Post-COVID-19: FG targets N2trn stimulus injection into economy
Federal Government says it expects the injection of about N2 trillion stimulus into the economy in response to the COVID-19 pandemic and the fall in oil prices.
The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, disclosed this at a webinar on “Citizens Dialogue Session on Government Fiscal Policy Decisions to the Fall in Oil Proces and the COVID-19 Pandemic” organised by the Federal Ministry of Finance, Budget and National Planning and supported by Partnership to Engage, Reform and Learn (PERL) and the UK Department for International Development (DFID).
Agba, in response to a question on what the Economic Sustainability Committee under the Chair of Mrs. Zainab Ahmed, was doing to deal with the pandemic and the fall in crude oil prices, said the committee had outlined five broad policy objectives with which to deal with the problems.
After highlighting the objectives, he said, “All in all, when everything is put together, both government funding and the funds we are expected to get from the Central Bank of Nigeria (CBN), Banks of Industry and other multilateral agencies and grants that we are receiving, we expect to get a stimulus of about 2 trillion going into the economy.”
Agba also speaking, at the virtual meeting where the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, participated stated that “we are fighting a dual pandemic, both health and economic pandemic. It is no longer a secret that Government revenues have collapsed and oil prices have fallen; demand for oil has also fallen; there is a glut in supply. And, this is generally affecting manufacturing and other non-oil sectors.
“So, for the Economic Sustainability Committee, we had basically looked at some five broad policy objectives. One is how do we save lives in response to the pandemic and support the Presidential Task Force?
The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, disclosed this at a webinar on “Citizens Dialogue Session on Government Fiscal Policy Decisions to the Fall in Oil Proces and the COVID-19 Pandemic” organised by the Federal Ministry of Finance, Budget and National Planning and supported by Partnership to Engage, Reform and Learn (PERL) and the UK Department for International Development (DFID).
Agba, in response to a question on what the Economic Sustainability Committee under the Chair of Mrs. Zainab Ahmed, was doing to deal with the pandemic and the fall in crude oil prices, said the committee had outlined five broad policy objectives with which to deal with the problems.
After highlighting the objectives, he said, “All in all, when everything is put together, both government funding and the funds we are expected to get from the Central Bank of Nigeria (CBN), Banks of Industry and other multilateral agencies and grants that we are receiving, we expect to get a stimulus of about 2 trillion going into the economy.”
Agba also speaking, at the virtual meeting where the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, participated stated that “we are fighting a dual pandemic, both health and economic pandemic. It is no longer a secret that Government revenues have collapsed and oil prices have fallen; demand for oil has also fallen; there is a glut in supply. And, this is generally affecting manufacturing and other non-oil sectors.
“So, for the Economic Sustainability Committee, we had basically looked at some five broad policy objectives. One is how do we save lives in response to the pandemic and support the Presidential Task Force?
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