President Muhammadu Buhari has said the COVID-19 pandemic has affected the country’s revenues and foreign exchange earnings.
Speaking at the start of the first-year Ministerial performance review retreat holding in Abuja on Monday, President Buhari represented by Vice President Yemi Osinbajo said the country’s revenue and other earnings have fallen by almost 60 percent.
The President noted that the government is also feeling the effect of the pandemic, noting that his administration has adopted a N2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown.
He said: “For the government, it has been a particularly trying time,” Buhari said. “As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent.
“Yet we have had to sustain expenditures, especially on salaries and capital projects, in order to keep the economy going.”
The President noted that his administration is not insensitive to the plight of Nigerians over the increases in the price of fuel and electricity tariffs in the country.
He, however, directed Ministers and senior administration officials to swiftly implement the Economic Sustainability Plan (ESP) to give succor to Nigerians.
“This government is not insensitive to the condition of our people and the very difficult economic situation and we will not inflict hardship on our people,” he said.