Nigerian President, Major General Muhammadu Buhari (retd.), says Nigeria’s economy may slip back into recession.
Buhari spoke at the presentation of the 2021 budget estimates to the Joint Session of the National Assembly on Thursday in Abuja.
The president explained that Nigeria’s economy is being battered by the global economic fallout from COVID-19, adding that a drop in crude oil prices deprives the country of key revenues.
He presented a budget of N13.1 trillion, which represents over 20 per cent increase from last year’s spending plan.
Buhari noted that global crude prices tumbled early in the year, falling below $20 per barrel in April.
He said, “The 2021 Budget was prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus Pandemic. The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy.
