The Presidential Advisory Council has warned President Muhammadu Buhari about the possibility of an economic recession if the global outbreak of coronavirus is not contained as soon as possible.
Prof Doyin Salami, chairman of the council, led the members in a meeting with President Buhari at the State House in Abuja on Tuesday.
The council stated that the consequence of the outbreak which resulted in the crash of crude oil prices includes slower economic growth, global oil glut, rise in unemployment, depletion of foreign reserves and trade imbalance and urged the president to consider immediate budget slash.
Femi Adesina, Media Aide to the President, who disclosed this in a statement shortly after the closed-door meeting of the council with the President said;
“Noting that many countries around the world may go into economic recession, the PEAC advocated hard work for Nigeria to keep its head above the waters.
“Recommending, among others, a possible revision of the 2020 budget, with priority spending on healthcare, re-prioritisation of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects, curtailing recurrent expenditure, mobilising the private sector to strengthen health sector infrastructure, and boosting of government revenue, the PEAC stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.
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President Buhari noted that he had knowledge of the current fall in crude oil prices from $57 per barrel which was used as the benchmark for the 2020 budget to about $29 and $30 per barrel.