Coronavirus - " Buhari raises alarm, says Nigeria’s revenues have fallen by almost 60%

The coronavirus pandemic is gradually taking its toll on Nigeria's economy.

The outbreak of the global pandemic has resulted in trying times for the government as well.

According to Buhari, Nigeria’s revenues have fallen by almost 60%

Amid the coronavirus pandemic, that has been ravaging the country, President Muhammadu Buhari said Nigeria’s revenues and foreign exchange earnings have fallen by almost 60% since the outbreak.

The Nigerian leader disclosed this in his remarks on Monday, September 7, at the first-year ministerial performance review retreat which was delivered by Vice President Yemi Osinbajo at the State House in Abuja, Channels TV reports.

According to Buhari, the pandemic has resulted in trying times for the government not just for the people.

“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 said.

The president said that though the pandemic forced many economies across the world to shut down, his administration adopted a N2.3 trillion economic sustainability plan to mitigate the effect of the dwindling economy.

The economic plan is expected to enhance local production, support businesses, retain and create jobs and provide succor to Nigerians.

Earlier, Legit.ng reported that the Nigeria Bureau of Statistics (NBS) on Monday, August 24, gave a very gloomy report on the nation's economy amid the scourge of the coronavirus pandemic.

The NBS said that Nigeria's Gross Domestic Production dropped by 6.10 per cent in the second quarter of 2020.

According to the head of the NBS, Yemi Kale, the drop is a major setback compared to the 1.87 per cent recorded in the first quarter of the same year.

In retrospect, Kale recalled that while Oil GDP contracted by -6.63% (5.06% in Q1 2020; 5.15%% in Q2 2019), non-Oil GDP contracted -6.05% (1.55% in Q1 2020; 1.64% in Q2 2019).

In other news, the Federal Executive Council (FEC) has approved N2.3 trillion as a stimulus plan to support the Nigerian economy as the country continues to battle the novel coronavirus pandemic ravaging the global economy.

It was gathered that the funds were recommended by the Economic Sustainability Committee led by Vice President Yemi Osinbajo to ensure the country’s economy survives the impact of the pandemic.

Bashir Ahmad, a personal assistant to President Muhammadu Buhari on new media, disclosed this in a tweet on Wednesday, June 24. The council's virtual meeting which was presided over by President Buhari considered and approved the stimulus plan.