July 12, 2020

Critical stage for Nigeria due to underdevelopment – buhari

Buhari addressing the economic situation

President Muhammadu Buhari has spoken up about Nigeria’s true economic state – The president said that many Nigerians are poverty-stricken – Buhari added that citizens are hit with the terrible effects of coronavirus

According to President Buhari in a virtual meeting with the Presidential Economy Advisory Council on Tuesday, June 30, Nigeria is in a state of underdevelopment.

At the virtual meeting also attended by Vice president Yemi Osinbajo and Secretary-General of the Federation (SGF) Boss Mustapha, President Buhari said that the nation’s economy needs to be revived, The Cable reports. He said that the country’s population is characterised by poor persons who are now hunted by the harsh economic effects the coronavirus pandemic. The president said: “We are a country characterised by a large population of poor people, serious infrastructure deficit, lack of housing and a vulnerable economy now haunted by the COVID-19 pandemic and collapse of the oil sector and its effect on the gross domestic product (GDP).

At the virtual meeting also attended by Vice president Yemi Osinbajo and Secretary-General of the Federation (SGF) Boss Mustapha, President Buhari said that the nation’s economy needs to be revived, The Cable reports. He said that the country’s population is characterised by poor persons who are now hunted by the harsh economic effects the coronavirus pandemic. The president said: “We are a country characterised by a large population of poor people, serious infrastructure deficit, lack of housing and a vulnerable economy now haunted by the COVID-19 pandemic and collapse of the oil sector and its effect on the gross domestic product (GDP).”

Also, the finance minister, Zainab Ahmed, had said Nigeria’s economy will go into a recession based on the current assessment by the Nigeria Bureau of Statistics (NBS). Ahmed told journalists shortly after the national economic council meeting in Abuja on Thursday, May 21, that the current data shows that the economy would go into a recession at an average of -4.4 per %. “The National Bureau of Statistics (NBS) has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%,” she said.

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