The Minister of Finance, Zainab Ahmed, has warned that Nigeria may slide into a second recession in four years if a very strong third-quarter 2020 economic performance is not achieved.
Ahmed gave the warning today August 13 while speaking at the opening of a five-day interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP), held in Abuja. The interactive session was organized by the house of representatives committee on finance chaired by James Faleke.
Ahmed, who was represented by the Minister of State for Finance, Clement Agba, said Nigeria’s economy which has been affected by the COVID-19 pandemic, may lapse into a second recession in four years if a third-quarter economic performance is not achieved.
According to the Minister, COVID-19 containment measures, although necessary, have inhibited domestic economic activities which have had a rippled negative impact on taxation and other avenues government generates revenues.