Zainab Ahmed, the Minister of Finance, Budget and National planing said that the deadly virus, coronavirus, that has led to a big loss in Crude oil prices worldwide, would put a serious stain on athe Federal Government’s budget.
According to her, she said that with the attendant effects of the spread of the virus, the time is here for the country to begin life without oil.
These was said at a consultative roundtable with the Governor of the Centre Bank of Nigeria, Godwin Emefiele.
Ahmed, said this is not the time for Nigerians to panic as she describes the current Economic challenges as a shock to the Government.
Moving on with her statement, she said, “The sudden and unexpected drop in crude prices to just over $30 comes as a shock and great surprise.
“These strong headwinds would reinforce the wake-up call to life without oil. But that should not spread panic and speculation in our economy.
“We need to put our hands together to weather the storm. We need to work together to take the opportunities provided by this very harsh reality.
“We are working as a government to strengthen our macroeconomic fundamentals. Today, we are far stronger and more robust than in 2014-2016.
“There is no doubt that the combination of crude oil price crash and coronavirus will put a severe strain on our budget, revenue, forex, and many sectors.”