Caption; Vice President Yemi Osinbajo SAN delivers the keynote address at The 20th Anniversary Africa Regional Webinar of The ICPC. Theme; Combating Corruption and Illicit Financial Flows; New Measures and Strategies Photos; Tolani Alli
Home Featured COVID-19 has eaten up Nigeria’s revenue by 40 per cent, says Osinbajo
FeaturedTrending Story

COVID-19 has eaten up Nigeria’s revenue by 40 per cent, says Osinbajo

30

 

Nigeria has lost about 40 per cent of its revenue to the COVID-19 lockdown and its attendant economic crisis, so says Vice-President Yemi Osinbajo.

 

 

He said things were beginning to take a turn for the better after the years of recession until the Coronavirus ravaged the world and Nigeria’s economy.

 

Osinbajo, speaking at a webinar organizer by the Commonwealth Enterprise and Investment Council with Nigeria as its focus, noted that the country’s huge informal economy had also crashed.

 

“It seemed the sun was beginning to shine quite brightly after the years of recession and its immediate aftermath.

 

“Then came COVID-19, possibly the worst economic crisis the world has seen. For us in Nigeria, it was a perfect storm for oil prices, Russia and Saudi Arabia choosing that very moment for a price war.

 

“Then the inevitable lockdown resulting in closure of businesses, our huge informal economy all but crashed and Government revenues fell too by over 40%,” he said.

 

Osinbajo also regretted that in January 2020, oil prices approached $70 a barrel for the first time since the crash of 2015/2016 which saw prices crash to sub $30 a barrel. 

 

He said: “There is never a good time for a pandemic but there can be a terribly wrong time.

 

“That’s how it seemed three months ago as COVID-19 began to ravage.

 

“January 2020, oil prices approached $70 a barrel for the first time since the crash of 2015/2016 which saw prices crash to sub $30 a barrel, Q3 2019 growth was 2.55%, modest but clearly on the upward trajectory, 3% growth was well in sight.

 

“Our Economic Recovery and Growth Plan was beginning to make sense. Work was ongoing in major rail, road and bridge projects along the main national trade corridors. The Engineering, Procurement and Construction arrangements on our Liquefied Natural Gas Train 7 which will unlock an additional 30% more LNG output had commenced.”

 

Osinbajo, however, expressed the hope for better days, saying “it appears silver linings have started appearing for the country with the Economic Recovery and Growth Plan.”

 

He lauded President Muhammadu Buhari for his wisdom in inaugurating the committee chaired by him (Osinbajo) towards rejuvenating the nation’s economy.

Leave a comment

Related Articles

HighlightTrending Story

Pres. Tinubu presents 2024 N26.1trn budget to joint session of NASS Nov. 29

President Bola Tinubu will on Wednesday, November 29 present the 2024 budget...

EntertainmentTrending Story

OAU student hospitalized after 58-hour handwashing marathon attempt

A student of Obafemi Awolowo University, Ile-Ife in Osun State, Subair Enitan,...

Top StoryTrending Story

FG okays 2024 N27.5 trn budget estimates, presents it next week to NASS

Ahead of its presentation next week to the National Assembly, a N27.5...

HighlightOil & GasTrending Story

Pres. Tinubu reappoints Mele Kyari GCEO of NNPC Ltd, constitutes board

All the appointments take effect from December 1, 2023, according to a...

HighlightTrending Story

Tinubu swears in eight permanent secretaries ahead of FEC meeting

President Bola Tinubu on Monday sworn in eight newly appointed permanent secretaries...

EntertainmentTrending Story

My God will vindicate me.– Sheila, Davido’s aide, Israel’s estranged wife

Sheila, the estranged wife of Israel, an aide to music sensation, Davido,...

EntertainmentHighlightTrending Story

“Tears of the Sun” album: Teni promises to make two fans millionaires

Nigerian music star, Teni, is making waves beyond her musical talents as...

AviationHighlightTrending Story

Air safety: Keyamo summons heads of aviation agencies

In a bid to address safety concerns in the nation’s aviation industry,...

HighlightTrending Story

FG to invest N800bn in six ports rehabilitation

In its bid to reduce the high turnaround times of vessels and...

Articles and OpinionTrending Story

OPEN LETTER TO FCT MINISTER, CHIEF NYESOM WIKE by Richard Akinnola II

Dear Hon minister, First, a disclosure. You may not know me but...

AviationHighlightTrending Story

Inclement weather: Airline diverts Lagos-Abuja flight to Asaba airport

Citing weather conditions, a local airline – United Nigeria Airline flight which...

HighlightTrending Story

SERAP to World Bank: Suspend further loans to 36 states in Nigeria over N87trn debt

With Nigeria’s staggering debt of over N87 trillion, the Socio-Economic Rights and...

HighlightTrending Story

Momentary truce as Pres. Tinubu wades into Akeredolu, Aiyedatiwa’s month-long rift

Following President Bola Tinubu’s intervention, there is momentary truce in the lingering...

BusinessHighlightTrending Story

CBN set for recapitalization of the nation’s banks

The CBN Governor, Dr. Olayemi Cardoso, announced this at the 58th Annual...

HighlightTrending Story

Rivers crisis latest: I can’t stand ingrate, Wike blows hot, strikes Fubara

Nyesom Wike, the immediate past Governor of Rivers State and FCT Minister,...

BusinessTrending Story

Just in: Nigeria’s economy grows by 2.54% in Q3 – NBS

The Nigerian economy has recorded growth by 2.54 percent in the third...

HighlightTrending Story

Kano Gov. poll: Lawyers petition NJC, demand probe of Appeal Court judgment

Legal practitioners under the auspices of Judiciary Watchdogs, on Friday, petitioned the...