Finance Minister Reveals What Can Save Nigeria As Another Recession Looms

The Minister of Finance, Mrs Zainab Ahmed, says unless Nigeria achieves a very strong third quarter 2020 economic performance, the country can slide into recession.

The Minister on Thursday revealed this at a House of Representatives session on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper in Abuja.

Minister of State for Finance, Clement Agba who represented Ahmed said the country is exposed to spikes in risk aversion in the global capital markets.

The minister added that this time, there might be “significant adverse consequences.”

As part of plans to manage the situation, she noted that projections for Customs Duty, Stamp Duty, Value Added Tax, and Company Income Tax revenues, were recently reviewed downwards in the revised 2020 budget.

Ahmed, however, expressed hope for increased revenues, citing remittances from government-owned enterprises.