Nigeria Will Exit Recession Soon - Minister of Finance, Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria will be out of the recession soon. Over the weekend, Nigeria slid into its worst economic recession in over three decades. Gross domestic product (GDP) numbers released by the National Bureau of Statistics on Saturday, November 21, indicates the nation recorded a contraction of 3.62 percent in the third quarter of 2020, causing it to slide into another recession. While speaking at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday, November 23, the Minister of Finance said the country would emerge from the recession in the fourth quarter of 2020 or by the first quarter of 2021. She blamed the recession on the global Coronavirus pandemic which has forced other economies in other countries into recession. Ahmed said other countries also in recession, including the United Kingdom, the

APC Begs Senate

The All Progressives Congress, APC, in the South-East has urged the Senate to revisit its decision to reject the $30bn loan request by the President Muhammadu Buhari-led Federal Government.

Recall that the Senate had yesterday rejected the government’s N9.61trillion loan foreign loan request.

Reacting to the lawmakers’ decision, the Publicity Secretary of South East APC, Hyacinth Ngwu, described the Senate’s rejection as...........
an “ill wind that would blow no one any good”

In the statement made available to journalists in Enugu, Hyacinth said, “The All Progressives Congress in the South-East geo-political zone, has appealed to the members of the Senate of the Federal Republic of Nigeria to rescind their rejection of the $29.680bn loan planned for the three fiscal years of 2016-2018.

“The rejection of the request by the Senate is ill-advised and an ill wind that blows no one any good.”