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Presidential Advisory Council on Tuesday warned about economic effect especially if the raging coronavirus infection lingers for too long.
The council met with Major General Muhammadu Buhari (retd.), at the State House, Abuja .
It noted that one of the immediate consequences, as shown in the crash of crude oil prices, was slower economic growth.
The council, however, urged the President to consider immediate cuts in the budget, as Nigeria would go into recession if necessary measures are not taken to smoothen the economy.
Also, the council added that the consequences in the global oil glut includes unemployment , depletion of foreign reserves and trade imbalance.
A State House statement by Buhari ’s media aide, Mr Femi Adesina, after the closed- door meeting, said these were among the observations the council made at the session.
The statement 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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