Minister of Finance, Zainab Ahmed, stated that Nigeria is heading towards recession due to the COVID-19 pandemic and falling oil prices.
The Minister disclosed this yesterday, May 21, while speaking to state house correspondents shortly after attending the National Economic Summit meeting in Abuja.
She said;
“On the economy, COVID-19 has resulted in the collapse in oil prices. This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings.
Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion. This represented a shortfall of N125. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first quarter.”