The Federal Minister of Works and Housing, Babatunde Fashola has disclosed that Nigeria is heading towards recession because of the Coronavirus pandemic.
He made this known in a recent submission on Channels TV’s ‘Politics Today’ program.
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According to him, the country is going into recession, however, the government is doing everything within its power to bring back the economy.
Additionally, he indicated that the pandemic is solely responsible for the slow pace of work on the Lagos-Ibadan expressway and also all other works in the country.
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In his submission, he said;
“As I speak to you now, we have lost essentially the prime of our working period which is the dry season in the COVID-19 period.
We have also lost some of our expected revenue plans. At the time COVID-19 hit Nigeria, we were doing 2.59 percent growth rate.
Now we are heading for a recession globally and Nigeria will not be insulated from that. We are working on plans to bring the economy back on track.”
Source: ghgossip.com
