Nigeria officially slides into another recession

Nigeria officially slides into another recession

- Nigeria is officially in another recession

- This was announced by the National Bureau of Statistics

- It said the GDP fell by 3.62 in the three months to September

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Nigeria has entered its second recession in five years. This is contained in official figures published on Saturday, November 21, by the National Bureau of Statistics.

According to NBS, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.

It said this is the second consecutive quarterly GDP decline since the recession of 2016.

The last time Nigeria recorded such cummulative GDP was in 1987, when GDP declined by 10.8 percent.

Meanwhile, had reported that the Nigerian government at all levels, the federal, states and local governments, shared N604.004bn as federation allocation revenue for the month of October 2020.

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Daily Trust reports that the Federation Accounts Allocation Committee (FAAC) announced the figure after its meeting on Wednesday, November 18.

The meeting was chaired by the Permanent Secretary of the Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed.

Nigeria officially slides into another recession
Nigeria, Africa’s biggest economy, has entered its second recession in five years as official figures published on Saturday show that the economy shrank again. Credit: Premium Times
Source: Twitter

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Similarly, following the decrease in Nigeria's income, the minister of finance, budget, and planning, Zainab Ahmed, has said the country’s revenue leakages are making her lose sleep.

The minister made this known while responding to a question posed to her by Poju Oyemade, senior pastor of Covenant Christian Centre, during The Platform in Lagos.

In other news, Nigeria’s inflation rate has jumped to 14.23% (year-on-year) in October 2020 from 13.71% recorded in September 2020.

This was contained in the consumer price index report released by the National Bureau of Statistics (NBS) on Monday, November 16.

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Kaduna records highest COVID-19 cases, Lagos missing as Nigeria’s total falls noted that the report which was published on the website of the NBS shows that the new inflation rate is 0.52% points higher than the rate recorded in September 2020.

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