Presidential advisory council on the economy has warned that Nigerian economy may plunge into a fresh recession if the global covid-19 persists for long.
The recession, the council explains is real of concrete measures are not taken to stabilize economy, amidst a massive shortfall in oil revenue due to the virus.
The council led by Professor Doyin Salami, at a meeting with President Buhari at the presidential villa, Abuja, calls for immediate review of the 2020 budget by priotizing spending on healthcare.
The economists also wants priotized spending on infrastructural projects to focus on the completion of those with pro-poor effects, as well as cutting recurrent expenditure.
The effects of the virus, according to the council is the crash in oil price, which according to them could reduce confidence in the Nigerian economy, by depleting external reserves and depressing the exchange rate of the naira.