Nigeria’s economy may relapse into a second recession in four years with significant negative consequences, President Muhammadu Buhari has said.

He said this during the 2021 budget presentation to a joint session of the National Assembly on Thursday.

The proposed expenditure is put at N13.08 trillion with crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels.

The budget includes a N1.35 trillion spending by government-owned enterprises and grants and aid-funded expenditure of N354.85 billion.

In his presentation, the president said the 2021 budget was prepared amidst a challenging global and domestic environment due to the the COVID-19 pandemic, low oil prices and heightened global economic uncertainty.

The Nigerian economy is currently facing serious challenges, he said, with the macroeconomic environment being significantly disrupted by the pandemic.

Real GDP growth declined by 6.1 percent in the second quarter of 2020, according to the National Bureau of Statistics.

“This ended the three-year trend of positive, but modest, real GDP growth recorded since the second quarter of 2017. I am glad to note that, through our collective efforts, our economy performed relatively better than that of many other developed and emerging economies,” Mr Buhari said.

“GDP growth is projected to be negative in the third quarter of this year. As such, our economy may lapse into the second recession in four years, with significant adverse consequences.

https://www.premiumtimesng.com/news/headlines/419256-another-recession-looms-with-adverse-consequences-buhari.html

TELL THAT IDIOT TO SHUT UP . HE DESERVES A SLAP FOR OUR SUFFERING

This man(buhari)is indeed shameless

Foolish will always sound as foolish does! Can anything good ever come out of this god-forsaken senile old man??

What a genius this man Buhari

You can never have sense

It was expected, sir. With the impact of the Covid-19 worldwide, it would easier for a camel to pass the eye of a needle than for us not to record quarterly decline in our GDP.

If only your vision for self-sufficiency has come into play, Nigerians would barely feel any impact of global oil prices or foreign exchange, especially in agriculture.

I just hope and pray that your policies bear fruits early: the rails, roads, Siemens deal and Mambilla power project, and ports.

Thank God, our populace has been reawakened on the need to vote. Look how all states are being keenly contested and the relatively level playing ground afforded all parties.

We will get there.

Hmmm

Fleshly:
Foolish will always sound as foolish does! Can anything good ever come out of this god-forsaken senile old man??

Why the anger? Did you expect Nigeria to survive the impact of both low oil prices and the adverse effects of Covid-19?

If we had had self sufficiency in agriculture, people won't be hungry and wailing but we won't get there in a hurry, these things take time.

We all have our grievances but let's be guided and desist from making uncouth and petty statements.

Here we go again

Lmao! Canada calling me, I need to pick up ASAP!!!

Ehiscotch:


Why the anger? Did you expect Nigeria to survive the impact of both low oil prices and the adverse effects of Covid-19?

If we had had self sufficiency in agriculture, people won't be hungry and wailing but we won't get there in a hurry, these things take time.

We all have our grievances but let's be guided and desist from making uncouth and petty statements.

Sharap
Ebonyi farmers like their counterparts up north are having their crops destroyed by herdsmen, what self sufficiency are you dreaming about?
The famine coming would make you protest opening borders soon, Abi no be Buhari?
Even Northerners pushed him out in 84

While the govt fold arms and focus on oil. . .

Buhari you're recession yourself !

See as the clueless man is saying it- "recession with adverse consequences"? Who is in charge? Champion of endless recession & winner for Nigeria the inglorious title of the world headquarters of extreme poverty.

Ehiscotch:
It was expected, sir. With the impact of the Covid-19 worldwide, it would easier for a camel to pass the eye of a needle than for us not to record quarterly decline in our GDP.

If only your vision for self-sufficiency has come into play, Nigerians would barely feel any impact of global oil prices or foreign exchange, especially in agriculture.

I just hope and pray that your policies bear fruits early: the rails, roads, Siemens deal and Mambilla power project, and ports.

Thank God, our populace has been reawakened on the need to vote. Look how all states are being keenly contested and the relatively level playing ground afforded all parties.

We will get there.

He was chasing oil when he should have been on agriculture.

We are used to it

GMBs incompetence is the bane of the collapse of the economy

I laugh when I watch endsars protest. The real protest is either a break up or restructure.

When they end SARS, expect police saboteurs who will rub your neighbourhood.
The country is in a total mess and only restructure or break up can help a bit.

This president keep pushing Nigeria into avoidable recession. History will never speak well of this man

Is this supposed to be a threat or what ?

StaffofOrayan:


Sharap
Ebonyi farmers like their counterparts up north are having their crops destroyed by herdsmen, what self sufficiency are you dreaming about?
The famine coming would make you protest opening borders soon, Abi no be Buhari?
Even Northerners pushed him out in 84

True. I do not disagree that there has long been herder-farmer clashes all over the country right from time; and I also agree that the government should do more to address the issue but are we going to overlook the strides the government has taken in agriculture?

Don't you know the basic concept of economics? We do not have enough forex to give to importers of basic consumption in which we have the capacity to produce, who does that?

How do you open borders for every kind of good to penetrate the market and shortchange your farmers?

How do people get motivated to go back to agriculture when the cannot meet up to the market prices?

You guys don't actually have any single economic knowledge but you would be filling Nairaland with nonsense, crude and backward knowledge.

How can we get to the status of a developing nation when we import all we consume?

It defies even the most basic and crude concept of economic development.

CodeTemplar:
He was chasing oil when he should have been on agriculture.

LMAO. Has any government since democracy been more resilient and dogged in improving the agricultural sector of this country than this or have you been filtering the news you read?

This prez keep pushing Nigeria into avoidable economy. annals will never speak well of this woman

Ehiscotch:


True. I do not disagree that there has long been herder-farmer clashes all over the country right from time; and I also agree that the government should do more to address the issue but are we going to overlook the strides the government has taken in agriculture?

Don't you know the basic concept of economics? We do not have enough forex to give to importers of basic consumption in which we have the capacity to produce, who does that?

How do you open borders for every kind of good to penetrate the market and shortchange your farmers?

How do people get motivated to go back to agriculture when the cannot meet up to the market prices?

You guys don't actually have any single economic knowledge but you would be filling Nairaland with nonsense, crude and backward knowledge.

How can we get to the status of a developing nation when we import all we consume?

It defies even the most basic and crude concept of economic development.

You would soon protest, leave all these story

Ehiscotch:


Why the anger? Did you expect Nigeria to survive the impact of both low oil prices and the adverse effects of Covid-19?

If we had had self sufficiency in agriculture, people won't be hungry and wailing but we won't get there in a hurry, these things take time.

We all have our grievances but let's be guided and desist from making uncouth and petty statements.

Have u ever visit the market and did not see food. People are hungry because of the cost of food not scarcity of food

Ehiscotch:


True. I do not disagree that there has long been herder-farmer clashes all over the country right from time; and I also agree that the government should do more to address the issue but are we going to overlook the strides the government has taken in agriculture?

Don't you know the basic concept of economics? We do not have enough forex to give to importers of basic consumption in which we have the capacity to produce, who does that?

How do you open borders for every kind of good to penetrate the market and shortchange your farmers?

How do people get motivated to go back to agriculture when the cannot meet up to the market prices?

You guys don't actually have any single economic knowledge but you would be filling Nairaland with nonsense, crude and backward knowledge.

How can we get to the status of a developing nation when we import all we consume?

It defies even the most basic and crude concept of economic development.

Mr Man, plzz stop "preaching"

The man you quoted also said that this country has entered 3 recessions under just one man- Buhari. Was it Covid that caused it those 3 times?

History555:



Have u ever visit the market and did not see food. People are hungry because of the cost of food not scarcity of food

When the demand exceeds supply the prices would go down. The prices are only high because there is not enough food produced. Remember they are mostly perishable and seasonal so people sell at a lower cost to prevent loss or losing entirely to spoilage.

I agree that there is hunger; I am not exempted, but we have to believe it is for the best.

The darkest hour is just before dawn.

I don't blame Buhari. Is the Yorubas that I blame. Tinubu and the Yorubas brought us two recession in a row.

[s]

Ehiscotch:
When the demand exceeds supply the prices would go down. The prices are only high because there is not enough food produced. Remember they are mostly personable and seasonal so people sell at a lower cost to prevent loss or losing entirely to spoilage.

I agree that there is hunger; I am not exempted, but we have to believe it is for the best.

The darkest hour is just before dawn.

[/s]
Shut ur stupid mouth....Fool!

nameo:


Mr Man, plzz stop "preaching"

The man you quoted also said that this country has entered 3 recessions under just one man- Buhari. Was it Covid that caused it those 3 times?

So should I take what he said at face value or in full and proper context.

Sometimes make we dey try dey logical, sir.

You know say the other recession na dip in oil prices and bombing of refineries na im cause am. You know say we don been dey plan to borrow to pay salaries and governors been no fit pay salary prior to 2015. How recession no go happen?

If you reduce the income of a family drastically and you expect that family to maintain the same financial status overnight, baba, then you no dey yarn truth.

The earlier we start to tell ourselves the truth, the better e go be for us.