Vice President Yemi Osinbajo on Monday said the corona virus pandemic had led to a decrease in the country’s revenue and foreign exchange earnings.
He stated that “For the government, it has been a particularly trying time.”
The vice president said this while representing President Muhammadu Buhari at the start of the first-year Ministerial performance review retreat holding in Abuja.
He further stated that “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.”
The Nigerian Government had to sustain expenditures “especially on salaries and capital projects, in order to keep the economy going,” despite the decline, says Osinbajo.
