Nigeria's Minister for Finance, Zainab Ahmed, after the National Economic Summit meeting in Abuja on Thursday, May 21, had said the COVID-19 pandemic and falling oil prices are set to bring the economy into a bad form.
COVID-19 as resulted in the collapse in oil prices.
She said it will have a negative impact and the impact is already showing on the country revenue and the foreign exchange earning.
Net oils and gas revenue and influx to the federation account in the first quarter of 2020 amounted to 940.91bn. This represent a short fall of 125,52bn or 31% of the prorated amount that is suppose to have been realized by the end of the first quarter.
She explained that this fall will multiply the misfortune of the poor.
She also explained further that the economic growth in Nigeria in the worst case could contract by as much as -8.94% in 2020 but fortunately, it could just contract by -4.4% if there is no fiscal stimulus and with the fiscal stimulus plan being presently worked on, the contraction can be reduced to 0.59%.
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