The President Muhammadu Buhari administration is launching a titanic battle against negative effects of COVID-19 on the economy by its announced plans to inject hundreds of billions of Naira of stimulus across the Nigerian economy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this disclosure Thursday, after the meeting of the Economic Sustainability Committee presided over by Vice President Yemi Osinbajo.
According to her, the global economy would go into recession in 2020 as a result of the coronavirus (COVID-19) pandemic that is ravaging countries of the world.
She, however, said, “But if we take all these measures that we are planning now, we will be able to by 2021 go back into positive growth. That is why this is very important.”
Ahmed stated that the prediction of the International Monetary Fund, IMF, that Nigeria would go into a negative growth of 3.4% next year was based on the assessment of the National Bureau of Statistics, NBS, in Nigeria.
She said that the stimulus package being worked out by the Economic Sustainability Committee, would be approved by President Muhammadu Buhari before it would be announced to Nigerians.
“But remember that the president already announced an initial package of N500 billion. So now, how that N500 billion would be used and the subsequent intervention, which we will be rolling out, when funds from multi-lateral institutions come in, is what this committee is working on.
“We are looking at various ways and means to support each sector of the economy, providing for each sector clear interventions that would be designed for the primary purpose of creating jobs and ensuring that businesses stay afloat during these difficult times.”
Ahmed said the committee would, in the next couple of days, finalize its report and submit the same to the president.