COVID-19 Aftermath : Nigeria’s Revenues Have Fallen By Almost 60 Percent – Buhari

President Muhammadu Buhari on Monday said the COVID-19 pandemic has resulted in trying times, not just for the Nigerian people, but also for the government.

The President said the country’s revenues and foreign exchange earnings have fallen by almost 60 percent since the pandemic took hold.

Buhari’s remarks were delivered by Vice President Yemi Osinbajo at the start of the first-year Ministerial performance review retreat holding in Abuja.

“For the government, it has been a particularly trying time,” Buhari said. “As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent.

“Yet we have had to sustain expenditures, especially on salaries and capital projects, in order to keep the economy going.”

The pandemic forced many economies across the world to shut down, drastically reducing the demand for crude oil, Nigeria’s main export foreign exchange earner.

The President said his administration adopted a N2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown.

The plan, which consists of fiscal, monetary, and sectoral measures, is expected “to enhance local production, support businesses, retain and create jobs and provide succor to Nigerians, especially the most vulnerable.”

“But we have also had to take some difficult decisions to stop unsustainable practices that were weighing the economy down,” he said.

President Buhari’s speech on Monday was delivered amid concerns raised by several groups in the country over increases in the price of fuel and electricity tariffs in the country.

“This government is not insensitive to the condition of our people and the very difficult economic situation and we will not inflict hardship on our people,” the President said.

He directed Ministers and senior administration officials to swiftly implement the Economic Sustainability Plan (ESP) to give succor to Nigerians.

 

 

– Channelstv

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.

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