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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
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    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

    Sovereign Trust Insurance Plc appoints Abimbola Oguntunde as New Board Chairman

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    List of Dividends announced in 2024, qualification and payment dates

    Cornerstone Insurance Plc to pay 27 kobo final dividend for 2024 FY

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    BITCOIN hits $103,000 for the first time

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

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    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

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Nigeria Headed for a Deeper Recession, to Shrink by 8.9%: Finance Minister

Coronavirus Cases Could Rise to 300,000 by the end of August

Friday, 22 May 2020, 10:10 am
in News, Nigeria
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Nigeria Headed for a Deeper Recession, to Shrink by 8.9%: Finance Minister
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In the National Economic Council (NEC) meeting held on Thursday, 21 May, 2020, the Finance Minister Zainab Ahmed said that Nigeria’s economy could shrink as much as 8.9% in 2020 in a worst-case scenario without stimulus. This will be a deeper recession than forecasted after oil prices plunged due to the coronavirus pandemic.

At the meeting chaired by the Vice President Prof. Yemi Osinbajo, Ahmed said that the best-case scenario without any fiscal measures, will see the economy contract by 4.4%. However, with stimulus, she said the contraction could be kept to just 0.59%.

On May 11, 2020, in an article comparing Covid-19 policy responses between Nigeria and other countries, Investogist listed several policy measures being taken by the Federal Government of Nigeria in response to the Covid-19 pandemic, which includes fiscal stimulus package in the form of a N500 billion (US$1.4 billion) Covid-19 intervention fund to support healthcare facilities, provide relief for taxpayers, and incentivize employers to retain and recruit staff during the downturn.

Read also; WHO will support Madagascar’s Covid-Organics clinical Observation in Africa; 339 new cases in Nigeria

The impact of the pandemic and oil price plunge, is visible. In April, there was a 22.37% drop in the revenue shared by the FG, States and LGAs, as the money accruing to the federal accounts was N606.19bn down from N780.92bn.

In an acknowledgement of a fact known to everyone, the Minister said that 40% of Nigerians were poor and the pandemic would increase the poverty. Investogist had earlier in the month reported that according to the National Bureau of Statistics, that 4 out of every 10 Nigerians are poor.

It was made known in the meeting that Nigeria is planning a package for fiscal relief, to be given to states by September. The proposal is estimated to be worth US$1.5 billion.

In her briefing, Ahmed said Nigeria now has $72.04 million in its excess crude account as of May 21, compared to $325 million in November.

Read more; Inflation Hits 24 Month High in Nigeria

The National Economic Council (NEC) was established by the provisions of the Constitution of the Federal Republic of Nigeria, 1999, as amended; Section 153(1) and Paragraphs 18 & 19 of Part I of the Third Schedule.

The current National Economic Council was inaugurated by President Muhammadu Buhari on 29 June 2015. Chaired by the Vice President, Prof. Yemi Osinbajo, SAN, the NEC, which meets monthly, has the mandate to “advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various Governments of the Federation.”

Membership of the NEC comprises of the 36 State Governors, the Governor the Central Bank of Nigeria and other co-opted Government officials.

Written by

Nnamdi M.

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