Nigeria's Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this at a Consultative Roundtable on the 'Impact of COVID 19' on the Nigerian economy organised by the Central Bank of Nigeria (CBN) on Wednesday, March 11th, 2020.
At the event, themed, 'Going for Growth 2.0' held at the CBN headquarters, the minister encouraged Nigerians to out hands together to weather the storm.
"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 is far stronger and more robust than in 2014-2016."
"There is no doubt that the combination of a crude oil price crash and coronavirus will put a severe strain on our budget revenue, forex, and many sectors, we are drastically reviewing the budget as well as redoubling our effort to raise revenue and plug the leakages and intensify engagement and support of sub-national entities and the private sector in our economic recovery and growth programs."
She said the government is already working on how to mobilise local savings and has formed a committee to fashion out a National Savings Policy.
Coronavirus hits Oil price, Nigerian stocks and Naira
On Thursday, Nigerian naira slumped to N380 per dollar as uncertainties continue the outbreak of coronavirus and declines in oil prices. The fall in oil price has turned global equities to red, with the Nigerian stock exchange losing more than 12% this year alone. It has also fixed Nigeria into a tight corner, threatening 2020 appropriation plans.