President Muhammadu Buhari

The Presidential Economic Advisory Council (PEAC) led by Prof. Doyin Salami has painted a sobering scenarios of what could happen to the Nigerian economy, if the COVID-19 pandemic lasted for too long.

Mr Femi Adesina, the President’s spokesman, said in a statement that PEAC spoke on Tuesday at State House, Abuja, when briefing session by the President Muhammadu Buhari.

In his briefing, Salami, leading the PEAC members, painted sobering scenarios of what could happen to the Nigerian economy, if the COVID-19 pandemic lasted for too long.

This, according to him, include slower growth, as the supply and demand sides of global economy would be affected; uncertainty, which would erode confidence; governments acting unilaterally instead of cooperatively; further drop in oil prices, and lockdowns gaining grounds around the world.

”There would also be oil glut, trade imbalance, drop in foreign reserves and rise in unemployment,” he said.

While noting that many countries round the world may go into economic recession, the PEAC advocated hard work for Nigeria to keep its head above the waters.

The council recommended, among others, a possible revision of the 2020 Budget, with priority spending on healthcare, reprioritisation of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects and curtailing recurrent expenditure.

It added that the private sector should be mobilised to strengthen health sector infrastructure and boosting of government revenue.

The PEAC also stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.