COVID-19: NIGERIA WOULD SUFFER REVENUE DECLINE IN THE THIRD QUATER OF 2020- FG
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has revealed that Nigeria would suffer a revenue decline in the third quarter of 2020 due to the COVID-19 pandemic.
The Minister made this known while speaking at the capacity building for special Advisers and Technical Assistants of Ministers in Abuja, on Sunday, July 19.
Ahmed said that the lockdown and social distancing measures that were implemented to curb the spread of the infection in Nigeria have led to a complete shutdown of economic activities across the country.
According to her, the pandemic has hampered the financial buoyancy of the country’s economy in the first half of 2020, also about 65 per cent decline in projected net 2020 Government revenues from the oil and gas sector, with adverse consequences for foreign exchange inflows into the economy were experienced.
“We anticipate that these challenges will continue into the third quarter.
“The necessary implementation of a lockdown and social distancing measures led to a near-complete shutdown of economic activities, lay-offs across most sectors, loss of income, and a drop in average household purchasing power,” the Minister said.