President Muhammadu Buhari said yesterday, that the country is heading for another recession; this is the second in four years.
The president made this remark while presenting the 2021 budget to the National Adssembly.
He blamed the pandemic for the way the economy had fared while also praising it for doing better than many other countries.
“I am glad to note that, through our collective efforts, our economy performed relatively better than that of many other developed and emerging economies.
He said: “The 2021 Budget was prepared amid a challenging global and domestic environment due to the persistent headwinds from the coronavirus pandemic".
He equally added that; “GDP growth is projected to be negative in the third quarter of this year. As such, our economy may lapse into the second recession in four years, with significant adverse consequences".
The President however assured Nigerians of his government determination to lift the country out of the recession when he said;
“For instance, the government is implementing the Special Public Works programme to provide employment opportunities to 774,000 youths across the 774 local government areas of Nigeria.
“We have also recently introduced the N75 billion Nigeria Youth Investment Fund, of which N25 billion have been provided in 2021 Budget".