Zainab Ahmed: Finance Minister predicts end of recession by Q1 2021

Zainab Ahmed: Finance Minister predicts end of recession by Q1 2021

Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, November 23; explained the country will exit recession by the first quarter of 2021.

Zainab Ahmed made this disclosure regarding the current recession in the country; at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.

1st News had reported on Saturday that Nigeria entered its second recession in five years in the third quarter of this year; as the Gross Domestic Product (GDP) fell for the second consecutive quarter.

According to figures released by the Nigeria Bureau of Statistics (NBS) cumulative Gross Domestic Product (GDP) for the first nine months of 2020; therefore, stood at -2.48 percent just as it recorded a -6.10 percent in the second quarter.

The finance minister said the COVID-19-induced recession followed the pattern across the world; where many countries had entered an economic recession.

“Nigeria is not alone in this; but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth,” Zainab Ahmed said.

Also at the Economic Summit, Vice President Yemi Osinbajo made the emphasis that the government is committed to working in synergy; with the private sector to foster equitable growth and underpin national development.

The 26th Nigerian Economic Summit focuses on building a partnership for resilience for Nigeria’s households; businesses; and the general economy.

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Meanwhile, a counsel representing some #EndSARS protesters, Mr Adeyinka Olumide-Fusika (SAN), on Sunday, November 22; revealed his team is mulling tendering an investigative report by the Cable News Network to the Lagos State Judicial Panel of Inquiry.

This report is with respect to the alleged killing of #EndSARS protesters; by soldiers on the night of October 20 at the Lekki tollgate.

CNN, in its investigative report titled; ‘How a bloody night of bullets and brutality quashed a young protest movement in Nigeria;’ implicated the Nigerian Army for the extrajudicial killing of peaceful protesters.

While the Nigerian Army had consistently maintained that its troops who engaged the #EndSARS protesters; only fired blank bullets into the air, the CNN report suggested that live bullets were used; and that some of the protesters were indeed killed in the operation.

Also, the Federal Government has condemned the CNN investigative report; but the media house said it stood by its report.

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