As Nigeria’s economy reopens gradually after outbreak of coronavirus, President Muhammadu Buhari has disclosed that spread of the novel virus to the country left a great impact on its economy, reducing Nigeria’s economy by 60 percent.
Buhari said that the country’s segment of revenue majorly affected by COVID-19 was foreign exchange earnings which dropped drastically after the virus brought globally economy to a standstill, reducing demand for crude oil, Nigeria’s main export foreign exchange earner.
The President, who made the remarks at start of the first-year Ministerial performance review retreat holding in Abuja, was represented at the event by the Vice President, Yemi Osinbajo, yesterday.
“For the government, it has been a particularly trying time. As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent.
“Yet we have had to sustain expenditures, especially on salaries and capital projects, in order to keep the economy going, ” Buhari added.
The President said his administration adopted an N2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown experienced due to COVID-19 outbreak.
He noted that the plan, which consists of fiscal, monetary, and sectoral measures, was expected to enhance local production, support businesses, retain and create jobs and provide succor to Nigerians, especially the most vulnerable.
“But we have also had to make some difficult decisions to stop unsustainable practices that were weighing the economy down,” he said.