On Thursday, Nigeria’s Sustainability Committee, led by Vice President Yemi Osinbajo, submitted its report to President Muhammadu Buhari, saying Nigeria is facing its most serious economic trouble ever.
For Nigeria, this is a multilayered quandary: a health crisis, a near-total shutdown of economic activities, capital flow reversals and a fast increasing unemployment rate, fuelled by layoffs in almost all sectors of the economy. In effect, our major sources of foreign exchange are gravely threatened and our external reserves get little or nothing by way of augmentation. Rather, they are being depleted for external payments and importation.
we should be prepared, at best, for companies reporting losses or seeking tax payment deferment, while government finds a way of shoring up businesses. The revenue outlook for the rest of 2020 is depicted in Tables I-IV, showing scenarios for oil prices at $30 per barrel, $25 per barrel, if oil prices average $30 over the rest of the year, estimated oil revenues would amount to N88.4bn monthly. At the same time, if non-oil revenues are sustained at the lower level projected in the revised budget estimates, then average monthly allocations to FAAC for the rest of the year would only be about N485bn a month.
In an optimistic scenario, with an average price of $30 per barrel of crude oil in 2020 and a stimulus of up to N3.6tn, growth will still decline by -0.42% in 2020, possibly rising to 3.03% in 2021 and 5.17% by 2025. A lower stimulus of N2.3tn or 1.5% of GDP at the same oil price of $30 per barrel will result in a fall in output of -0.59% in 2020 and a resumption of growth to 2.54% in 2021.
LionKingNzegwu No be today e start na
Bad news
U never see a good time before so keep it to ur self know one know were u are is only bad time u come out to speak I don't know what u believe in
E don tey o
ayemojubar Na today?
The times did not change, but the lenses have. This is because you never see opportunities. It is now five years of continuous excuses. A government that chooses to spend less on intellect will outsource its sustainability and lifeline to the enemy. The truth will set us free
ayemojubar Your family alone ProfOsinbajo the past pastor...when you and MBuhari say there is casting down I will say there is lifting up,we the rest of innocent Nigerians that didn't vote for you is more than a conqueror,we are for signs and wonders...peace
Omo this relegation bad seriously, we not making effort to come back to the league anytime soon
Woe unto you, you rulers
Challenges come in different ways, however, the measures taken by an incumbent government determine how responsive the government is. Economy, corruption, pandemic, political crisis etc are few of those challenges befalling us as a country...
So , you guys once more did not put anything away in the event a time like this will come ProfOsinbajo
We don't need alarm but solution, the U.S govt introduce ppp to save jobs during this C19 pandemic And, over 2mln jobs were added which countered lost of jobs predicted, moreso, you guys said the billions borrow plans approved by NASS was to save jobs? This is terrific!!
Hard times has always been here since your government came to power. We are used to it. Na die remain for country men
So, who has got us into it Greedy government y'all...
Prophet of Doom
After all the monies you people have borrowed
A country caged by COVID19, Fulani herdsmen and co. on rampage, Banks lending at 35% interest, nonviable economic projects and sinking indebtedness. You don't need a babalawo to predict the future.
Can you guy stop telling us some shit about Nigeria maybe we can have a Peace of mind damnation.
Awon werey. Lock the economy again nah.
The essence of the committee is not to announce to Nigerians that hard times are here - thank you Mr Premium Times, you can do better. ESC against Covid was formed to bring up workable solutions against the negative economic effects of Coronavirus
... don't speak 4us... speak 4ur family...we are not facing any challenges..... Prof. sambisa...
I'm sure with the ESC report,Nigeria will surely bounce back and avoid any economic crisis posed by the impact of COVID-19.
As a leader sir, what steps or actions are you going to take to cushion or ameliorate the 'hard times' for Nigerians?
ayemojubar Really? No be today we know...
Like there’s ever been good times. What do you expect when you keep borrowing. Clueless lots in power
abidonbaba007 I will never experience hard times in Nigeria in Jesus name. They can all go to hell
Premium Times has joined league of unhealthy headlining.
This one is still in NIGERIA? Shior. Photoshop V.P
Where do we go from here?
Were is the economic road map u gave to our young presidebt! With cleaner tiolets we can avert this!
Hmmmmm
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