Presidential Economic Council Warns Buhari Of Recession

SAN FRANCISCO, March 18, (THEWILL) – The Presidential Advisory Council had warned about dire economic consequences, including recession, for Nigeria if the raging coronavirus infection was not contained as quickly as possible.

The council, which is chaired by Prof Doyin Salami, met with President Muhammadu Buhari on Tuesday at the State House, Abuja where it said one of the immediate consequences of the pandemic is the crash of crude oil prices.

The council urged the President to consider immediate cuts in the budget saying that ultimately, Nigeria risked receding into another recession if concrete measures were not evolved to stabilise its economy.

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A State House statement by Buhari’s media aide, Femi Adesina, after the closed-door meeting, said, “Noting that many countries around the world may go into economic recession, the PEAC advocated hard work for Nigeria to keep its head above the waters.

“Recommending, among others, a possible revision of the 2020 budget, with priority spending on healthcare, re-prioritisation of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects, curtailing recurrent expenditure, mobilising the private sector to strengthen health sector infrastructure, and boosting of government revenue, the PEAC stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.”