The Federal Government has said the economy could shrink as much as 8.9% in this fiscal year after it revised the downward in growth projections for the economy.
The shrink is caused by the disruptions of the global economic system by the COVID-19.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, gave the latest forecast during the National Economic Council held at the Presidential Villa, Abuja.
The minister while briefing the State Governors at the National Executive Council meeting presided over by the Vice President, Prof. Yemi Osinbajo, said in a best case, without any fiscal measures, that the contraction could reach 4.4%,.
With crudeoil prices plunging into lowest level at the international market over the past few months due to the coronavirus pandemic, the Nigerian government has been troubled as crude exports account for over 80 percent of the nation’s foreign exchange earnings on yearly basis.