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Finance minister raises alarm: “Nigeria faced with most challenging economic challenge in history”

Covid-19 has dealt a terrible blow on the nation’s economy !..Post Covid era cannot escape recession.

Nigeria’s economy will go into a recession at an average of -4.4 per cent, the finance minister, Zainab Ahmed, has said.

Ms Ahmed spoke while addressing journalists after the National Economic Council meeting on Thursday.

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

The Hounorable Minister of Finance, Budget and National Planning, today  gave Council an update on the under listed accounts as follows:
1. EXCESS CRUDE ACCOUNT (ECA)
Balance as at 21st May 2020 – $72,406,791.52

2. STABILIZATION ACCOUNT
Balance as at 21st May, 2020 – N39, 337,123,485.30

3. NATURAL RESOURCES DEVELOPMENT FUND ACCOUNT
Balance as at 21st May, 2020 – N125, 190,251,907.47.

The Minister stated that Nigeria is faced with perhaps the most challenging economic challenge in its history. The global economy is also facing its sharpest reversal since the great depression and these have health and economic implications.

On Economy, she noted that COVID-19 has resulted in the collapse in oil prices, stressing that this will impact negatively on Federation revenues and Foreign exchange earnings.

The Minister said the net oil and gas revenue inflows to the federation account in Q1 2020 amounted to N940.91 billion. This represents a shortfall of N425.52 billion (or 31.1% of the prorated amount).

To prevent a deep recession arising from the COVID-19 economic crisis, the orthodox approach all over the world, which is also in the works in Nigeria, is to deploy a stimulus package, according to the Finance Minister

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