FG’s N2.3tn Stimulus Plan Saved Nigeria from COVID-19 Economic Disaster – Buhari

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President Muhamadu Buhari has stated that the economic calamity that might linger for years as a result of the COVID-19 epidemic would not have been avoided if the federal government’s N2.3 trillion stimulus package had not been implemented.

He made the announcement during the National Institute for Policy and Strategic Studies’ Senior Executive Course (SEC) graduation event in Jos, Plateau State’s capital, over the weekend (NIPSS).

Buhari, who was represented by Vice President Yemi Osinbajo, said the epidemic and worldwide shutdown had done immense harm to the economy, but that the economic program was still in place.

Nigeria was in negotiations with the World Bank, he said, to raise $30 million to build bio vaccine factories in the nation to help with local manufacture of the COVID-19 vaccine.

As a result of the pandemic, the country’s GDP shrank by 6.10 percent in the second quarter of 2020, despite the fact that oil prices fell as low as $10 per barrel at one time before ultimately settling at around $45 per barrel in the second quarter of 2020.

“Nigeria was in a horrible economic condition, and the President responded by forming a small inter-ministerial committee led by the Minister of Finance, Zainab Shamsuna Ahmed, to immediately figure out the consequences and urgent mitigation for the economic shocks we were about to face,” he stated.

“The second thing the president did rapidly was to order a team of ministers and inter-agency heads to draught together a 12-month economic emergency plan, which became known as the Economic Sustainability Plan,” Osinbajo said, referring to what President Buhari did to escape economic calamity.

“Nigeria was in a horrible economic condition, and the President responded by forming a small inter-ministerial committee led by the Minister of Finance, Zainab Shamsuna Ahmed, to immediately figure out the consequences and urgent mitigation for the economic shocks we were about to face,” he stated.

“The second thing the president did rapidly was to order a team of ministers and inter-agency heads to draught together a 12-month economic emergency plan, which became known as the Economic Sustainability Plan,” Osinbajo said, referring to what President Buhari did to escape economic calamity.

Read More: Flush With Stimulus Cash, Investors Push Global IPOs to Record Levels

He stated that improving tax administration, aggressive collection of all income owed to the federal government from its Ministries, Departments, and Agencies, and bringing all high-earning agencies into the federal budget were all necessary. At the same time, we must reduce customs charges and tariffs on intermediate goods used in manufacturing while providing key industries with non-tariff support such as procurement, subsidies, and tax incentives.

During the Senior Executive Course, which began in February 2021, the participants visited 14 states in Nigeria, as well as six African nations and five countries outside of Africa, according to him.

He went on to say that the participants had been well prepared, thanks to rigorous and intensive study and training procedures, to contribute to the Nigerian government’s strategic goals and activities in their various positions and capabilities.

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