Home Business FEDERATION ACCOUNT LOST N125 BILLION REVENUE IN Q1

FEDERATION ACCOUNT LOST N125 BILLION REVENUE IN Q1

FEDERATION ACCOUNT LOST N125 BILLION REVENUE IN Q1

Nigeria’s Minister, Finance, Budget and National Planning Zainab Ahmed said the country’s Gross Domestic Products GDP, might shrink to -8.94 per cent this year.

That is if there is no economic stimulus.

Ahmed told journalists after NEC, that the impending economic crisis could worsen the plight of the 40 per cent of Nigeria’s population who are poor.

The finance minister explained that Nigeria’s projected oil and gas revenue in the first quarter of 2020 suffered a 31% shortfall, representing about N125.52 billion.

She also said that the health crisis is forcing the global economy into dealing with the sharpest reversal since the Great Depression.