By Henry Umoru & Tordue Salem
President Muhammadu Buhari said, yesterday, that the country is heading for another recession, the second in four years.
He noted, however, that the Federal Government has put in place plans to ensure rapid recovery in 2021.
The President, who made the remarks while presenting the 2021 budget proposal to the National Assembly, spoke against the backdrop of a significant increase in deficit beyond the provisions of the Fiscal Responsibility Act, following revenue pressures faced by the government.
He said: “The 2021 Budget was prepared amid a challenging global and domestic environment due to the persistent headwinds from the coronavirus pandemic.
“The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy.
“The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the coronavirus…
Source: Vanguard Newspaper