- President Muhammadu Buhari has given directives for the repositioning of the economy to handle the effect of coronavirus
- The president gave the directive after the meeting of Presidential Economic Advisory Council in Abuja
- The meeting recommended that government at all levels cuts cost while the 2020 budget be reviewed to prioritise health sector
As part of the measures to combat the effects of coronavirus, President Muhammadu Buhari has ordered the 'repositioning of the economy' in a way that will respond to the realities of the global pandemic.
Nigeria reported five more cases of coronavirus on Wednesday, March 18, which officially brings the number of the Covid-19 victims to eight.
As pressure continues to mount on government to provide a feasible policy and solid measures, President Buhari gave directives for "review of 2020 budget to reflect realities in oil sector and prioritizing health sector infrastructure."
Femi Adesina, the special adviser to President Muhammadu Buhari on media and publicity, made this known in a statement on Thursday, March 19, adding that the president gave the order after the second meeting of the Presidential Economic Advisory Council (PEAC).
According to the statement, PEAC recommend the cutting of cost across all levels of government and ensuring "securitization of government debt, design and institutionalization of a revenue stabilization program."
"President agreed with the advisory council on the need to prepare the country to take the necessary tough economic decisions, including embark on a national agenda of stakeholder mobilization - bringing the National Assembly, government organs, private sector and civil society together around a programme to respond to the major challenges confronting the nation," part of the statement read.
Adesina said the meeting also considered the indirect effect that would come through the impact of the pandemic on Nigeria’s other trading partners and the global economy, with implications of a global recession.
Meanwhile, Legit.ng had reported that President Buhari has approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125.
The state minister for petroleum resources, Timipre Sylva, has confirmed the development in a statement released in Abuja.
The state minister had earlier said the Petroleum Products Pricing Regulatory Agency (PPPRA ) would make the new templates known. Sylva attributed the reduction in price to the decline in the prices of crude oil.
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