Nigeria Going Into Recession – Fashola
The Minister of Works and Housing, Babatunde Fashola, has lamented that Nigeria is heading towards recession, following the coronavirus pandemic.
Fashola, a former governor of Lagos State made the disclosure while featuring on Channels Television’s Politics Today.
He, however, assured that Nigerian government was working towards bringing back the country’s economy.
The Minister also blamed the pandemic for the slow pace of work on the Lagos-Ibadan expressway.
He stated that the COVID-19 outbreak has affected construction activities and government revenue.
According to Fashola:
“As I speak to you now, we have lost essentially the prime of our working period which is the dry season in the COVID-19 period.
“We have also lost some of our expected revenue plans. At the time COVID-19 hit Nigeria, we were doing 2.59 percent growth rate.
“Now we are heading for a recession globally and Nigeria will not be insulated from that.
“We are working on plans to bring the economy back on track.”
Nigeria as at Thursday night had recorded 11516 confirmed COVID-19 cases.
This followed the confirmation of 350 new COVID-19 cases by the Nigeria Centre for Disease Control, NCDC.