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Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed - Politics - Nairaland

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Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by ogododo: 1:04pm On Jul 11, 2020
Nigeria is heading for another recession in the fourth quarter of this year, the Federal Government declared on Friday.

According to the government, findings showed that the country’s Gross Domestic Product for the second and third quarters of 2020 were projected to be negative.

This, it said, implied that the country would slide into a second recession in four years.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the country’s real GDP had been projected by the National Bureau of Statistics to contract by 4.2 per cent in 2020, as against the previous projected growth of 2.9 per cent.

“Q2 and Q3 2020 GDP growth is projected to be negative, which means that the country will lapse into a second recession in four years,” she said.

She also revealed that the Federal Government’s earnings dropped by about 65 per cent following the cuts in oil production.

Ahmed spoke during a virtual consultative public forum in Abuja where she presented the Draft 2021-2023 Medium Term Expenditure Framework/Fiscal Strategy Paper.

She noted that the economy faced serious challenges in the first half of the year as the macroeconomic environment was significantly disrupted by COVID-19.

According to her, crude price dropped from $72 per barrel in January to below $20 in April 2020, making the $57 crude oil benchmark of the 2020 budget unsustainable.

“The massive output cut by OPEC and its allies to stabilise global oil market, with Nigeria contributing about 300,000 barrels per day of production cuts, resulted in about 65 per cent decline in projected net 2020 government revenues,” the minister said.

She said the revenue reduction was from the oil and gas sector and had adverse consequences on foreign exchange inflows into the economy.

“Unless we achieve a very strong Q3 2020 economic performance, the Nigerian economy is likely to lapse into a second recession in four years, with significant adverse consequences,” Ahmed said.

Ahmed also stated that the Federal Government planned to spend N11.86tn in 2021.

According to her, Nigeria’s monetary futunes would suffer a deficit of N5.16tn because of the government’s projected ability to generate only N6.98tn revenue all in 2021.

https://punchng.com/nigeria-heading-for-recession-in-q4-2020-fg/

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by ogododo: 1:11pm On Jul 11, 2020
Warrriiiiiii oooooooooo Migwoooooooo

20 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Simplyleo: 1:12pm On Jul 11, 2020
In this COVID 19 era, no country witnesses economic growth. Even US is not finding it easy.

But, I know ipob miscreants must scream Buharis's name as has been the case since 5 yrs ago.

If it is economic boom that is expected, trust them. Same miscreants will attribute it to something else. That is the macabre dance they have demonstrated in the case of Nigerian Stock Market.

28 Likes 10 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Kiddinpoh(m): 1:12pm On Jul 11, 2020
What else do you expect when you have clueless and slow grown ups as leaders? We aren't ready yet!

68 Likes 6 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by SarkinYarki: 1:12pm On Jul 11, 2020
Nigeria never left the previous recession

99 Likes 7 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Finnese001: 1:12pm On Jul 11, 2020
Before nko

2 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by ainas247: 1:12pm On Jul 11, 2020
grin and you think we are not in recession...
Living in Nigeria is a recession,

Don't let your business services enter recession, Get higher
ranking on Google Guarantee.. come and see real result

32 Likes 4 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by kokaneprodigy(m): 1:12pm On Jul 11, 2020
So we are not already in recession like this?

Lol

29 Likes 1 Share

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by cinoedhunter: 1:13pm On Jul 11, 2020
Bad news minister angry angry angry... Only negative news this woman Sabi give .

40 Likes 3 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Chijeep(m): 1:13pm On Jul 11, 2020
they embezzle our money alone but when the problem that comes with embezzlement comes they run to media to tell us so that we can cry for ourselves
I still Prefer Hush 2 all these Fraudulent Politicians

20 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Dee60: 1:13pm On Jul 11, 2020
Magunomics!

1 Like

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Crownedjon: 1:13pm On Jul 11, 2020
Nigeria has been in recession since Buhari

65 Likes 3 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Sebastine1994(m): 1:13pm On Jul 11, 2020
be good to everybody

19 Likes 4 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Hpx94: 1:13pm On Jul 11, 2020
cinoedhunter:
Bad news minister

4 Likes 2 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by churchboy608(m): 1:13pm On Jul 11, 2020
We all know Mrs Minister..... SOLUTION is what WE NEED (Thats why we put you there); Go seek advice from finance ancestors/emeretus like Mama Ngozi Okonjo-Iweala

10 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Prechgold1180(m): 1:13pm On Jul 11, 2020
Now I know why Nigeria national anthem ends with so help me God

35 Likes 3 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by wonuks(m): 1:13pm On Jul 11, 2020
sad
Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by ForeThinker: 1:13pm On Jul 11, 2020
for your perusal.

3 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Idiotmod: 1:13pm On Jul 11, 2020
When are we not in recession. Mo Una sha open airway cos otisumi
Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Oluwasaeon(m): 1:13pm On Jul 11, 2020
We've always been in recession. Nothing new

2 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by TheFreeOne: 1:14pm On Jul 11, 2020
Covid-19 emergence the s like adding fuel to naija economic fires.

So it's not surprising.
Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by GoddyOra(m): 1:14pm On Jul 11, 2020
Then purchasing dollar at the current black market rate @#450-460 is not gonna be a bad investment since nigeria recession equates further naira devaluation??
Any economist in the house should help me out here on this subject.

2 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by temptnow: 1:14pm On Jul 11, 2020
This Abokii woman truely needs to be in the kitchen and the other room.


These almajiri people just want to continue to run down Nigeria for eternity

13 Likes 1 Share

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Alexgman1(m): 1:14pm On Jul 11, 2020
AND WHOSE FAULT IS THAT? YEYE MINISTER

1 Like

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by AFvckingAlpha(m): 1:14pm On Jul 11, 2020
Buhari has failed us. The North have failed us


Revolution now!!!

See my signature if your a punter

5 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by IvarTheBoneless: 1:15pm On Jul 11, 2020
angry

When you were distributing billions to school feeding programme during the lockdown...

Something I didn't even see a single Government vehicle going from house to house...

9 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Ajiro22(m): 1:15pm On Jul 11, 2020
We are gradually getting used to recession.

2 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Nobody: 1:15pm On Jul 11, 2020
We have always being in recession....Maybe you are talking about the next level of recession. Thank God, I already bought assets with majority of my savings. Since January I felt naira will grow even shittier. grin

9 Likes 2 Shares

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Nigerianleleyi0: 1:16pm On Jul 11, 2020
God help us like how he has done in his ways

We might as well see if there would be survivors at the very end

Recession is not really a good coming

2 Likes

Re: Nigeria Heading For Recession In Q4 2020 — Zainab Ahmed by Nigerianleleyi0: 1:16pm On Jul 11, 2020
This country has a great tendency of bouncing back off

The top might be for everybody who knows

God help us.

1 Like 2 Shares

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