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Zainab Ahmed: Nigeria Is Heading Towards Recession - Politics - Nairaland

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Zainab Ahmed: Nigeria Is Heading Towards Recession by Luckydubby7(m): 8:20pm On May 21
The nation’s finance minister, Zainab Ahmed, says the coronavirus pandemic and falling oil prices are set to force the economy into negative growth.

Ms. Ahmed made the comments after the National Economic Summit meeting in Abuja on Thursday.

“On the economy, COVID-19 has resulted in the collapse in oil prices,” she said. “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 added that the economic contraction will multiply the misery of the poor.

“The crisis will only multiply this misery,” she said. “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%.”

https://www.channelstv.com/2020/05/21/nigeria-is-heading-towards-recession-finance-minister/amp/?__twitter_impression=true

5 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Racoon(m): 8:23pm On May 21
Nigeria's economy was already in recession before the advent of the Coronavirus pandemic.What is new is that it will only get worst.Continue to deny reality."Recession is a byword."

170 Likes 18 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Climax07(m): 8:23pm On May 21
I thought we were in recession already or na my account dey deceive me

91 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by CodeTemplar: 8:24pm On May 21
who no know dat one?

3 Likes

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by 2by40ft: 8:24pm On May 21
We ll survive it again

6 Likes

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by rerhji(m): 8:25pm On May 21
i think the world market was almost there b4 sef......how we bounce back matters most

5 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by GamalNasser: 8:27pm On May 21
Nigeria never left the 2015 recession caused by Buhari

135 Likes 9 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by bid4rich(m): 8:27pm On May 21
As expected

I would have been surprised if she has said otherwise.

Buhari govt again.....always breaking record

29 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by SpecialAdviser(m): 8:28pm On May 21
Looting in schooling feeding programme alone can cause recession nah. Who doesn't know that??

Stop looting, stop recession.

132 Likes 5 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by LibertyRep: 8:28pm On May 21
Everyone knows this. The more reason one would have expected the governmnt to seriously cut down unnecessary expenses and block loopholes bleeding the scarce resources

31 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Olarewaju89: 8:28pm On May 21
We don do am before, is not a new thing oo. Make them continue.

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Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Esseite: 8:40pm On May 21
Hmmmm
Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by HeadShot: 8:47pm On May 21
One Yoruba Muslim masooap once told me this buhari government is the best ever in Nigeria,.

Feeding school children with more than 600 million daily even when they experiencing Lock down...

Budgeting 1200 computers for customs with more than 600 million naira..

Doing all nonsense while borrowing money

Tell me why Nigeria won't be in Recession

90 Likes 7 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by OreMI22: 8:48pm On May 21
SpecialAdviser:
Looting in schooling feeding programme alone can cause recession nah. Who doesn't know that??

Stop looting, stop recession.

They are not interested in cutting the obscene cost of governance, luxuries, fleet of cars, retinue of aides they enjoy! shocked shocked shocked shocked

All they are after is how to use this economic situation to enrich themselves via more dubious DEBT for untraceable services!

44 Likes 3 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Fabulouzjoseph: 8:57pm On May 21
This one no be news we know it will come.

1 Like

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by LeOstrich: 8:59pm On May 21
Meanwhile, in another news; water is wet!

9 Likes 2 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by samincredible44(m): 9:01pm On May 21
a ph.d holder couldn't solve our problems,now u expect a NEPA bill holder to solve it.

12 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by DEXTROVERT: 9:01pm On May 21
That's
What
You
Get
From
Nepotism

I
Can't
Believe
This
Finance minister
Has
Any Thing To
Offer
Than
To
Disburse Cheques
Monthly
Allocation..

Everyone
Knows
Recession
Is
Imminent.

What
We
Expect
Is
Ways
To
Limit
Or
Get
Out.

God
Bless
OKONJO IWEALA
... shocked

44 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by PureGoldh(m): 9:10pm On May 21
This country matter big pass Zuma rock

2 Likes

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by abobote: 9:13pm On May 21
It has bn in recession since

3 Likes 2 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by bolaayenimo: 9:15pm On May 21
Useless woman!!!

26 Likes 2 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by bayelsaowei: 9:15pm On May 21
Nigeria our country..well lets hit rock bottom and start all over again...

1 Like

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by bayelsaowei: 9:16pm On May 21
bolaayenimo:
Useless woman!!!
grin grin

3 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Banmeallday: 9:18pm On May 21
No wonder, they have given up on their ZOO and now focus is on the Easterners with the proliferation of Igbo this Biafra that threads....


Keep us going!!!!

3 Likes 1 Share

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by MyOpinion1(f): 9:19pm On May 21
And you approved that amount of money for ordinary laptop, school feeding program while children are on lockdown, purchase of luxury cars for our honourable men in agbadas and so on

Don't worry continue with your extravagant spending and borrowing...
They will sell this country last last ni

32 Likes 2 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Asabe4(f): 9:21pm On May 21
I guess we all expected it
Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by LeOstrich: 9:24pm On May 21
GamalNasser:
Nigeria never left the 2015 recession caused by Buhari

Actually, Nigeria never recovered fully from the devastating economic disaster Buhari inflicted on this country in 1984.

The damage he did to our local industries were never fully recovered until Obasanjo/Yaradua/Jonathan under whose government investors started trickling back but no where near what we had before Buhari committed high treason in 1984.

Some people are celebrating Shoprite and Spar but don't know we had Leventis and Kingsway back then which folded up almost immediately Buhari seized power.

36 Likes 4 Shares

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by LeOstrich: 9:26pm On May 21
2010 Rockefeller Foundation Report predicts collapse of Nigeria in 2026 amidst global pandemic

“Lockstep” Written 10 years ago chronicles how to bring the world down with a pandemic | This report was produced by The Rockefeller Foundation

China’s government was not the only one that took extreme measures to protect its citizens from risk and exposure. During the pandemic, national leaders around the world flexed their authority and imposed airtight rules and Restrictions, from the mandatory wearing of face masks to body-temperature checks at the entries to communal spaces like train stations and supermarkets. Even after the pandemic faded, this more authoritarian control and oversight of citizens and their activities stuck and even intensified. In order to protect themselves from the spread of increasingly global problems — from pandemics and transnational terrorism to environmental crises and rising poverty — leaders around the world took a firmer grip on power.

At first, the notion of a more controlled world gained wide acceptance and approval. Citizens willingly gave up some of their sovereignty — and their privacy — to more paternalistic states in exchange for greater safety and stability. Citizens were more tolerant, and even eager, for top-down direction and oversight, and national leaders had more latitude to impose order in the ways they saw fit. In developed countries, this heightened oversight took many forms: biometric IDs for all citizens, for example, and tighter regulation of key industries whose stability was deemed vital to national interests. In many developed countries, enforced cooperation with a suite of new regulations and agreements slowly but steadily restored both order and, importantly, economic growth.

Across the developing world, however, the story was different — and much more variable. Top-down authority took different forms in different countries, hinging largely on the capacity, caliber, and intentions of their leaders. In countries with strong and thoughtful leaders, citizens’ overall economic status and quality of life increased. In India, for example, air quality drastically improved after 2016, when the government outlawed high-
emitting vehicles. In Ghana, the introduction of ambitious government programs to improve basic infrastructure and ensure the availability of clean water for all her people led to a sharp decline in water-borne diseases. But more authoritarian leadership worked less well — and in some cases tragically — in countries run by irresponsible elites who used their increased power to pursue their own interests at the expense of their citizens.


By 2025, people seemed to be growing weary of so much top-down control and letting leaders and authorities make Choices for them.

Wherever national interests clashed with individual interests, there was conflict. Sporadic pushback became increasingly organized and coordinated, as disaffected youth and people who had seen their status and opportunities slip away — largely in developing countries — incited civil unrest. In 2026, protestors in Nigeria brought down the government, fed up with the entrenched cronyism and corruption. Even those who liked the greater stability and predictability of this world began to grow uncomfortable and constrained by so many tight rules and by the strictness of national boundaries. The feeling lingered that sooner or later, something would inevitably upset the neat order that the world’s governments had worked so hard to establish. •

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Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by sammyj: 9:35pm On May 21
The same recession you and this government incompetent brought upon us !!

6 Likes

Re: Zainab Ahmed: Nigeria Is Heading Towards Recession by Macphenson: 9:45pm On May 21
Q

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