The federal government has revealed the effects of the COVID-19 lockdown and physical distancing measures on the country’s economy.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, claimed it almost led to a complete shutdown of the economy.
Ahmed stated this during her opening address at the capacity building for Special Advisers and Technical Assistants of Ministers, in Abuja.
She, however, noted that Nigeria’s economy would suffer further revenue decline in the third quarter of this year.
“We anticipate that these challenges will continue into the third quarter.
“The necessary implementation of a lockdown and social distancing measures led to a near-complete shutdown of economic activities, lay-offs across most sectors, loss of income, and a drop in average household purchasing power,” Ahmed said.
The Minister also revealed that in the first half of 2020, there was a 65 per cent decline in projected net 2020 government revenues from the oil and gas sector, with adverse consequences for foreign exchange inflows into the economy.
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