President Muhammadu Buhari has revealed that the country is heading towards recession due to the COVID-19 pandemic.
The pandemic has resulted in a drastic cut in the demand for oil, the country’s top revenue earner.
This would be the second recession in four years that Nigeria would be witnessing.
President Buhari, however, announced that the government has put in place plans to ensure rapid recovery in 2021.
The President made the remarks during the presentation of the 2021 budget proposal to the National Assembly.
According to the President, the plans to revive the economy include a focus on skills development exemplified by the Special Public Works programme which aims to provide employment opportunities to 774,000 young people across the country.