first bank first bank first bank
Naija News NG
  • Home
  • Nigerian News
  • Banks
  • Nigerian Celebrities
  • TECH
  • Business
  • Politics
  • Jobs And Recruitments
No Result
View All Result
  • Home
  • Nigerian News
  • Banks
  • Nigerian Celebrities
  • TECH
  • Business
  • Politics
  • Jobs And Recruitments
No Result
View All Result
Naija News NG
No Result
View All Result
  • Home
  • Nigerian News
  • Banks
  • Nigerian Celebrities
  • TECH
  • Business
  • Politics
  • Jobs And Recruitments
Home Business

Prepare For The Worst Recession – Buhari To Nigerians

Paschal Obi-Chikero by Paschal Obi-Chikero
October 9, 2020
in Business
Prepare For The Worst Recession - Buhari To Nigerians

President Muhammadu Buhari has warned Nigerians to prepare for another recession. He said this one will be tougher than the last.

NAIJA NEWS NG reports that Buhari said this yesterday, October 8, while presenting the 2021 budget to the National Assembly for approval. He noted, however, that the Federal Government has put in place plans to ensure rapid recovery in 2021.

 

He spoke against the backdrop of a significant increase in deficit beyond the provisions of the Fiscal Responsibility Act, following revenue pressures faced by the government.

 

He said: “The 2021 Budget was prepared amid a challenging global and domestic environment due to the persistent headwinds from the coronavirus pandemic.

 

“The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy.

 

“The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the coronavirus pandemic.

 

“Real Gross Domestic Product, GDP, growth declined by 6.1 per cent in the second quarter of 2020. This ended the three-year trend of positive, but modest, real GDP growth recorded since the second quarter of 2017.

 

“I am glad to note that, through our collective efforts, our economy performed relatively better than that of many other developed and emerging economies.”

 

He continued: “GDP growth is projected to be negative in the third quarter of this year. As such, our economy may lapse into the second recession in four years, with significant adverse consequences.

 

“However, we are working assiduously to ensure a rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.

 

“As skills’ deficits limit employment opportunities in the formal economy, various skills’ development programmes are being implemented simultaneously to address this problem frontally.

 

“For instance, the government is implementing the Special Public Works programme to provide employment opportunities to 774,000 youths across the 774 local government areas of Nigeria.

 

“We have also recently introduced the N75 billion Nigeria Youth Investment Fund, of which N25 billion have been provided in 2021 Budget.

 

“We thank all Nigerians, for your perseverance and continued support during these difficult times. We remain unwavering in our commitment to actualize our vision of a bright future for everyone.”

 

Against the backdrop of the revenue pressures faced by the Federal Government, the 2021 Appropriation Bill showed a significant increase in deficit beyond the provisions of the Fiscal Responsibility Act.

 

The deficit, inclusive of government-owned enterprises and project-tied loans, is projected at N5.2 trillion, which represents 3.64 per cent of estimated Gross Domestic Product, GDP, 0.64 percentage point above the 3.0 per cent threshold set by the Fiscal Responsibility Act, 2007.

 

Explaining this position, Buhari, however, stated: “We still face the existential challenge of coronavirus pandemic and its aftermath; I believe that this provides a justification to exceed the threshold as provided for by the law.”

 

Giving further details on the deficit, he said: “The deficit will be financed mainly by new borrowings totaling N4.28 trillion, N205.15 billion from Privatization Proceeds and N709.69 billion in drawdowns on multilateral and bilateral loans secured for specific projects and programmes.”

Related

Previous Post

End SARS : See Why Bishop Oyedepo Is Trending

Next Post

End SARS Revolution : Buhari, Osinbajo And IG Of Police Meet

Paschal Obi-Chikero

Paschal Obi-Chikero

I am Paschal Ogechi Obi-Chikero . I have written and published three books, I wrote Festus Keyamo's biography- Lion In Isolation. I have been a Reality TV show Producer/Creator, Copywriter, Actor, and Film Script Writer.

Next Post
End SARS Revolution : Buhari, Osinbajo And IG Of Police Meet

End SARS Revolution : Buhari, Osinbajo And IG Of Police Meet

Comments 1

  1. Pingback: Buhari's Government Budgets N336m To Fight Hate Speech And Others

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Trending Stories

Alleged N200 Billion OmegaPro Scam: Your Threats Will Not Silence Me, Banwo To Daniel Onoja, OmegaPro Diamonds

Alleged N200 Billion OmegaPro Scam: Your Threats Will Not Silence Me, Banwo To Daniel Onoja, OmegaPro Diamonds

The Binis Founded Lagos - Oba Of Benin Says In Front Of Sanwo-Olu

The Binis Founded Lagos – Oba Of Benin Says In Front Of Sanwo-Olu

SAME-SEX MARRIAGE: Tinubu to sign agreement with EU

SAME-SEX MARRIAGE: Tinubu to sign agreement with EU

1004 ESTATE RESIDENTS DECRY DECLINE IN STANDARD

1004 ESTATE RESIDENTS DECRY DECLINE IN STANDARD

Prepare For The Worst Recession - Buhari To Nigerians

Prepare For The Worst Recession – Buhari To Nigerians

Video of Naira Marley, Sam Larry And Zinolesky Goes Viral

Video of Naira Marley, Sam Larry And Zinoleesky Goes Viral

Primate Ayodele Visits Ogoga Of Ikere-Ekiti, Oba Adejimi Adu Alagbado

Primate Ayodele Visits Ogoga Of Ikere-Ekiti, Oba Adejimi Adu Alagbado

Why We Picked Kate Henshaw As Gisthouse Icon For February 2023-Dr Ope Banwo

Why We Picked Kate Henshaw As Gisthouse Icon For February 2023-Dr Ope Banwo

GREAT NEWS : Project Nwafor Igbo Appoints Labour Party Stalwart, Jude Ezenwafor, President Of Its Nigerian Chapter

GREAT NEWS : Project Nwafor Igbo Appoints Labour Party Stalwart, Jude Ezenwafor, President Of Nigerian Chapter

Blessing CEO Take Your New Ikebe To A Carpenter - Uche Maduagwu

Blessing CEO Take Your New Ikebe To A Carpenter – Uche Maduagwu

Latest Stories

The Big Break Moment unveils Spectacular Rewards Worth Over 30 Million naira for Season 2 Reality Show

The Big Break Moment unveils Spectacular Rewards Worth Over 30 Million naira for Season 2 Reality Show

Primate Ayodele

How Primate Ayodele Foretold Attacks On Military Barracks In Sierra Leone

1004 ESTATE RESIDENTS DECRY DECLINE IN STANDARD

1004 ESTATE RESIDENTS DECRY DECLINE IN STANDARD

Video of Naira Marley, Sam Larry And Zinolesky Goes Viral

Video of Naira Marley, Sam Larry And Zinoleesky Goes Viral

Zenith Bank

ZENITH BANK SIGNS MOU WITH THE FRENCH GOVERNMENT FOR THE ESTABLISHMENT OF A SUBSIDIARY IN FRANCE

The Binis Founded Lagos - Oba Of Benin Says In Front Of Sanwo-Olu

The Binis Founded Lagos – Oba Of Benin Says In Front Of Sanwo-Olu

Dollar Tumbles Against Naira At Parallel Market

Daily Forex Turnover Rises By 32 Percent, Hits $100.06m

Unknown Gunmen Kill Police Officer At Ahiara Mbaise Imo State

Unknown Gunmen Kill Police Officer At Ahiara Mbaise In Imo State

Primate Ayodele Launches Palliative Market, Sells Bags Of Rice, Beans, Others For Less Than N5,000

Primate Ayodele Launches Palliative Market, Sells Bags Of Rice, Beans, Others For Less Than N5,000

Sierra Leone Coup Attempt : President Julius Maada Addresses The Nation, Says He In Control

Sierra Leone Coup Attempt : President Julius Maada Addresses The Nation, Says He In Control

  • About Us
  • Naija news today
  • Contact us
  • PRIVACY POLICY

Copyright © 2022. DEP & MARVEL COMMUNICATION , Naijanewsng.com | All Right Reserved.

No Result
View All Result
  • Home
  • Nigerian News
  • Banks
  • Nigerian Celebrities
  • TECH
  • Business
  • Politics
  • Jobs And Recruitments

Copyright © 2022. DEP & MARVEL COMMUNICATION , Naijanewsng.com | All Right Reserved.