COVID-19: FG Revenues Dip By Over 40%, – Osinbajo

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Vice- President Yemi Osinbajo on Tuesday said the nation’ s revenues dropped by over 40 per cent due to the lockdown occasioned by the COVID- 19 pandemic.

He said the country ’s huge informal economy also crashed during the period.

Osinbajo said this during a webinar by the Commonwealth Enterprise and Investment Council with Nigeria as its focus.

He said things were already looking up for Nigeria until the pandemic started .

He said , “ There is never a good time for a pandemic but there can be a terribly wrong time.

“ That’ s how it seemed three months ago as COVID- 19 began to ravage .
“ January 2020, oil prices approached $70 a barrel for the first time since the crash of 2015/ 2016 which saw prices crash to sub $30 a barrel , Q 3 2019 growth was 2 .55% , modest but clearly on the upward trajectory, 3% growth was well in sight.

“ Our Economic Recovery and Growth Plan was beginning to make sense. Work was ongoing in major rail, road and bridge projects along the main national trade corridors .

The Engineering, Procurement and Construction arrangements on our Liquefied Natural Gas Train 7 which will unlock an additional 30% more LNG output had commenced .

“ It seemed the sun was beginning to shine quite brightly after the years of recession and its immediate aftermath .

“ Then came COVID- 19, possibly the worst economic crisis the world has seen. For us in Nigeria, it was a perfect storm for oil prices, Russia and Saudi Arabia choosing that very moment for a price war.

“ Then the inevitable lockdowns resulting in closure of businesses, our huge informal economy all but crashed and Government revenues fell too by over 40% .”

Osinbajo , however, said it appeared silver linings have started appearing for the country.

He attributed this to the decision of the President, Major General Muhammadu Buhari ( retd. ), to ask him ( Osinbajo ) to chair a committee that will ensure that the nation bounces back.

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