Finance Minister, Zainab Ahmed on Sunday stated that the lingering COVID-19 pandemic on broad sectors of the economy resulted in about 65 per cent decline in projected net revenues from the oil and gas sector in the first half of 2020 fiscal year.
Ahmed, made the disclosure at the Konrad Adenauer Stiftung (KAS) capacity building for special advisors and technical assistants of the ministers.
While noting that these challenges are still being anticipated in the 3rd quarter, the minister said the impact of COVID-19 which necessitated the lockdown of the economy and social distancing measures caused lay-offs across most sectors, loss of income, and a drop in average household purchasing power.
Ahmed explained: “All of this takes place against the backdrop of the most recent National Bureau of Statistics 5-year household survey on poverty in Nigeria, which has found that the annual household income is less than N137,000 (equivalent to approx. N11,000 per month) for more than 40 per cent of Nigerian households.