The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the Federal Government Economic Stimulus package will reduce the envisaged recession due to the effects of COVID-19.
She said this during a defence session in Abuja held by the Senate Committee on Finance.
The session was held with heads of Nigeria’s revenue generating agencies on the revised 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Specifically on the likelihood of recession, Zainab said that very clearly the Gross Domestic Product GDP had been reduced because of the economic crisis that the nation found itself.
The minister however said that Nigeria was not alone in this crisis.
The Chairman of the Committee, Solomon Adeola, said that some of the new proposals may not be adopted as requested.