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Monday, June 1, 2020

Oil, Gas revenue dropped by N425.52bn in Q1 –Minister

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The country’s revenue from oil and gas dropped by N425bn in the first quarter of 2020 to N940.91bn

Minister of Finance, Budget and National Planning, Zainab Ahmed, said at the National Economic Council’s first virtual meeting that Nigeria was faced with perhaps the most challenging economic situation in its history.

The global economy was also facing its sharpest reversal since the great depression and this had health and economic implications.

To prevent a deep recession arising from the COVID-19 economic crisis, the orthodox approach all over the world, which was also in the works in Nigeria, was to deploy a stimulus package, according to the minister.