Second recession in four years looms, says Nigerian Government

The Federal Government has said the likelihood of Nigeria sliding into another recession in the Third Quarter of 2020, making it the second time within four years.

The government said the COVID-19 pandemic resulting in crash of global oil prices among other economic factors had adversely affected the nation’s economy, with the Gross Domestic Product growth for Q2 most likely to be negative.

The Minister of State for Finance, Budget and National Planning, Clement Agba, said this in Abuja on Thursday at the beginning of a five-day interactive session on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The event was organised by the House of Representatives’ Joint Committee on Finance; Appropriation; National Planning and Economic Development; and Aids, Loans and Debt Management.

The World Bank had in July warned that the collapse in oil prices resulting from COVID-19 pandemic was expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s.

The global bank had stated this in its latest Nigeria Development Update.

Agba had read out a written presentation by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, titled ‘Draft 2021-2023 MTEF/FSP: Presentation to the House Finance Committee.’

The minister said the Nigerian economy faced serious challenges in the first half of 2020 with the microeconomic environment significantly disrupted by the pandemic.

 

 

– Punch

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: