...Nigeria Economy to plunge into a recession due to the impact of COVID-19
The National Economic Council, on Friday set up a committee of seven members led by Delta State Governor, Dr. Ifeanyi Okowa to work with the Presidential Task Force on COVID-19 in order to ensure effective collaboration between the Federal Government and State governments including the FCT towards reopening the economy.
Governor Badaru Abubakar of Jigawa State, while briefing State House correspondents after the virtual NEC meeting presided by Vice President Yemi Osibanjo said the council also received an update on Polio Eradication and support to Community Transmission of COVID-19(CTA) presented by the Minister of Health.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed that the net oil and gas revenue inflows to the federation account in the first quarter of 2020 amounted to N940.9 billion representing a shortfall of N425.5 billion.
She noted that Nigeria’s economy could shrink as much as 8.9% in 2020 in a worse case scenario without stimulus, and the contraction could reach 4.4% in a best case, without any fiscal measures owing to the negative impact of COVID-19 globally.
Our Correspondent, Raliat Adenekan reports that the Minister stated that the Excess Crude Account has a balance of US$72 million as at 21st of May, 2020, the Stabilization Account has N39.337billion, Natural Resource Development Fund Account, is at N125.19billion.