President of the Senate, Ahmed Lawan, on Thursday, reacted to the National Bureau of Statistics’ second-quarter 2020 Gross Domestic Product estimates which were published on Monday, saying Nigeria is not doing badly.
The NBS had disclosed that the nation’s GDP declined by –6.10% (year-on-year) in real terms in the second quarter of 2020, ending the three-year trend of low but consistently improving positive real growth rates recorded since the 2016/17 recession.
Consequently, for the first half of 2020, real GDP declined by –2.18% year-on-year, compared with 2.11% recorded in the first half of 2019.
Key players in the nation’s economy, including the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry, had said the government might not be able to service rising debts and fund budgets as the economy shrunk by 6.1 per cent.
But speaking with State House correspondents at the end of the virtual National Council of State meeting, Lawan said Nigeria was not doing badly.
He, however, said that did not mean that the government should be complacent.
While admitting that the nation still has a long way to go, the President of the Senate, said the government should continue to work on the post-COVID-19 economy.
Lawan said, “We still have a long way to go, we are not where we would have loved to be, but when you are faced with COVID-19, you know that this is a global pandemic and no country has been spared and when you compare your performance in the area of the economy with other giants, more robust economies like the USA and Germany, you’ll be happy that you have experienced only -6.10% downturn in your economy when others have 19, others have, even more, those are economies that are stronger, that have put in more resources to address the COVID-19 challenges.
“We have tried to put in what we can, but I think the secret here is we have been able to sustain what we are doing even with lesser resources, but I think -6.10%, as reported by the NBS, that’s the downwards turn in our GDP.
“Ordinarily we shouldn’t be happy with it, but in the current circumstance where every country is experiencing this kind of thing, South Africa, the second-largest economy in Africa, is experiencing worse.
“We are not doing badly, but that is not to say we should be complacent, I think we should continue to work on the post-COVID-19 economy that we are looking at.
“We should continue to invest to ensure that we protect the employment of our people so that our people don’t fall into joblessness. We should provide palliatives as much as we can for those who are so disadvantaged and require the support of the federal government.
“The sub nationals, the states should also continue to support the Federal Government in its efforts to keep everybody afloat and I believe that through our resources are scarce, I think we are facing the right direction and for us in the National Assembly, we’ll continue to approve good policies of the government, especially when it comes to areas that will touch the lives of the most ordinary man to help survive this situation and even to help him do better after the COVID-19.”
Nigeria At 60: Abia Speaker Hails Nigerians, Tells Abians Future is Bright
Cracks In Nigeria: I Was Misrepresented – Boss Mustapha
It Makes No Sense For Oil To Be Cheaper In Nigeria Than Saudi Arabia — Buhari
We Must Take Tough Decisions ‘TOGETHER’ For Nigeria – Buhari
Nigeria At 60: Buhari Independence Day Speech (FULL TEXT)
Edo Guber: I Saw Oshiomhole With Gov. Uzodinma And knew APC’ll Lose — Okorocha [VIDEO]
APC Moves To Take Over Power In Abia, Commences LG Tour
Ex-Minister Arrests Hotel Staff, Strips Them Naked For “Stealing N5k” (Photos)
Former Super Eagles Striker, Obafemi Martins Joins WUHAN FC
Tension As Thunder Strikes 15 Cows To Death In Ekiti (Photos)
BREAKING NEWS17 hours ago
FEC Approves ₦13.08 Trillion 2021 Budget
CRIME21 hours ago
Man “Arrests” Nsukka Deity For Making His Business Fail (Photo)
COVID-1919 hours ago
Malaysia-Base Man Held By COVID-19 Lockdown Killed Inside Barbing Saloon In Abia (Graphic Photo)
CRIME21 hours ago
Ritualists Kills Girl On Her Way To Church, Harvest Vital Organs
METRO17 hours ago
Sen. T.A Orji Slams 1.5bn Suit On Prince B.B Apugo Over Libel
POLITICS21 hours ago
Obaseki Leads Wike & PDP Governors On Congratulatory Visit To Oba Of Benin (Photos)
METRO17 hours ago
No Going Back On Sit-at-home Order – IPOB
Local News16 hours ago
Queen Elizabeth II Congratulates Nigeria Ahead Of 60th Independence Anniversary