simply had to ask.

web hosting service
2 years ago

Nice blog here! Also your web site loads up fast! What host are you using?
Can I get your affiliate link to your host?

I wish my website loaded up as quickly as yours lol

google flights cheap flights
2 years ago

Appreciation to my father who shared with me about this webpage, this blog is truly

airline tickets best price
2 years ago

I feel this is one of the so much important information for me.
And i’m happy studying your article. But should observation on few general issues, The website style is ideal, the articles is actually great :
D. Excellent process, cheers

web hosting service
2 years ago

I don’t even know how I ended up here, but I thought this post was good.
I do not know who you are but definitely you are going to a famous blogger if you aren’t already 😉 Cheers!

web hosting reviews
2 years ago

Wonderful beat ! I would like to apprentice while you amend your web site, how can i subscribe for a blog web site?

The account aided me a acceptable deal. I had been tiny bit
acquainted of this your broadcast provided bright clear idea

cheap flights
2 years ago

Greetings! Very helpful advice in this particular post!

It’s the little changes which will make the biggest changes.
Many thanks for sharing! yynxznuh cheap

cheap flights
2 years ago

Awesome things here. I am very glad to see your article.
Thank you a lot and I’m looking forward to touch you.
Will you kindly drop me a e-mail? cheap flights 31muvXS

cheap flights
2 years ago

A fascinating discussion is worth comment.

I think that you should publish more on this topic, it might not be a taboo matter but generally folks don’t discuss such subjects.
To the next! Kind regards!!

cheap flights
2 years ago

Great web site. A lot of helpful information here. I’m sending it to several buddies ans additionally sharing in delicious.
And obviously, thanks in your effort!

BreakingNews: Schools Can’t Reopened in Two Weeks Due To – Says Minister of Education

COVID-19: Nigerian Govt Set to reopen Economic