How Nigeria can work her way out of recession
“The collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s, according to the latest World Bank Nigeria Development Update” – World Bank in a release on June 25, 2020. What initially was predicted by the World Bank in June this year has now been officially confirmed by the National Bureau of Statistics. Nigeria has for the second time in five years slipped into economic recession, the worst in about 40 years. The President, Major General Muhammadu Buhari (retd.), had first hinted of this possibility during the presentation of the 2021 budget to the National Assembly on October 8, 2020. On that day, the President highlighted a number of things such as significant increase in deficit beyond the provisions of the Fiscal Responsibility Act, following revenue pressures faced by the government; the persistent headwinds from the coronavirus pandemic; the resulting global ...