Nigerians incurred N40.20 trillion as household consumption expenditure in 2019. This is according to the Consumption Expenditure Pattern report published by the National Bureau of Statistics. In 2009, the last time the report was published, Nigerians spent N21.62 trillion on consumption expenditure.
The deal, which was reached after their virtual meeting on Thursday, April 9, 2020, will see OPEC member countries cut their output by 10 million barrels per day. Non-OPEC countries will also cut their production output by 5 million barrels per day.
The number of Nigerians that are poor have been estimated to be 82.9 million, this is revealed in the latest Poverty and Inequality report released by the National Bureau of Statistics. According to the Nigerian Living Standards Survey (NLSS) report released by the NBS covering the year 2019, 40.1% of Nigerians are classified as poor by national standards
The International Monetary Fund (IMF) has projected that Nigeria is heading to a recession, its worst recession in three decades, as it expects the nation’s economy to recede by 3.4% in 2020. This was disclosed by the global lender in its latest edition of the World Economic Outlook report on Tuesday.
World Bank has projected that the remittances to Nigeria, Egypt, Senegal, and other Low and Middle-income Countries (LMICs) would drop sharply by 19.7% to $445 billion in 2020 due to the economic crisis induced by the COVID-19 pandemic and lockdown.
The Federal Government through the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, Budget and National Planning have announced some monetary and fiscal measures to help mitigate the impact of the coronavirus pandemic on the economy, Nigerian businesses and households.
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