- Reports indicate that the Nigerian economy is currently on a downturn
- President Buhari said there is a strong chance that the economy could slide into another recession
- Buhari attributed the current economic challenges in the country to the COVID-19 pandemic
President Muhammadu Buhari on Thursday, October 8, disclosed that the Nigerian economy is facing some challenges.
The Nigerian president told members of the National Assembly that the nation's economy could slide into another recession in the third quarter of 2020.
Buhari made the disclosure during his 2021 budget presentation at the National Assembly, The Guardian reported.
"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."
The president, however, stated that his administration is working tirelessly to ensure that the economy rapidly recovers in 2021.
Buhari also emphasised that the federal government was determined to implement programmes that will lift 100 million Nigerians out of poverty over the next 10 years.
He said the disruptions caused by the coronavirus pandemic caused the economic setbacks in the country.
Meanwhile, the Nigerian Bureau of Statistics (NBS) has stated that about 68% of households in Nigeria wallowing in poverty have resulted in taking loans just to buy foods.
NBS made this known in its August 2020 survey amid hard-biting food insecurity that has made the price of basic necessities soar up beyond the average affordable price.
According to the body, which made this known after a survey, the affected households were reported to have been borrowing from friends and family members.
In another report, Peter Obi, a former vice presidential candidate, said more funding of the education sector will boost the Nigerian economy.
The politician noted that such a move could save Nigeria from economic collapse.
Obi made the statement on Wednesday, October 7, at the University of Nigeria Nsukka (UNN).
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