The Nigeria President, Muhammadu Buhari spoke at the presentation of the 2021 budget estimates to the Joint Session of the National Assembly on Thursday, 8th October 2020 in Abuja.
He told the Senate that Nigeria economy has just entered second worst recession in four years.
He went further to explain that the economy is being battered by the global economic fallout from Covid-19 also, a drop in crude oil prices deprives the country of key revenues.
Mr President presented ₦13.1 trillion budget which represents over 20 percent increase from year's spending plan.
He added that the budget comes with a deficit of ₦4.8 trillion that will be financed mainly by borrowing.
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