Nigeria’s Finance minister, Zainab Ahmed admitted that the crash in crude prices would negatively affect the country’s revenue and foreign exchange earnings.
The Nigerian economy is expected to record negative growth as it slides into recession, due to the outbreak of the coronavirus pandemic and crash in oil prices.
This was disclosed by the Minister for Finance, Budget and National Planning, Zainab Ahmed, during a press briefing after the first virtual meeting of the National Economic Council (NEC), which was chaired by Vice President, Yemi Osinbajo.
The minister said that the ravaging coronavirus pandemic is not only affecting the country economically, but also affecting the health sector, as the resources to fight this appear inadequate.
She admitted that the crash in crude oil prices would negatively affect the country’s revenue and foreign exchange earnings.
This oil price crash and coronavirus pandemic outbreak has also affected the economic growth of the country and weakened the naira.