There are strong indications that Nigeria’s economy is heading on a steep downward slide into recession.
Minister of Finance Zainab Ahmed told Senators that the deficit financing of the revised N10 .59 trillion 2020 budget had risen from N1.847 trillion to N4.563trillion .
This indicators emerged during a defence session held by the Senate Committee on Finance with other heads of the Country’s revenues generating agencies on the revised 2020-2022 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP) .
She also disclosed that prior targeted revenues from all the relevant agencies have been drastically slashed in the new proposals .
77% of the newly proposed revenues from various sources like the Nigerian National Petroleum Corporation, Federal Inland Revenue Service, Nigerian Customs Service and others is now for debt serving.
The Minister of Finance, Budget and National planning says this indicators confirms a possible recession for Nigeria