Increasing COVID-19 cases may usher in more hardships on Nigerians - FG

Increasing COVID-19 cases may usher in more hardships on Nigerians - FG

- Nigerians might just be in for more economic hardships due to the persistence of coronavirus

- The was the fear of the federal government as at Tuesday, June 30

- Clement Agba, the minister of state for budget and national planning, said that the nation's economy might even shrink further than it is presently

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The minister of state for budget and national planning, Clement Agba, has warned that with the rising cases of coronavirus in the country, Nigerians may be plunged into worse hardships.

Agba on Tuesday, June 30, said that even the Nigerian economy will suffer stagnation if the scourge of the virus continues both in the country and globally, The Guardian reports.

Specifically, the minister said that the global economic meltdown and large-scale unemployment, the national economy will at best shrink to -4.4% and at worst contract to -8.9%.

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Increasing COVID-19 cases may usher in more hardships on Nigerians - FG

Clement Agba, the minister of state for budget and national planning
Source: UGC

He said that having foreseen this, the President Muhammadu Buhari-led administration has put in place mechanisms to steer and accelerate the economy for recovery.

Agba said that the strategies, one of which is the Economic Recovery and Growth Plan (ERGP), would help in the creation and retaining of jobs which will, in turn, boost productivity and social stability.

Meanwhile, Legit.ng reported that the presidential committee on the impact of the coronavirus on Nigeria’s economy had disclosed that the country's economy was facing serious challenges due to the COVID-19 pandemic.

The committee made the disclosure on Thursday, April 2, after a meeting with President Buhari in Abuja where the president was briefed on current happenings around the world due to COVID-19 and its impact on the country’s economy.

Timipre Sylva, the minister of state for petroleum resources, who was also a member of the committee, said the Nigerian economy was not in the best shape due to falling oil prices caused by the coronavirus pandemic.

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The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who was also a member of the committee, said the coronavirus had impacted the global economy and may even lead to recession globally.

Moreover, President Buhari had charged the ministry of finance budget and national planning to ensure that Nigerian civil servants get their salaries paid promptly.

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Source: Legit

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