Nigeria’s finance minister, Mrs. Zainab Ahmed, has warned that Nigeria may go into recession if the coronavirus (COVID-19) pandemic continues for the next couple of months.
The minister who gave the warning while appearing on Channels Television’s Politics Today also gave an update on measures taken to mitigate the effect of coronavirus on the nation’s economy.
She said, “We are hopeful that this pandemic will be limited in time.”
“If it is an average of three months, we should be able to close the year with positive growth. But if it goes longer than that – six months, one year – we will go into recession,” she added.
According to her, the Federal and the state governments will struggle in terms of revenue, as long as the crude oil price is as low as $30 and sub-$30 per barrel.
The minister further explained that this was why the government was looking for alternative sources of funding in the form of budget support to boost the economy towards the trying times.
As part of measures to curb the spread of coronavirus and reduce its effect on the economy, the minister noted that President Muhammadu Buhari set up the Presidential Task Force on COVID-19.
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