By Johnbosco Agbakwuru – Abuja
President Muhammadu Buhari on Friday stated that the outbreak of the Coronavirus pandemic (COVID-19) has put humanity and democracy beneath menace.
President Buhari additionally stated that regardless of the challenges, Nigeria’s exterior reserves grew from $33.42 billion within the first quarter of 2020 to $36 billion.
The President said this in his nationwide broadcast to mark the Democracy Day on June 12.
According to him, “We have witnessed eleven quarters of consecutive GDP progress since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 however declined to 1.87% within the first quarter of 2020 on account of the decline in international financial actions because of the COVID-19 pandemic.
“Every single financial system on this planet has suffered a decline. Ours has been comparatively reasonable
“In order to stabilize the financial system, the Monetary Authority took steps to construct the exterior reserves which resulted in improved liquidity within the overseas change market.
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“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 stated that the main target of his administration was on guaranteeing that Nigeria would at all times be ruled by the Rule of Law, including that he would do his utmost to uphold the structure and defend the lives and property of all Nigerians
He, nevertheless, famous that the ravaging Coronavirus pandemic has change into a menace to humanity and democracy.
“As we have a good time this yr’s Democracy Day, allow us to keep in mind that, however our aspirations, humanity and certainly democracy is beneath the specter 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 stated.
Vanguard News Nigeria.