TFMNGTV LIVE SPORTS 1-5 STREAMS AT THE TOP LEFT SPACE BELOW (if not on autoplay already, click play, cancel redirecting pages, this may take 3 or more attempts, then get the audio unmuted thereafter by moving your cursor on the video in search of unmute icon by the right bottom👌). WATCH AND LISTEN TO TFMNGTV GENERAL CHANNEL ATOP & TFMNGRADIO GENERAL CHANNEL BY THE TOP RIGHT SIDE WITH THE TV TOO

Friday, 22 May 2020

Finance Minister says Nigeria is heading towards recession


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


The Minister made this known today May 21, while speaking to state house correspondents shortly after attending the National Economic Summit meeting in Abuja.

“On the economy, COVID-19 has resulted in the collapse in oil prices. 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. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first quarter.” she said

Speaking further, the Minister said the economic contraction will ultimately increase the misery of poor Nigerians.
“The crisis will only multiply this misery. 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%.” she said.

 Receive news alert via Whatsapp from The Forefront Media Org, send a message to +2348124620827.

at
Labels: , , ,

No comments:

Post a Comment

Disclaimer!!! Opinions expressed in comments do not represent THE FOREFRONT MEDIA NG's views. All participants are entitled to their opinions. Thank you!!!


Advertise on the Forefront: For advert placement in the blog or advert posts like news updates, reach +2348124620827 [WhatsApp].

Copyright 2022 The Forefront Media Ng. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from The Forefront Media Ng

Subscribe to: Post Comments (Atom)

Featured post

Nigerian immigrant makes his compatriots proud as he becomes the first Black Mayor in Colorado, U.S.

Nigerian immigrant and businessman in the United States, Yemi Mobolade, has made history as the first elected Black and immigrant mayor of C...

TRENDING POSTS IN ONE WEEK