President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.

Nigeria’s economy contracted by 1.92% in 2020, the statistics office said, marking the country’s second full-year recession since 2016, as a result of a fall in revenues due to an oil price slump on top of the COVID-19 pandemic.

This compares with growth of 2.27% in 2019 for Africa’s largest economy.

However, the country recorded economic growth of 0.11% in the fourth quarter of 2020.

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