The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has revealed that the lockdown in Nigeria due to the Corona Virus pandemic almost completely shutdown the economy.
“The necessary implementation of a lockdown and social distancing measures led to a near complete shutdown of economic activities, lay-offs across most sectors, loss of income, and a drop in average household purchasing power.”
Mrs. Zainab stated this in Abuja on Sunday while speaking at a capacity building workshop for Special Advisers and Technical Assistants of Ministers.
She further noted that the country’s economy would further more revenue decline in the third quarter of 2020.
“We anticipate that these challenges will continue into the third quarter,” she said.
Zainab noted that the Nigeria’s economy faced serious challenges in the first half of 2020, with about 65% decline in projected net oil and gas revenue in 2020. The situation also had adverse consequences for foreign exchange inflows into the economy.
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