Friday, November 27, 2020
Home News General News No Doubt Nigeria Is Heading Into Recession - FG

No Doubt Nigeria Is Heading Into Recession – FG

The Minister of finance, budget and national planning, Zainab Ahmed, Nigeria’s Finance Minister, said Nigeria may go into recession.

No Doubt Nigeria Is Heading Into Recession - FG

While speaking with journalists after the National Economic Council meeting on Thursday, the Minister stated that this is due to the slowing down of economic activities as shown in an assessment by the Nigeria Bureau of Statistics.

She said;

The National Bureau of Statistics has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4 per cent.

But with the work that the Economic Accessibility Committee is doing bringing stimulus packages, we believe that we can reduce the impact of that recession.

And if we applied all that have been proposed and we are able to implement it we may end up with a recession that is -0.4 per cent. In any case, we will go into recession but what we are trying to do is to make sure that it is shallow so that we will quickly come out of it come 2021.

This is a very difficult time because the challenges we have now are double. There is health challenge, there is an economic challenge. Even as we are addressing the current health challenge, we still have to look at how we can support the economy so that the economy does not fall into a depression.

We have to feed the people and you can only feed the people if people go out and farm. We are a very large population, we don’t want to take the risk and we don’t have enough fund to cushion the effect.


DISCLAIMER

For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshrepo[email protected]

For Advert and other info, you can call +2348084076066 or send a WhatsApp Message to +2347050565443


Join thousands of readers to receive daily Latest News:

Freshreporters telegram groupJoin our Telegram Group

Freshreporters Facebook pageLike our Facebook Page

Freshreporters WhatsApp groupJoin our WhatsApp Group

Freshreporters twitter pageFollow Us on Twitter

Freshreporters Facebook pageJoin Our FACEBOOK GROUP

Freshreporters Instagram pageFollow Us on Instagram

Freshreporters YouTube channelSubscribe to our YouTube Channel

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Viewed news

Former President Goodluck Jonathan Gets New Appointment

Former Nigerian president, Goodluck Ebele Jonathan has been appointed by the Economic Community of West African States, ECOWAS, as a special envoy to lead...

Gokada Founder, Fahim Saleh Found Decapitated Next To Electric Saw.

33-year-old, Fahim Saleh, a millionaire tech CEO known as the "Elon Musk of the developing world" is dead

VIDEO: COVID-19 Might Be Airborne, Wear Face Masks – NCDC Boss Warns Nigerians

The director-general of Nigeria Centre for Disease Control, NCDC, Dr Chikwe Ihekweazu, says there are possibilities that coronavirus (COVID-19) can be transmitted through the...

Watch Moment A Dead Man Was Forced Out Of Casket After Refusing To Be Taken Home For Burial

A funny but yet a terrifying moment saw a corpse in Anambra state was forced out of a casket after allegedly refusing to be...