Buhari admits Nigeria’s in recession at budget presentation in NASS

October 8, 2020
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President Muhammadu Buhari at the presentation of the 2021 to the two Chambers of the national Assembly on Thursday covertly disclosed that Nigeria may have entered into recession, the second in four years. However, the president like the usual ‘blame trading culture’ used the coronavirus pandemic as reasons for the recession in the country.

President Buhari, however assured that the government has worked pout recovery plans to restore the economy in 2021.

The President at the budget presentation declared: “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 (GDP) growth declined by 6.1 per cent 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.

“As skills’ deficits limit employment opportunities in the formal economy, various skills’ development programmes are being implemented simultaneously to address this problem frontally. For instance, the Government is implementing the Special Public Works programme to provide employment opportunities to 774,000 youths across the 774 local government areas of Nigeria. We have also recently introduced the N75 billion Nigeria Youth Investment Fund, of which N25 billion have been provided in 2021 Budget.

“We thank all Nigerians, for your perseverance and continued support during these difficult times. We remain unwavering in our commitment to actualize our vision of a bright future for everyone.”

President Buhari presented a budget proposal of N13 trillion to the joint session of the National Assembly comprising of the Senate and the House of Representatives.

The president titled the 2021 budget proposal as Budget Of Economic Recovery and Resilience.

 

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