- The Presidential Economic Advisory Council (PEAC) attended a meeting convened by President Buhari on Tuesday, June 30
- The meeting was attended by Vice president Yemi Osinbajo and Secretary to the Government of the Federation (SGF) Boss Mustapha
- Ibrahim Gambari, the chief of staff to the president was also in attendance
President Muhammadu Buhari on Tuesday, June 30, convened a crucial meeting attended by Vice president Yemi Osinbajo and his chief of staff, Ibrahim Gambari.
The meeting, announced on the Twitter page of the federal government, was also attended by Secretary-General of the Federation, Boss Mustapha.
Other persons who attended the virtual meeting were members of the Presidential Economic Advisory Council (PEAC) headed by Bismarck Rewane.
The president, Osinbajo, Gambari were at the council chamber of the state house in Abuja for the meeting also attended by other members of the PEAC: Chukwuma Soludo, Ode Ojowu, Shehu Yahaya, Muhammad Sagagi, Adedoyin Salami and Iyabo Masaha.
Following the scourge of coronavirus and its devastating effects on crude oil prices, stakeholders of economies, that of Nigeria inclusive, are coming up with sustainable and effective strategies that will stem the tide of an imminent recession.
Meanwhile, Legit.ng reported that the finance minister, Zainab Ahmed, had said Nigeria’s economy would go into a recession based on the current assessment by the Nigeria Bureau of Statistics (NBS).
Ahmed told journalists shortly after the national economic council meeting in Abuja on Thursday, May 21, that the current data shows that the economy will go into a recession at an average of -4.4 per %.
“The National Bureau of Statistics (NBS) has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%," she said.
The minister noted that the federal government was trying to reduce the impact of the recession on Nigerians through stimulus packages.
She said the economic team is making efforts to ensure that the recession is shallow so that the country can quickly come out of it in 2021.
The last time Nigeria entered a recession was in 2016. A country’s economy goes into recession when its Gross Domestic Product (GDP) reduces for two consecutive quarters.
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