The Minister of Finance, Zainab Ahmed, has stated that the misery of Nigerians will multiply in 2020, as the economy is heading for another recession - making it the third recession under President Muhammadu Buhari. She made this known while disclosing that Nigeria's economy will decline deeper than projected by international agencies.

Ahmed said Nigeria's economic growth might contract more than the projection made by the International Monetary Fund (IMF) and international credit rating agency, Fitch Ratings. According to Ahmed, the country's economy, which is the gross domestic product (GDP) could contract to as much as –8.94% in 2020.

She made this known after the National Economic Summit meeting in Abuja on Thursday. She, however, stated that the government is trying to avoid such a scenario and reduce the contraction to 0.59%. This is despite the federation account generating N940.91 billion from net oil and gas revenue while recording a shortfall of N125. 52 billion in Q1 2020.

Reason for the declining economy

Ahmed fault the impact of coronavirus on oil prices for the declining economy. Recall that oil prices had crashed in the global market due to the pandemic and also the oil price war between Saudi Arabia and Russia. In order to restore the oil price, OPEC and OPEC+ members have agreed to cut oil production, which will force price to climb.

So, according to Ahmed, Nigeria is suffering from the twin... https://allnews.ng/news/nigeria-heading-for-its-third-recession-under-president-buhari

Sai baba!!!

heading to where? we are don dey dia tey tey.

That's a hatrick for Baba, he's doing well