Lockdown, physical distancing almost shut down economy – FG

The lockdown and physical distancing measures that were implemented to curb the spread of COVID - 19 in Nigeria almost led to a complete shutdown of economic activities across the country , the Federal Government said on Sunday.
In her opening address in Abuja at the capacity building for Special Advisers and Technical Assistants of ministers , the Minister of Finance, Budget and National Planning , Zainab Ahmed , also said Nigeria ’ s economy would further suffer revenue decline in the third quarter of this year .
She said the economy faced serious challenges in the first half of 2020 , seeing about 65 per cent decline in projected net 2020 government revenues from the oil and gas sector , with adverse consequences for foreign exchange inflows into the economy .
“ We anticipate that these challenges will continue into the third quarter, ” Ahmed said .
She added , “The necessary implementation of a lockdown and social distancing measures led to a near complete shutdown of economic activities , lay - offs across most sectors , loss of income , and a drop in average household purchasing power. ”
According to her , all of these took place against the backdrop of the most recent National Bureau of Statistics five - year household survey on poverty in Nigeria .
She said the survey had found that the annual household income was less than N 137 , 000 (approximately N 11, 000 per month) for more than 40 per cent of Nigerian households.

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