The Minister of Works and Housing, Babatunde Fashola, has revealed that Nigeria is heading towards recession due to the outbreak of Coronavirus in the country.
The former Lagos State Governor, made this claim while speaking on Channels TV Politics Today.
Fashola, however, assured Nigerians that the Federal Government is working towards bringing back the country’s economy.
The Minister added that the outbreak of COVID-19 has slowed down activities on the Lagos-Ibadan expressway.
He stated that the COVID-19 outbreak has affected construction activities and government revenue.
Fashola said, “As I speak to you now, we have lost essentially the prime of our working period which is the dry season in the COVID-19 period.”
“We have also lost some of our expected revenue plans. At the time COVID-19 hit Nigeria, we were doing a 2.59 per cent growth rate.”
“Now we are heading for a recession globally and Nigeria will not be insulated from that.”
“We are working on plans to bring the economy back on track.”