The President, Major General Muhammadu Buhari (retd.), says Nigeria’s economy may slip back into recession.

Buhari spoke at the presentation of the 2021 budget estimates to the Joint Session of the National Assembly on Thursday in Abuja.

The president explained that Nigeria’s economy is being battered by the global economic fallout from COVID-19, adding that a drop in crude oil prices deprives the country of key revenues.

He presented a budget of N13.1 trillion, which represents over 20 per cent increase from last year’s spending plan.


The budget, he said, comes with a deficit of N4.8 trillion that will be financed mainly by borrowing.

[READ ALSO] Ondo election: Akeredolu, Jegede exchange banters at debate

Buhari noted that global crude prices tumbled early in the year, falling below $20 per barrel in April.

He said, “The 2021 Budget was prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus Pandemic. The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy.

“The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the Coronavirus Pandemic. Real Gross Domestic Product growth declined by 6.1 percent in the second quarter of 2020.

“This ended the 3-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.

“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.

“However, we are working assiduously to ensure a rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.”

https://www.google.com/url?sa=t&source=web&rct=j&url=https://punchng.com/nigeria-may-enter-second-recession-in-four-years-buhari/%3Famp%3D1&ved=2ahUKEwiM4qq-uaXsAhVC8uAKHc4PBQsQFjAAegQIBBAB&usg=AOvVaw05J6MgVmum5gTsvwteITjK&ampcf=1

600 years for him,
If he truly said it

mename:
The President, Major General Muhammadu Buhari (retd.), says Nigeria’s economy may slip back into recession.

Buhari spoke at the presentation of the 2021 budget estimates to the Joint Session of the National Assembly on Thursday in Abuja.

The president explained that Nigeria’s economy is being battered by the global economic fallout from COVID-19, adding that a drop in crude oil prices deprives the country of key revenues.

He presented a budget of N13.1 trillion, which represents over 20 per cent increase from last year’s spending plan.


The budget, he said, comes with a deficit of N4.8 trillion that will be financed mainly by borrowing.

[READ ALSO] Ondo election: Akeredolu, Jegede exchange banters at debate

Buhari noted that global crude prices tumbled early in the year, falling below $20 per barrel in April.

He said, “The 2021 Budget was prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus Pandemic. The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy.

“The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the Coronavirus Pandemic. Real Gross Domestic Product growth declined by 6.1 percent in the second quarter of 2020.

“This ended the 3-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.

“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.

“However, we are working assiduously to ensure a rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.”

https://www.google.com/url?sa=t&source=web&rct=j&url=https://punchng.com/nigeria-may-enter-second-recession-in-four-years-buhari/%3Famp%3D1&ved=2ahUKEwiM4qq-uaXsAhVC8uAKHc4PBQsQFjAAegQIBBAB&usg=AOvVaw05J6MgVmum5gTsvwteITjK&ampcf=1

Since I am grown, it has never been this bad.

Lol

Who doesn't know that with this pandemic

TechyMm0:
Lol

Who doesn't know that with this pandemic

Lol even without pandemic, Buhari would have still led us into another recession anyways. His economy policies are that horrendous.

wonderful

Foolish old owl.

We have suffered several recession under the present administration.

Seems this senile old man forgets that he is the undisputed champion of endless recessions from 1984-85 and 2015 till date.So why is Buhari talking to us as if recession is just a new thing? After all the government once said "recession is a byword."

vegetable on life support

We are heading for a recession yet our most viable land borders which boosts trade and micro economy remains closed...for what? So that the ports will make more money for the fg? You effectively kill the micro economy and expect any sort of economic progress to be made.

Even as demand for crude which is the major source of forex for the country , drops rapidly, these cowherder has not thought of stimulating micro trading, cash injection, or encouraging SME via tax relief...everything is so draconian with them.
Recessions are fought with more spending but here our president presents a budget with almost 4.8trillion deficit.
We are finished

Now I know why you are borrowing any money available for borrowing.
You want your successor to experience acute recession. Wicked man.

Pls currently are we not in recession, the hardship is too much, high cost of goods, high external debt, is there any recession aside this?

Sai Baba wants to borrow 4.8 trillion naira. Is there an award for having the largest budget

Why is governance such a difficult thing for us here Alli see is greed from those we elected I mean the executives and legislature.

Now is the time to open the borders...nobody is asking to cut down overhead costs... Their greed won't let them review the cost of governance. But why not make deliberate policies to save the ship? Nigeria economy is just like a dying cash cow that the farmer will for greed of mission out on his daily dose of milk, will rather bleed the cow to death than allow it to recover.

What's so hard in opening the borders? Unbundling the TSA policy to allow cash flow through bank lending again? What's so hard with paying ASUU what they demand and gradually raising their statutory remittances?
Why does it seem as though governance here is done by very vengeful reincarnated spirits with a score to settle with the masses??

God punishment all those things that brought this calamity in Aso Rock...

Useless zombies

We have suffered couple economy under the presentation government.

Clap for yourself old man

Gbese

Nigerians are tired.

If you get handwork, advertise am for free. See link below.