Recession looms as Nigeria’s budget deficit hits N4.5trn

Nigeria may be heading for a recession this year as indications with a deficit financing of its revised N10.509 trillion 2020 budget rises to N4.563 trillion from N1.847 trillion earlier projected.

In separate presentations made by heads of the revenue generating agencies led by the Minister of Finance, Budget and National Planning, Zainab Ahmed before Senate Committee on Finance, earlier targeted revenues from all the relevant agencies have been drastically slashed in the new proposals.

Besides, 77 per cent of the newly proposed revenues from the various sources like the Nigerian National Petroleum Corporation, Federal Inland Revenue Service, Nigerian Customs Service is for debt serving.

The Minister in her response to a question on the likelihood of recession said “The global economy is predicted to be slipping into recession. What Nigeria can do is to minimise the extent of the looming recession.