Brace up for another recession with a significant adverse consequence – President Buhari

President Muhammadu Buhari has urged Nigerians to brace up for another recession, the second in four years.

Speaking while presenting the 2021 budget to the National Assembly for approval, on Thursday, October 8, the president noted that the Federal Government has, however, put in place plans to ensure rapid recovery in 2021.

“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.

However, we are working assiduously to ensure rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.

As skills’ deficits limit employment opportunities in the formal economy, various skills’ development programmes are being implemented simultaneously to address this problem frontally.

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.

We thank all Nigerians, for your perseverance and continued support during these difficult times. We remain unwavering in our commitment to actualize our vision of a bright future for everyone,” he said.