Nigeria’s President, Muhammadu Buhari has said that the country’s economy may lapse into the second recession in four years.
The President expressed this fear while presenting the 2021 Budget Proposal to the National Assembly on Thursday, October 8, 2020.
Just like many countries around the world, the economy of Nigeria has been affected by the coronavirus which reduced the demand for oil; Nigeria’s top revenue earner.
“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”, Buhari explained.
The Commander in Chief reiterated that before the pandemic, the country was on a three-year trend of modest but positive GDP growth.
He further stated that to solve the challenging economic situation, various skills’ development programmes are being put in place to address the problems and help create employment.
“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 bright future for everyone”, he said.
