The Federal Government t expects Nigeria to emerge out of the current recession sooner than it did during the 2016 recession.
This represents the highest inflation rate recorded in 34 months since January 2018
Peter Obi has urged the Federal Government to reduce the cost of governance, so as to have enough funding for critical sectors.
For families, it will require a lot of sacrifice, adjustments and prudence in the management of resources to navigate the economic storm.
The National Bureau of Statistics (NBS) released the GDP report for Q3 2020 which officially confirmed the economy has slipped into a recession.
With the oil sector likely to remain depressed in Q4 2020, expectations of recovery will rest mainly on the future performance of the non-oil sector.
The Minister of Finance has said that Nigeria will exit the economic recession by the first quarter of 2021.
Peter Obi has warned that that the current recession could be worse than that of 2016, because debt raised by the administration was not properly invested.
The contraction in the oil sector indicates 7.26% points lower than the growth recorded in the previous quarter (Q2 2020, -6.63%)
New World Bank report paints a grim picture of Nigeria