President Muhammadu Buhari on Friday said that the outbreak of the Coronavirus pandemic (COVID-19) has put humanity and democracy under threat.
President Buhari also said that despite the challenges, Nigeria’s external reserves grew from $33.42 billion in the first quarter of 2020 to $36 billion. The President stated this in his nationwide broadcast to mark the Democracy Day on June 12.
According to him, “We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.
“Every single economy in the world has suffered a decline. Ours has been relatively moderate “In order to stabilize the economy, the Monetary Authority took steps to build the external reserves which resulted in improved liquidity in the foreign exchange market.
“The external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May, 2020 which is enough to finance seven months of import commitments.”
He said that the focus of his administration was on ensuring that Nigeria would always be governed by the Rule of Law, adding that he would do his utmost to uphold the constitution and protect the lives and property of all Nigerians
He, however, noted that the ravaging Coronavirus pandemic has become a threat to humanity and democracy. “As we celebrate this year’s Democracy Day, let us remember that, notwithstanding our aspirations, humanity and indeed democracy is under the threat of COVID-19.
“Nigeria has survived many crises before and came out stronger. I am confident that by God’s grace we shall overcome this one and emerge stronger and more purposeful,” he said.