Effect of Coronavirus on Nigeria economy

The Federal Government has explained how the COVID-19 pandemic is affecting the country’s revenues.

The Minister of Information and Culture, Lai Mohammed, while answering questions from State House correspondents after yesterday’s Federal Executive Council (FEC) meeting, said the impact was serious.

According to Mohammed, with Lagos, Ogun and Abuja locked down for several weeks and crude oil being sold at $18 per barrel, Nigeria suffered huge losses.

“As a matter of fact, we are praying that the crude will go to $30 per barrel. All sources of revenue have been attacked by COVID-19. When we lock our borders how will goods come in? How will customs make money for the country?
Abuja, Lagos and Ogun have been on lockdown for more than four weeks. How will they make money to pay taxes? So, if we say there is no money it is not because we are seeking lame excuses.

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